In your marketplace, how many clients are there in total? How many organizations are there? Let's write that number down. There could be a thousand organizations and 10,000 potential clients. Now, how many decision makers are there in each of your client organizations? There might be one, there might be five, there might be ten.
Now, how many candidates are there in your marketplace? As an example, you’ve got 10,000 clients. Of those 10,000, how many do you have in your database? Let's say a thousand, 10% in this case. You've got one thousand, so you're missing 9,000.
Numbers might predict the future of your Recruitment/Search Business
Let’s view your agency and your marketplace as an environment whereby you could imagine that you had the ability to predict the future, and any years’ time, social media will gone for whatever reason, or LinkedIn may 10-X their charges, or whatever it might be. You need to ensure that you've got total coverage for your marketplace.
This only mean that from the 10,000 clients in your marketplace and you've got 1,000, we're going to use automation to nurture them and get some leads.
Same for candidates. There are 20,000 candidates in your marketplace and 20 types of role. Each role has a thousand candidates. Now, what others typically do is go out to LinkedIn, and hit the phones. What if you had an automatic process?
Use Automation in nurturing your Database
One of the essential things to do is having an automated strategy that goes on and sends a message to a thousand. Message one goes out. If they don't reply, they get message two. Don't reply, they get message three, message four, etc. This is when strategies are mentioned where you get twenty, fifty, sixty, seventy percent open rates and huge and high reply rates as well. This process is called Automation.
Here's the thing also, If you've got a database, you can nurture them. That means you can give them great content every week, every two weeks, maybe twice a week, depending on your marketplace. Once it sets up, it runs in the background. When you use an automated strategy to engage with them one-to-one, use a campaign strategy, which means you send them a message to identify are they looking to move. The conversion figure goes through the roof.
The Steps you should follow after getting the numbers
What's the outcome and the steps you should be looking to achieve?
1: Write down what's the total number of clients in your marketplace. Remember, organizations times by number of decision makers gives you a figure.
2: Total number of candidates in your marketplace. If you can segment it into twenty roles, and there's an average of a thousand per role or equivalent, it’s awesome. You've got two figures, two outcomes and two targets. Next, what have you got right now? What's in your database right now? Be honest with yourself. You start with nothing. We've got to start from scratch, or we fifty percent up. That gap is what you need to build. Build that through something called the prospect grabber.
First of all, get clear on where are you now. Get a visual of where you are. Draw it out. There's 10,000 in your marketplace. You've only got a thousand. You’ve got 9,000 to build. You want to start thinking about your prospects and see if you can get them into a barrel. It makes your life a lot easier. You can nurture them, give great value while you sleep. Lastly, you can get direct results from campaigns when you want.