Article by James Isilay, CEO, Cognism
It’s a cast-iron rule of commerce: new business is the lifeblood of any organisation. Gaining customers relies on a smooth-running lead generation process – and especially so in recruitment, where sourcing fruitful partners that provide consistent vacancies is difficult, due to the competitive nature of the industry.
The success of obtaining new clients is dependant on several factors, one of the most important being data in the form of contact details of the decision makers or hiring managers, such as names, email addresses, phone numbers and companies. Too often, the data that 360 Recruiters and the Business Development team are working with is not of sufficient quality. In the B2B sector, it’s estimated that CRM and contact data decays at a rate of up to 70% every year. This can cause numerous problems for recruiters attempting to generate leads; especially when figures show that 25-33% of email addresses become outdated every year and 60% of people change job titles within their organisations each year. After all, if a lead can’t be contacted at his or her correct email address or phone number, it becomes impossible to add that lead to a verified contact list, and time is wasted that could be spent identifying new prospects and nurturing relationships with existing clients.
So what can be done differently? Most B2B companies are limited to only three dimensions of data: demographic, firmographic and technographic. For a recruiter, it’s essential to know what the prospective client’s internal structure looks like and who their key decision makers are, coupled with their key information such as title, email address and phone number. But they are even more effective when combined with the crucial, fourth dimension of data: chronographic data, which introduces the element of time, relating to life events and changes that occur as time progresses, such as hiring activity or company funding movements. Chronographic data is vital because it highlights the events that can trigger a sales or marketing opportunity. It is invaluable for recruitment, as it can pinpoint exactly when to contact a prospect.
The four dimensions of data, when combined with modern technology, help to create a new business concept: Revenue Intelligence. It is about using data in a forensic and scientific way to generate leads and grow revenue. Recruitment professionals can leverage top quality, up-to-date and accurate data to support lead generation efforts and sourcing new clients.
Targeted B2B lead generation campaigns can be based on a number of highly specific triggers, enabling the recruiter to hone the pitch and improve response rates. And the timeliness of this data is key, enabling the recruiter to exploit specific events, from funding rounds to geographic expansion, even the purchase of a technology – trigger event data enables recruiters to target the right candidate at the right time.
From time poor to revenue rich
Utilising Revenue Intelligence to identify new prospects that are actively in a position to hire will, in turn, reduce the recruitment costs. Instead of spending hours every week going through out-dated CRM data or trawling LinkedIn, a smart recruiter can identify and prioritise the correct clients to approach, all at the click of a button.
Additionally, using the normal three dimensions of data, plus the fourth, time-sensitive dimension, a recruiter is enabled to source clients in a proactive, strategic way. The data from this sourcing activity can be used to form insights and analytics into the process, making lead generation even more targeted and predictable.
Current and future trends
As the Revenue Intelligence process progresses, it creates a vast reservoir of information. This data can be further analysed to see if any patterns exist in the current recruitment market. What industries are hiring in 2019? What companies are increasing or decreasing their headcount? Are there more vacancies in certain territories than in others? The accumulation of data can be used to focus resources on particular sectors and keep a competitive edge over rival companies.
It’s essential for recruitment companies and HR departments to integrate real-time data, encompassing all four dimensions, into their processes and workflows. Many companies around the world have already adopted some of the methodologies behind Revenue Intelligence. The risks for those who haven’t include loss of competitive advantage and a sizable reduction in revenue.