In my previous article, I posed the question: What makes an outstanding Talent Sourcer? Although the question still leads to a complex answer, based on my experience working in the Executive Search Team, I realised an area that often goes unnoticed by most people but makes all the difference for hiring managers and clients: Market Mapping.
In this article, we’ll delve into this practice and why it not only strengthens and sharpens your hiring strategy but also how to implement it in a practical way in your day-to-day work.
💡For the context of this article, we’ll define Market Mapping as the process of collecting and organising data about competitors to comprehend their positions and detect market trends.
As a professional in the competitive recruitment world, your responsibilities extend beyond merely understanding job roles, conducting interviews, and securing placements. You are also expected to possess a holistic comprehension of your industry and the market you serve. Let's explore the invaluable benefits of integrating market mapping into your search:
Understanding the Competitive Landscape: Through market mapping, you can identify the trends, challenges, and key players in the industry, including direct competitors and companies with similar hiring needs. This knowledge can help you build or adapt strategies for your search.
Elevating Your Employer Brand: A well-executed market mapping strategy can enhance an organisation's employer brand. When you understand the market you’re working in, you can provide insights not only to clients but also to candidates who will see you as an expert. They will receive a more insightful and engaging experience, boosting the organisation's reputation and appeal.
Data-Driven Decision-Making: Market mapping provides valuable data to make informed decisions. It helps set realistic expectations, craft job descriptions, and determine the most effective channels for sourcing candidates.
Nowadays, there are multiple ways and tools to elaborate on your market mapping strategy. To set you on the path to effective market mapping, consider the following steps and insights:
- Define Your Target: At the outset of any project, take the time to understand your client's objectives and industry nuances. Do they want to hire someone with a startup background? Are they looking for a leader who has scaled a product or a business from the seed stage to series B? Is your client looking for someone inside their industry or outside of it? The first step is defining with your client these and other relevant questions that will help you set up the information you will gather.
- Research the Data: After defining your target, it’s time to collect the data that will provide you with the insights needed for the search. For this, we highly recommend considering different sources like industry forums, news articles, and reports to collect information on companies, industry reports, and databases, etc.
- Organise Data: Create a structured database or spreadsheet to organise the collected data. You can use software tools like Excel, Google Sheets, or dedicated CRM systems for this purpose. Then, categorise and tag the information for easy retrieval, including details such as company names, key contacts, job titles, location, industry, and any other relevant data points.
- Analyse the Competitive Landscape: Analyse the data on competing organisations. Identify their key points and look for patterns in how these companies operate. Also, remember to monitor industry trends, market dynamics, and shifts continuously. Stay updated with the latest developments in the market that may impact your recruitment strategy.
With market mapping as your compass, you gain the insight needed to understand the landscape, tailor your strategies, and make data-driven decisions that lead to hiring success.
The path ahead is one of continuous learning and adaptation, for the world of market mapping is rich with possibilities and always evolving. Embrace these tools, define your targets, meticulously gather and organise data, and analyse the competitive landscape with precision. Stay vigilant, staying attuned to industry trends and market dynamics.
In your pursuit of excellence as a Talent Sourcer, remember that market mapping is your secret weapon. These techniques not only enhance your professional prowess but also significantly contribute to your organisation's success and the fulfilment of your clients' recruitment needs. The journey continues, and the possibilities remain boundless. Happy mapping!