Staying Informed with Staffing Firm Market Research
Proceed with caution! The new service that you are excited to offer might be the best idea ever, or it might not attract the clients you are hoping for. The second office location that you are considering could either be a huge success or a major money pit. Your cutting-edge website has the potential to hit all of the right marks or it could strike your target audience the wrong way. How do you proceed? What is the best decision for your business? Without the benefit of market research, a poorly planned marketing campaign can end up appealing to the wrong target audience. A message that is not well-conceived can negatively affect your brand image. In times like these it is best to rely on staffing firm market research data.
Understand the Process
In order to get the most out of your staffing firm market research data, you need to understand the process and get a better idea of what to expect. A complete market assessment is helpful when deciding whether to expand into a new niche or to better grasp how the market works. Who are the key decision makers and which distribution channels do you need to be aware of? What do clients and candidates want and are there any trends that are currently impacting the industry? When the goal is to differentiate your staffing firm and market your services to the ideal target audience, you need to get a leg up on the competition and surround yourself with the highest quality data that is available.
Unintended Consequences
Confidence is a great booster when it comes to business; however, being overconfident is a recipe for disaster. Strongly believing in your latest business idea is essential to its success but you need to make sure that you are going into every situation with your eyes wide open. Without the benefits of staffing firm market research data you risk unintended consequences that are bound to negatively affect your business. Never bypass the market research step because you are rushing to get a new service launched before your competitors, or because you are concerned that your marketing budget is going to take a hit.
Weigh the Potential Profits
Some forms of staffing firm market research data are going to require an initial investment, but there are many other types of data that are relatively inexpensive and easy to obtain. Without even leaving your office, your team has the ability to collect valuable information to aide in your upcoming campaigns. Create a marketing plan that includes reaching out to both current and former clients and candidates. Brainstorm with your recruiting and sales managers to carefully select those individuals who best represent the target audience you are trying to attract. Take advantage of online survey sites that allow you to inexpensively collect data via emailed quizzes. Analyze this information and use it to adjust your service delivery style, build your brand and boost your profits.
Primary vs. Secondary
Market research results in two types of data: primary and secondary. Primary research is gathered directly from your target audience through surveys, online quizzes, focus groups and interviews. Secondary research involves gathering statistics from sources such as the library, local business bureaus, government agencies or online searches. If you are unable to devote the time and manpower to conducting primary or secondary research, there are plenty of companies who will gladly supply you with the requested data. Keep in mind that your budget will definitely be impacted if you rely on outsourced secondary research, so you will need to offset those expenses with savings in other areas.
Key Takeaways to Staying Informed with Staffing Firm Market Research:
- Understand the goals and potential impact of staffing firm market research data
- Never head into a major business decision without the benefit of market research
- The potential profits far outweigh any initial investments required
- There are benefits to gathering both primary and secondary research data
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.