research

Market Research

Researching the recruitment market is an absolute vital part before setting up your recruitment agency.

It is essential to fully research the recruitment market to establish a number of aspects.

Firstly, it is essential to decide in which area you are going to operate in and try attract business from.

The area in which your premises are may contribute immensely to this decision. Mainly because whenever you are recruiting for a position the possible candidates have to travel to wherever your agency is located.

Therefore, there is no point in targeting an area 50 miles away because this will have an effect on people travelling for an initial interview.

It is important to think about targeting locally in this way especially when your just starting your own business because you need to think ahead to things like advertising costs of vacancies.

If you are working as a recruitment consultant for a local company then you can advertise in local papers which will not cost you that much.

Whereas, if you are working with a national company then you will have to advertise the vacancies nationally which will cost you a tremendous amount of money.

Furthermore, you may also put candidates forward for a vacancy that they do not get and that means that your recruitment agency will not get paid! Thus, it is crucial to think locally this means less risk and less money!

After establishing in which area you are going to operate in, it is vital that you identify who the target market is going to be. This will involve a vast amount of researching into the type of businesses and the type of candidates that are living and operating in your target area/location.

In order to make the researching easier you could break the target market up into 3 different groups. Namely, Clients, Candidates and Recruitment Agencies.

Then you must research these different groups individually to see who you intend to target.

• Clients
• Candidates
• Recruitment Agencies

Having fully researched these 3 different groups then you should have an idea of who you are going to target and why.

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