Is Market Research Really Necessary for Your Staffing Firm?
In order to build a thriving staffing firm, you must provide top talent, make timely matches and offer fair pricing for your services. Since you already know this basic formula for success, you might be thinking how is market research going to help? There are many areas where market research has the potential to shed light on the future of your business, including understanding your target audience, anticipating trends, and identifying hot and recovering markets. Gain a competitive advantage in the staffing industry by using market research to gather data and shape the future of your staffing firm.
Know Your Audience
Staffing firm market research is extremely useful when trying to get a better understanding of your target audience and your competition. Who are your ideal clients? What types of candidates are needed to fill your clients’ open positions? Where are you most likely to find top talent? In order to paint a clear picture of your ideal target audience, organize some marketing research efforts designed to answer these important questions. Your team is relying on you to know the ins and outs of the staffing industry, so it is important to study current staffing trends, track historical peaks and valleys in your sales figures, and stay on top of the services that your competitors are offering.
Jump In Now
When trying to identify the hot markets in the staffing industry, market research is your friend. In order to decide on your firm’s area of specialization, gather research results to determine the hot markets. Are statistics showing an increase in engineering or information technology staffing needs? Does the growth in these market segments have the potential for higher billing rates than the candidates you are currently placing with clients? Use staffing firm market research to assess the current demand for talent and the availability of candidates. If you are looking to increase profits and grow your staffing firm, it is essential that you build your business on solid research and accurate data.
On the Back Burner
After you have identified the hottest staffing sectors, dig a little deeper and try to flesh out the recovering markets that are showing promise. While the demand for candidates in these fields of specialization is not currently peaking, you definitely need to keep your eye on them due to their potential for future growth. By using staffing firm market research to discover the factors that led to their peak year returns, you are better able to predict when that need is going to arise again.
No Need to Break the Bank
Staffing firm market research doesn’t need to be overwhelming or expensive. Interview your current candidates and clients in order to determine where your strengths and weaknesses lie. Ask why they chose your staffing firm over your competitors and use this information when marketing your points of differentiation. Build in a projection component to your interview by requesting that your clients and candidates list their issues or concerns for the upcoming year. Factor in these points when setting goals and creating long-term business plans for your staffing firm.
Now that you have your market research conducted, it’s time to take advantage of the information and analyze your results. Now is the time to set goals and devise a comprehensive staffing firm marketing strategy in order to establish a solid foundation for your staffing firm. The growth of your staffing firm depends on how well you are able to predict future trends in the industry, so it definitely makes sense to use all available tools at your disposal. Market research is a vital part of determining the current and potential valuation for your business, especially if a new office location is being considered. When it comes to the question of whether market research is really necessary for your staffing firm, the answer is unequivocally yes.
- Use market research to gain insight into your target audience
- Gather information about the hot staffing markets and set your marketing goals
- Better understand recovering markets and use that data to plan for long-term success
- Realize that market research is sometimes as simple as asking for feedback
- Analyze the information and use it to design your staffing firm marketing strategy
About S.J.Hemley Marketing
S.J.Hemley Marketing is a marketing and sales consulting firm focused on driving tangible results for professional services firms. Brand matters, but not without ROI. With over 20 years of sales and marketing experience within staffing and recruiting, we have helped to drive successful branding, sales training, lead generation activities as well as defining marketing strategy for top organizations.