Defining your Market and Business Opportunities
Written by Alison Kennedy FIRP DipRP, Director of Recruitment Business
Solutions Ltd www.recruitmentbusinesssolutions.co.uk
Market
Intelligence is the gathering of relevant information for your business, which
has been gathered and analysed for the purpose of targeting your marketing
activity in the right way.
From the research
of your target market (both clients and candidates) you can successfully
determine business opportunities, market penetration and make key decisions
regarding how successful your business will be and from where the most revenue
is likely to come. It will also
highlight very quickly, if the market you had planned to target is going to be
a viable opportunity for your business.
Market
intelligence can be incredibly useful when setting budgets, targets or even
KPI’s. It will assist in ascertaining
where business potentially lies within your target area as well as providing
you with many other useful facts regarding your market such as;
·
What are the average fees charged by
competitor agencies
·
Which areas in your target locations
are most heavily recruiting
·
Which business are using which agencies
and why
·
Who your main competitors are
·
What categories of staff or skill sets
are in demand in your target area
·
Annual peaks and troughs in recruitment
patterns
·
What is the size of your potential
market
·
Any patterns emerging with regards to
particular sectors recruiting
In order for you
to set up a successful recruitment business it is crucial that you have been
able to (at the very least) identify the above facts, this way you can target
your business marketing activities effectively.
So
what’s in it for me?
·
Empower yourself with knowledge. Know who your competitors are, what they are
up to, what percentage of the market share they have and anyone else you may be
up against
·
Ensure that there is a need for your
business offering in the market
·
Identify new opportunities for your
business that you perhaps may not have thought about previously
·
Save yourself time, money and
disappointment. Without knowledge of the above, you have no platform on which
to build your business.
What questions should I be asking?
R How do you currently recruit for XYZ Personnel?
R When did you last recruit for a XYZ?/ Permanent member of staff?/ Contract member of staff?
R What methods of recruitment do you use and why?
R How do these services work for you and why do you like them?
R What are the standard fees that you are happy to pay for these services?
R What do you like about recruitment agencies?
R What do you dislike about recruitment agencies?
R Do you use job boards and if so, which ones do you use?
R I am considering setting up a recruitment business, focusing on XYZ. How
likely would you be to use such an agency?
Example:
“I am looking into
starting up an XYZ business locally and before I do so, am looking to gain a
little information to establish if there is a demand for our services. Would you be willing to help me by answering
few questions today?”
Where
can I get my data from?
In terms of where
to get your data from there are a range of on-line directories such as
Applegate, Yell.com and Thomson Directories that can provide you with initial
data to work with. If you market is local, then driving round in
your car and gathering intel of the local businesses can also be of huge
benefit. Jot the details down, look them
up on line and then give them a call.
In addition to
this there are a wealth of other resources you can utilise, such as local
libraries, the internet etc to gain further information about businesses in
your area.
Who
should do this research?
Honestly, it
should be you. This is such an important part of setting up in business that
it’s important for you to be a part of the findings. There are huge numbers of telemarketing
businesses out there who will conduct this research for you at a cost but it’s
easy enough a task to undertake if you know what you are doing and needn't cost
the Earth if you make the calls yourself.
Make sure you record your results. Take a sample of say 50-100 companies
and keep a tally of your findings.
Once your business is established make sure you conduct regular,
on-going research to keep your business offering as current and relevant as
possible.
For
further start up support and advice, contact Recruitment Business Solutions on:
07712 477342
Usually recruiters will have an extensive network of contacts and they're often trying to find additional prospects.
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