The recruitment market has changed drastically over the past few years. The global staffing sector is now worth in excess of $360 billion.
On a positive note, there is more business available than ever before and; with it comes competition.
Currently, there are over 40,000 recruitment companies registered in the UK, all potentially competing for your clients and candidates.
More than ever this year recruitment owners we talk to are coming across this particular scenario; I wonder if you are too?
You make a connection with your ideal client only to hear the dreaded response; “we already have a supplier.”
Not exactly what you want to hear, is it?
It’s a problem that can happen to any recruitment organisation and not just start-ups.
So, what are some of the ways to handle this situation that work? Let me share my top three tips.
1. Connect Then Get a Meeting
With the market continually growing, logically, this scenario is going to happen when you are developing new business.
You will be connecting with ‘new’ prospects with your offers that you don’t know and critically who don’t know you either.
Remember the connection you built with current clients didn’t happen overnight, did it? This means the same thing is likely to occur with new clients too.
Here are some fascinating facts for you, data from the National Sales Association in America states that 48% of sales people, this includes recruiters, never follow up a prospect after the initial first contact and yet only 2% of sales are made in one hit.
The data goes on to reveal that 80% of sales are made on the fifth to the twelfth connection.
Social media and content marketing are all ways you can warm up a contact; however, you then must take this to the next level and get in front of your client.
They don’t know who you are, and human nature means they generally will want to meet you to check you out in person.
On your initial BD call, your ideal outcome would be to secure a face to face meeting, and that should be the key objective of your phone call.
Face to face interaction ALWAYS has a higher conversion rate. Therefore, once you are in front of a prospective new client, it’s a whole new ball game; that luckily, as a skilled recruitment company, you are great at playing.
Fact: It’s not uncommon for trained consultants to achieve an 80% ++ conversion rate, even when their potential new client is working with another recruiter.
2. Be Prepared
If this client is worth winning; and we must assume they are otherwise why waste your time (maybe the subject for another post), it’s worth being fully prepared.
Unfortunately, some recruitment consultants still think it’s OK to ‘wing’ it: WRONG!
In today’s marketplace, where there are probably another ten plus companies in your sector, competing for business, understanding your potential new client and being fully prepared for your meeting is critical.
There is no excuse in lack of prep either. Your client is likely to be present on multiple channels as well as their website, and it’s enlightening what this can reveal.
Knowing what you are walking into helps enormously in planning your approach. It doesn’t matter that there is someone else they are working with; especially in today’s candidate-driven market-hint!
Asking the right questions in a meeting like this will win it or lose it for you. I am not advocating one selling skills model over another by the way, and yet I have always found SPIN selling a lifesaver.
It’s essential to make your potential new client think. The only way you will do that is by asking questions that will uncover the actual needs your client wants a solution for.
SPIN selling is based on data from literally hundreds of thousands of sales conversations and a key fact in their findings is that in a complex sale; which recruitment is, salespeople who asked the probing questions to uncover what clients needed were the most successful.
There is nothing wrong with competition, especially when you are a stand out company like you are!
The potential new client you contact understands that if they want to attract the perfect candidates for their roles, it’s worth keeping their options open with the best recruitment company for the job; which naturally opens a door for you to walk through.
Your Salutation Nicky and CTA
5 years into building my recruitment company, I hit a wall. I just couldn’t grow beyond 10 people. Every time I plugged a leak another would appear. I was at the end of my tether when I got a call from a business coach & trainer.
With her help & guidance, over 12 months we doubled in size, made £375k extra profit, controlled cashflow & sanity! These are the type of results I can help you achieve too.