Intuition and experience remain essential when making smart workforce investments, but in today’s data-driven world, intelligent analytics are helping businesses gain a significant advantage in the markets they operate in. With the support of market insights, employers are rapidly improving the way they make strategic hiring decisions, uncover new opportunities in unexplored markets, and differentiate their brand from competitors.
Depending on your requirements, market insights allows you to gather relevant, targeted, real-time data to make the most informed business decisions. If you want to take control of your brand’s image and reputation in the market or better understand how to position your solutions to prospective clients, market insights can help you to get a firm grasp on your business needs.
In this Guide to Market Insights and Recruitment Intelligence, you will learn how this type of research can translate into meaningful information that helps you recruit and manage talent more strategically. Following an introduction into what market insights are, you will find out how you can use this data to foster short and long-term success at your organisation. To finish up, we will walk through a list of themes where strategic market insights can help to propel a business forward.
What are market insights?
Market insights involve collecting and analysing data to uncover information that helps professionals to better understand the trends, opportunities, and challenges present in their market. These powerful sets of data support company leaders to be more effective, efficient, and consistent when making strategic business decisions.
Market insights can help an organisation with anything from gauging the size and quality of a talent pool or identifying potential acquisition targets, to gaining an understanding of how to better differentiate from the competition. They provide significant opportunities to conduct benchmarking in the market which can help to identify the different types of products, services and technologies your competitors are using; and how effective they are.
In addition to benchmarking, market insights provide the necessary data that allow businesses to reposition themselves in the market. This enables leaders to improve their competitive advantage when there is a change in the market’s perception of their offering, the target segment is getting smaller, or the business has developed an innovation that they would like to introduce.
Why do organisations use market insights?
Strategic business decisions are often made with incomplete information about the true picture of risk and opportunity across the whole organisation. Market insights support key decision-makers to discover and then action specific data that can positively impact an organisation and benefit the business strategy. For example, organisations have utilised market insights to:
- identify suitable candidates for key vacancies that require a specific or niche skillset;
- identify the different types of talent attraction strategies utilised by their competitors;
- uncover potential locations for new office space by assessing client and competitor proximity, where the available talent is and also key considerations such as local amenities and transport links;
- gauge how best to position their brand and USPs in the market to stand out;
- identify geographic areas or sectors where there is the most lucrative opportunity in the market to launch a new product or service;
When exploring new markets, organisations with access to market data are far better informed and therefore can act more strategically when it comes to developing their business plan. They can identify new sourcing opportunities, anticipate future candidate trends, identify skill gaps that may prevent business growth, and ultimately, make the right decisions based on critical market intelligence as opposed to gut instinct. According to Harver, 22% of organisations have made a bad hire due to insufficient talent intelligence. By being equipped with relevant insights, organisations place themselves in the best possible position to actively compete for highly skilled candidates, particularly where demand is high or where quality is hard to find.
What makes bespoke market insights important?
As well as providing employers with a 360-degree view of the talent market, market insights allow professionals to use data that is both personalised and actionable to their organisation. This means recruitment strategies can be adjusted to stay ahead of the curve and respond to the changing hiring needs.
Should my organisation use market insights?
Absolutely, and there has never been a better time to leverage key market data. Market insights are supporting modern organisations to determine how they can better serve their customers, enhance operational efficiencies, and recognise new products to develop and/or invest in.
Not only can market insights provide an organisation with sufficient data to achieve success, it can provide organisations with accurate and up-to-date market information that delivers substantial and measurable results, reducing the risk of failure.
- Would you like to leverage tailored market insights to achieve business targets? At Carrot Executive, we are experts in providing comprehensive market analysis from a wide range of data sources. Find out how we can deliver bespoke market intelligence for your business. Work with Carrot Executive