This page is an excerpt of Bootstrap Recruitment: a growth handbook from eBoss. It will be published as a free, downloadable ebook, and investigates strategies for agency growth in 2018 and beyond.
In this chapter, we consider how external factors from the market can impact and shape your growth strategies.
CHAPTER 3: THE RECRUITMENT MARKET
If you are just starting out, it is really important to carry out some intensive market research for your area of recruitment. If you’re already established – be honest: how long has it been since you last produced a really thorough industry report? The important point here is that there is no such thing as too much industry insight.
Recruitment is enjoying a period of sustained growth, right now (mid-2018). That means rapid changes, and plenty of them. Tech is evolving, opportunities are being created, and demand is reaching a peak. If you don’t have a full insight of the market, you may be focusing your resources in a sector that is already saturated. Worse, you may miss a golden opportunity for growth that is there for the taking.
But what market data should you base your decisions on? What differentiates a top priority from a side interest? When should you diversify into new sectors, and when should you double-down on existing targets to increase market share?
In this chapter, we will look at all of these points. Just because a competitor is dominant today, does not mean they always will be. If you can nurture existing clients towards spending more, then you can expand, despite a squeeze from the market, as we saw in Section 2.4: ‘Smarter Targets’).
But first, let’s look at the key areas of the market.
IN THIS CHAPTER:
(Roll your mouse over the image for explanations.)