Defining your Market and Business Opportunities

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?

Opening Statement

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