Know your sector with a "Market Map'
Why Would You Create a Market Map?
1. Figure out who to hire next
Do you know exactly who you will require next? Do you know how your to get an understanding of how your competitors structure their teams? How they reward them? Retain them?
It’s valuable to know how much you need to pay for certain skills so that you can tactically plan accordingly.
Its always incredibly valuable to understand the set up of your competitors. Perhaps your #1 Competitor has a team that are organised differently than your own, perhaps they have a team split over different countries. You can use a market map to outlining not only where the pockets of relevant / transferable skills are but also where they are located and remunerated.
2. Attract, Capture & Transform
One of the principle reasons to build a solid Market Map is to position yourselves to attracting high quality candidates to an open or planned appointment. A market map also allows you to approach passive candidates directly, in the confidence of more attraction given that you specialise in their industry & utilise their exact skillset.
They will need a proactive nudge but there is value to a candidates career by them becoming more specialised in a sector and joining in a more senior position. This is why you can make such a significant difference with Market Mapping & inturn make in your recruitment processes.
3. They always say to keep an eye on the market.
Moves happen all the time, and when they do its equally important to appreciate the skillset a competitor gains and the developed knowledge, contacts and skills that brings to them.
Market Mapping typically used by larger companies because it used to take significant resources to build up a comprehensive and useful market map.
As with everything though, modern techniques and tools are out there which make the process quicker and often more accurate.
4. Who are your competitors
The more market map data we build, the more time it will take to put together and maintain and it will become out of date quickly if not.
However its a very useful process to Identify who your competitors are, specifically focusing on those who represent what you would like to be like in a few years or offer a competing product or solution.
Identify companies that house employees with the skills you want in your own team someday. Include a variety of different sized business to provide some variety when approaching.
5. Whats important to information to collect
When developing a Market Map, we ensure its of focus for the intended use and will therefore map the areas of most use to you. We don’t try to map every employee from Administrator to CEO of each of your competitors unless thats what you need. We rather focus on the role/s you think you want to hire. Focus on just this role across all of your competitors and perhaps the roles immediately around it.
6. Focused Research & targeted marketing
Online tools have made market mapping significantly better & faster. So we can get an idea of the roles within your competitors, how they are titled, rewarded, organised and who is filling the functions in those roles within just a few days. Deep dive mapping projects however are continual as how everyone is visible online, additional time should be allocated to an outreach project to contact, connect & network from within the targeted vertical find additional options and take a view on others. Once complete we put alls options into a spreadsheet then our mapping / CRM software – so that we can translate it into a visual format enabling us to easily access & target from it later down the road.
7. Get Additional Information
You can even check out how much people in roles like the ones you’re thinking about are earning with tools online comparison tools or by checking out the roles posted online. Even if they don’t list your exact competitors, chances are that a similar role will be on one of those sites and you can assign a probable salary to future candidates.
Put all of this together and we will have developed an accurate idea of what roles you need to hire for, what your competitors are up to, what their potential employees / candidates look like, Salaries, locations etc. We can then in collaboration, specifically target accurately.
Even if you don’t want us to dedicate the resources to build a comprehensive market map across a particular vertical, it’s a good idea to begin compiling a list of your hard to fill appointments and map out those.