Leveraging data insights to accelerate profitable growth for your agency
Data-driven agencies achieve a 30% increase in revenue per recruiter and a 15% decrease in operational costs – which means that understanding your agency’s data insights will not only allow you to make more informed decisions, but also visibly boost your profitability and the quality of services you provide.
However, in order to reap the benefits of data insights, you need to first find your way to decipher the data in your system – and the data available for your market, too. Both your individual agency’s reports and industry ones are vital factors that will enable you to make decisions that lead to profitable growth.
5 Steps to Maximising Your Data Insights:
1. Keep Track of Your Sales Revenue
In order to successfully manage your agency’s finances and growth plans, you need to know how much revenue you’re making and where is it coming from at all times. This will allow you to tailor your strategy and focus your resources on the areas that actually generate profit, maximising the return on investment from all of your business decisions. These are the top 4 revenue metrics you should be tracking in your CRM:
🔹Revenue from successful placements
🔹Lost revenue from failed placements
🔹Sales from contract extensions
🔹Sales forecasts vs actual sales
2. Understand Candidate Sources
Understanding where candidates that you successfully place are coming from is vital in directing your investment and efforts effectively.Why waste resources trying to utilise candidate sources that don't convert?
Review the most active channels for candidate registrations
The first step to maximising your candidate ROI is finding out where your candidates actually come from – and your CRM will help you with that. When you ensure that all of your funnels meet at the single source of truth, you have a clear overview of all of your candidates and what channels they find your agency through.
Within your reports dashboard, you can see the candidates segmented by the channels they registered from. With that knowledge, you can then focus your resources on these channels that bring you the highest number of new and quality candidates.
Interrogate each channel to understand candidate quality
The second step is figuring out which channels bring you the best quality candidates. You can do this by creating talent pools of the top candidates. The critical part is then analysing which channels are bringing you the best quality candidates.
Understanding which channels are generating the best candidates and achieving the highest conversion rates will allow you to control marketing spend and achieve maximum output. Cutting out ineffectual spend on particular job boards, for example, will reduce operational cost or free budget up for higher converting channels.
3. Analyse Recruiter Activity and Outcomes
Your agency would be nothing without your recruiters – and if you don’t know which actions of theirs are bringing candidates and placements and which are slowing you down, you won’t be able to create a strong, effective, and repeatable strategy for success (or coach them).
Track KPI attainment and recruiter activities in real-time
Being able to see the results of your recruiters' actions and how they perform against the goals you set will give you a direct line of insight into where the mistakes are.
Identify top performers and those who need support
With the KPIs, you can now identify the recruiters within your team that are performing above the norm or are struggling. With that, it’s easier to create a plan to fix the gaps.
Compare recruiter performance
You can easily track the progress your recruiters are making by comparing their results to the ones from previous months. It gives you an insight into whether the changes you’re making are working.
4. Compare Performance Against Your Sector
Looking at your internal data will give you a great understanding of the impact of internal actions, but you need to look at the market more broadly to truly understand how your agency is performing. Using industry benchmarking to compare your sales performance against the wider industry will give you a much greater level of insight.
By looking at the wider marketing and tracking your performance against competitors in your sector you will be able see if your performance is good or bad in the wider market setting. After all, a 20% up liftis great unless all of your competitors achieved 50% and you actually underperformed against the opportunity.
5. Measure Marketing Success Rates
Having warm talent ready to be placed is not 'nice to have',it's a necessity.
Tracking where your applications are coming from will allow you to determine which parts of your marketing strategy work and which don't. These metrics will help you to identify how well targeted your communications are for each of your candidate talent pools.
Interrogate your email marketing activity, including open and click rates, to identify gaps in your strategy. What is more, it’s vital that you understand whether the tools your spend money on actually bring you a return on investment – so make sure you check whether your job boards are actually bringing you applications.
