3 Strategic areas where AI can help to increase Recruitment Business Revenue
Here are the 3 effective ways to Nurture your customers and scale up your revenue with the help of AI assistants.
Reach out to the existing customers
Reaching out to the existing customers where you are already enrolled as a vendor is a key activity. Everyone is aware of this fact, but implementing it with discipline and on a daily basis can be a challenge. Here, AI assistants come to the rescue. AI assistant can be of great help as it can work beautifully to reconnect with all your existing HR connects. Make sure you keep all your HR contacts in separate baskets based on segments such as manufacturing segment, education tech segment, etc. It is recommended to send an email once every three to four weeks to each connect. This is a simple activity and it is a low hanging fruit that can help add to the revenue within a month or two. AI assistants do this mundane job intelligently and accurately and also in a human-like manner which is extremely beneficial and easy to set up.
Ensure the Repeatability of Sales
To ensure the repeatability of sales first select one market segment where you have the highest number of customers. Most staffing companies win initial customers through personal contacts and references. And they are spread across different segments. While it’s okay to start this way, you cannot achieve speed in growth if you continue to help anybody and everybody in hiring.
Once you finalize the market segment that you want to go after, analyze what key pain points that segment generally faces, which position makes the maximum difference, and see if you can create a network of a few thousand candidates for such profiles in a small geography.
For example, focusing on helping funded startups in NY with the hiring of VP Marketing can be a good small clear goal that is easy to automate and search. This also eventually helps to create a network of a few thousand candidates who are Directors/VPs of Marketing who can help those startups to go from $1m sales to $10m in sales in 2-3 years. Given that you now have a focused audience, it is easy to get 3 to 4 interviews lined up in 24 hours for a newly opened VP of Marketing position.
All ‘general purpose’ staffing companies can find this hard to beat. Generic hiring, offering to hire for any position available right from juniors to senior to leadership positions for all segments results in you not having a ‘go-to’ network.
Once you are ‘in’ for a given niche, it’s easy to help customers in other positions as well. From a sales and go to market perspective, focusing on one segment and a niche always helps on faster growth.
Technically, having a focused market segment as your target helps make your message more relevant for the receiver and adds value. A good quality message always has a high open-rate. To increase the quality of the message you should add a relevant and crisp subject line as well as add a success story. A success story should be from the selected segment only and it should also include how you have helped companies achieve goals by providing the right talent. Share your achievements from the nearby area of customers with similar problems. By adding a success story from a nearby geographic area gives confidence to the receiver and establishes the connect with you. This, in turn, helps increase the response rate of email marketing.
Now test the open rate and response rate of the messages. Ideally, the open rate and response rate should be between 10 – 15% and 1-2% respectively. If you get anything less than this, iterate until you achieve similar or even higher rates. Also, you will attain expertise in that particular segment rather than being generic. With AI Assistants, these numbers jump significantly to 25%+ open rate and 4%+ response rate.
Expand repeatability to other segments
After you achieve repeatability of sales in one segment, select another segment, and repeat everything you did in step 1 for a new segment with a different set of people. The concept of separately focusing on the segments is very beneficial as it increases the growth of every segment as soon as you achieve autopilot mode. One of the most important benefits is that by any means if one segment goes down it will not affect any other segment. This reduces business risk.
But as said earlier, this task of regularly sending emails or messages and also to keep all the segments separate can be challenging to execute. AI Assistants can greatly assist to perform all these activities quite accurately and with ease. You can have a separate AI assistant for each segment, measure open rates on each, get response rate for each segment, and also outreach to required individual networks easily.
The core philosophy of automation first with AI Assistants is the key to growth in the recruitment sector, as technology becomes more simple to use.
Feel free to sign-up and give it a try and experience how an AI assistant can scale up your recruitment business.