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
Speaking about the benefit of tracking your KPIs and metrics, where do you start? There are low-tech and high-tech solutions. You can use an old-school whiteboard if you want to create a visual of the data you are tracking. Most people nowadays use CRM systems, which have the capability of producing reports which will make it easy for you to see your KPIs. Don’t be discouraged if you do not have a CRM yet, you can use a spreadsheet or even a paper-based system if you want. The important thing is to start tracking and monitoring your numbers asap!
