Measuring your company’s economic influence drives self-motivation and is a powerful tool for marketing and business development. Jennifer Meyer of Govig Executive Search joins us in this episode to give insight on using specific metrics to measure your economic impact and how you can communicate it with potential clients.
Jen has a lifetime cash-in of $20M over her 26 years in the industry. She’s the SVP of Strategic Partnerships at Govig & Associates, where she’s at the helm of business development. She leads the overall team of 27 recruiters, actively front-facing with clients and playing a significant role in surpassing $14M in results.
Jen’s recruitment efforts have been vital in assisting small to mid-size firms, particularly those under private equity, to double in size. Jen’s placements have contributed to an economic impact exceeding $1B.
Episode Outline and Highlights
- [01:51] Jen’s start in the recruitment industry as a college intern.
- [10:09] Differentiating techniques in communication and business development.
- [19:06] “Speak to them in their language”
- [28:02] Training your team to apply the TSI (Targeted Sales Information) approach.
- [40:00] How to quantify your economic impact.
- [50:41] A boutique recruitment firm’s differentiators against the bigger organizations.
- [54:53] Discussion on team development strategies.
- [59:18] Jen’s take on work and life harmony.
Quantifying the Economic Impact of Your Recruitment Business
Measuring your company’s economic impact can be significantly beneficial for at least two reasons. The first one is self-motivation; knowing how you contribute to the broader economy can positively impact and fulfill. The second one is on the marketing and business development side. It can help potential clients understand the bigger value you will bring to their organization.
Jen shared how she is able to track her placement’s economic contribution using specific metrics. Her placements overall have contributed to more than $1B in economic impact. She shared their formula: “We always talk about the size of our billings or our business in relation to what were invoicing or what our split was in relation to cash in. But we really should be talking about the salaries of the people that we place, you know, if you were going to relate it that way…Yeah, it does go beyond that, though, where you are at the, you know, again, at the basic level, you are affecting the person, and you’re affecting the hiring manager. So that could be a times two, right?”
Here is a takeaway: Start trying to calculate the individual impact you’re having in the world, particularly the positive impact you’re having for your clients, and try to quantify that. If you have the appetite, even go back in history and try to work it out. But even just starting right now, try and figure out what difference you’re making because that’s really motivating!
Differentiating in the Business Development Side
A key topic I wanted to discuss with Jen is how she is able to differentiate, especially on the client acquisition and business development side of things. Jen has always been consistently recognized as a top performer in her career. I wanted to pick her brains on her approach when it comes to communicating with potential leads and candidates, and she surely did not disappoint. Jen revealed specific tips and verbiage that you may want also to use. Here are some key takeaways:
- Focus on authenticity and listening more by asking curious questions.
- Avoid typical questions like “Can I help you?” or “How are you doing?”
- Use power phrases such as “Are you in a place where you can talk confidentially?” or “I’ve only got a minute” instead of “Have you got a minute?”
- The effective use of body language.
She explained, “Whether you’re 30 minutes into the business or you’re 30 years into the business, everybody is saying the same thing and overcoming objections in the same way. So what can you do that just sounds different? You know what I mean? And I think if you think about it from a perspective of what that person is going to hear based on their world helps you…And so if you speak to them in their language, they get it.”
You will also hear Jen’s insights on developing her team to elevate their levels on the business development side, which is quite similar to the TSI (Targeted Sales Information) approach.
Team Development Strategies as a Billing Manager
A billing manager is a critical and challenging role in a recruitment firm. The role entails ensuring individual profitability while leading your team to do the same. Jen has been passionate about mentoring and developing her people, so I wanted to hear her methods in helping her team be successful. Jen elaborated on the following topics:
- Consistent deskside training.
- Real-time feedback and call reviews.
- The importance of teaching structure.
- Listening for opportunities in candidate interviews.
- Using a checklist.
