Improving Staffing Performance: Knowing When to Spend Money

In this series of blogs, we’ve covered the best ways for staffing agencies to improve their performance in 2018, starting with fine-tuning your processes. Next, we explored how to manage difficult clients, improve job postings, and how to effectively market job ads. In this final article, we’re going to go into detail about when staffing agencies should invest marketing dollars into their strategy. After all, a marketing plan is more than hiring a company to post blogs on your behalf. Before reading on, protect your agency with a Staffing EPLI policy.

Gather data.

Expand your field of marketing vision and you’ll see that across all types of industries, firms that grow are doing it by basing their marketing plans and budget on data and metrics that just weren’t available a few short years ago. If “big data” (or little data for that matter), conversion rates, proposal metrics, source data, keyword analysis, benchmark ranking, click and open rates — and on and on — aren’t a key part of your marketing discussions, then perhaps it’s time to include math in this year’s planning effort, says The Staffing Stream.

Crunch the numbers.

Creating an effective marketing strategy and knowing where to spend your money depends on a few different factors. Crunch the numbers to find out where you’re lacking and where your money would be most beneficial. Focus on the following:

  • Average sales- What it costs to acquire a new client and their average spend each year.
  • Leads- This represents an estimate of what percentage of leads are generated through 1:1 marketing, digital marketing, and traditional marketing, says the article.
  • Marketing conversion rate- How many people become clients after submitting a digital lead from content you distribute?
  • New business goals- This is going to set the tone for the rest of the year in terms of what you want to accomplish, how much revenue you want to earn, and how this marketing strategy will play into those goals.

In addition to allotting marketing dollars to your goals, it’s important for recruiters to have the capabilities that their clients require to close the deal. Marketing is just one piece of the puzzle when it comes to boosting revenue, so make sure your team knows how to handle an influx of requests. Finally, know when to pay for ads on social media. Facebook is the most popular platform for digital ads, which makes it imperative to use to market your agency. Remember, organic reach on Facebook is almost nonexistent for many agencies, so spend money where you need to in order to receive a return on your investment.

About World Wide Specialty Programs

For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.