Why Market Research Is Vital for Your Staffing Firm
Nothing is going to help your company thrive more than making educated and justified business decisions. Too good to be true? Well, before you start shaking your head in disbelief, keep in mind that there is a way to gather crucial information that allows you get a competitive edge and set realistic business goals that you can actually achieve. It’s called market research. You have to conduct it on a regular basis to make sure that your staffing firm stays on the right path of success and that, whenever needed, you make the proper judgment calls. To further highlight the importance of staffing firm market research, we elaborate on some of the benefits it provides for your business.
It Keeps You Connected
To be successful in staffing you first need to identify your target audience, understand their pains and concerns and highlight the ways your services alleviate this pain. This means market research. However, conducting staffing firm market research is not something you do once and you are done. You deal with people who have needs and want to meet goals and this leaves no room to fall behind. For example, are candidates starting to lean towards contract positions? Are new technologies calling for a new pool of candidates to address your clients’ needs? It is crucial to stay connected and anticipate any audience trends as they take place.
It Helps You Advance
The future lies before your company. It is up to you to make sure you stay relevant and keep up with the needs of your target audience. Looking to fulfill short term goals is the easy way to go, but success requires meeting long term needs and ensuring that your business adjusts and adapts to innovation. Performing regular staffing firm market research allows you to stay informed and be ready for the changes taking place in your industry. It enables you to stay up to speed with the market trends and strengthen its longevity. The more you research, the more you differentiate from others.
It Establishes Your Brand
If you ask any company that is considered to be an industry leader in their space what the secret behind their recognition is, the answer would be one: market research. They know how to communicate with their audience and how to expand their reach to new markets because they understand needs and they address topics that others fail to. To make sure that you are always in a place to identify constant needs, you have to perform regular staffing firm market research. Keep in mind that your goal is to convince your audience to turn to you for your solutions and answers, in order to increase brand awareness and come across as an industry leader.
It Reduces Risk
Are you looking to expand operations to new markets or new locations? Are you thinking of introducing a new service to a different audience? Do your marketing initiatives bring back the return on your investment (ROI) you anticipated? Are you sure you are not asking your sales and recruiting teams to meet goals that are simply unattainable? Finding out the answers to questions like these must come before putting things into action. Staffing firm market research allows you to reduce risk and take the decisions that have greater potential for success. It allows you to get educated around your choices and improve your decision-making capabilities.
It Keeps You Alerted
Another advantage of market research is that it enables you to understand your competition and uncover key aspects of the way they approach problems and solutions. This is important because it helps you become innovative and differentiate your firm. If you disconnect from what is going on in the market and from how other players increase their market share, then you will come across some unpleasant surprises. Stay alerted by collecting information on your competitors’ market strategy and by using it to identify new business opportunities for your organization.
- It keeps you connected with your target audience
- It allows you to stay up-to-date with market trends
- It enables you to establish your brand
- It helps you reduce risk when making business decisions
- It gives you an insight on the strategy of your competition
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.