In the 7th installment of our Recruiter Mistakes series, we delve into the benefits of specializing in a niche market and how it can lead to shorter recruitment cycles, clearer messaging, and increased profits.
By focusing on a specific niche, you can tailor your message, build a strong candidate pool, and become the go-to expert in your field. However, choosing a niche can be challenging. Some recruiters may feel hesitant due to the fear of missing out on opportunities or letting go of legacy clients.
We know that specialists usually bill more than generalists and in this session Leanne and I hope to address any fear or hesitation you may have in committing to a niche market.
Episode Outline and Highlights
- [00:47] Clearer messaging to attract the right target audience.
- [02:30] Having a targeted and well-defined niche leads to a shorter recruitment cycle.
- [07:06] What could stop recruiters from focusing on a specific niche?
- [08:45] Dealing with legacy clients when transitioning to niche-focused recruitment.
- [15:30] Steps you can take to define your niche.
- [16:26] Next topic to cover in this series: not tracking your metrics.
The Benefits of Specializing
Specializing, in the long run, can help you shorten your recruitment cycle, leading to more placements which ultimately translates to maximized profits. Consider this: how long does it take for you to fill a job on average? If you’re not focusing on a specific niche, you are starting from scratch every time you take on a new search.
Here is how specializing makes things easier:
- The clearer you can be about your niche the clearer your message and branding can be
- You can recycle your candidate pool.
- Much shorter recruitment cycle – presenting candidates within 24-48 hours instead of weeks or months.
Specializing is a proven approach. We would estimate that more than 90% of the million-dollar recruitment business owners we’ve had as guests on this podcast are specialists.
What Could Stop You from Committing to a Niche?
Some can feel hesitant to commit to a niche for two reasons: psychologically you may feel that you are turning down profit because you may feel that you are missing out on other opportunities, and you feel that you can’t let go of your ‘legacy’ clients.
If you take a second and think about it, the fear of missing out on other opportunities is quite the opposite of reality. Being a specialist means you will make more money. Although it feels like you are reducing the amount of business you are considering, focusing on a niche gives you more opportunities for repeat businesses and becoming top of mind when it comes to your specific field.
We are not saying that you forgo your legacy clients and leave them behind. A workaround is having a transition period and setting the right expectations with your existing core clients. You can still work with your legacy clients without compromising your commitment to a specific niche.
What Are the Steps That You Should Take
In our coaching program, we guide you to define or re-define your niche through our market-mapping exercise. Thinking about the parameters of how to define a niche, we use the acronym FILL (Function, Industry, Level, Location). Look back over your last 12-24 months of placements. Where have you been the most successful? That is a good starting point to decide your specialty.
This podcast is proudly sponsored by i-intro and Recruitment Entrepreneur.
i-intro® is an end-to-end retained recruitment platform. Their technology and methodology allow recruiters to differentiate themselves from the competition, win more retained business, bigger fees, and increase their billings. Their software combined with world-class training enables you to transition from transactional, contingency recruiter to consultative, retained recruiter. Instead of being perceived as a “me too” vendor, you’ll be positioned as a “me only” solutions provider. Be sure to mention Mark Whitby or The Resilient Recruiter. Book your free, no-obligation consultation here: www.recruitmentcoach.com/retained
Recruitment Entrepreneur is the world’s leading Private Equity firm specializing in the international recruitment industry. If you’ve dreamed of starting, scaling, and selling your recruitment business, this is your chance. James Caan and his team at Recruitment Entrepreneur are actively seeking ambitious recruiters in who they can invest. They provide everything you need to grow a successful recruitment business including funding, financial expertise, coaching and mentoring, operational strategy, back-office support, marketing, and talent attraction solutions. Be sure to mention Mark Whitby or The Resilient Recruiter. Start a conversation here: https://www.recruitmentcoach.com/vc
People and Resources Mentioned
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