Market Mapping: What is it and how can my business benefit?

In many businesses there are certain pieces of information that are apparently impossible to figure out. In your business you may not have the time or resource to launch a full scale investigation into your market to find that one golden nugget of insight that can change the way you operate.

Market mapping is a full service from SPS International that can help find that needle in the haystack insight to help businesses find their next top performer.

What is Market Mapping In Recruitment?

Market Mapping is a deep analysis of a particular market or industry that can help highlight competitors actions, recruitment and job market, market share, specific industry knowledge and more.

Market mapping informs businesses to help them make better decisions in recruitment, operations, and marketing. Particularly important when businesses are entering a new market or are planning to make a significant change in their operations.

Executive search consultants offer market mapping to businesses to help them evaluate their market and gain key insight that can help make better decisions.

What Are The Benefits Of Market Mapping?

Market mapping can help many different business functions as well as finding specific information that is seemingly impossible to find. It can also help businesses:

• Accurately distinguish size and layout of the market or industry

• Map recruitment movements within the industry

• Create competitor profiles including incentives, company size and recruitment activities

• Map the market movements and trends that can be exploited

• Find specific information to inform operational decisions

• Bespoke and specific required information in your market

How To Do Market Mapping?

Embarking on a Market Mapping journey requires a well-crafted strategy that aligns with your business goals. Here at SPS International, we understand that one size doesn't fit all. Let's walk through the three key steps to create a tailored Market Mapping strategy that unlocks your business's potential.

Step 1: Define Clear Research Objectives

Before diving into the sea of data, it's essential to have a clear map of where you're headed. Start by defining your research objectives – what specific insights are you seeking? Are you looking to understand competitor dynamics, spot recruitment trends, or explore untapped market opportunities? Clearly outlining your goals will ensure that your Market Mapping efforts are focused and yield actionable results.

Step 2: Choose Effective Research Techniques

With objectives in place, it's time to choose the right tools for the job. Research techniques can range from surveys and interviews to data analysis and trend tracking. Depending on your goals, you might consider a mix of qualitative and quantitative approaches. Engaging industry experts, monitoring social media, and analyzing historical data can all provide valuable insights. At SPS International, we help you navigate this landscape, selecting the techniques that align with your objectives and budget.

Step 3: Turning Insights into Action

Gathering insights is just the first step – the real magic happens when you translate these insights into actionable strategies. Analyse the data you've collected to identify patterns, trends, and opportunities. Create a plan that leverages these insights to enhance your recruitment efforts, refine your operations, or gain a competitive edge. Whether it's refining your hiring process, launching targeted marketing campaigns, or exploring new market segments, your Market Mapping insights should drive your decisions.

By following these three steps, you'll craft a Market Mapping strategy that not only informs your decisions but also empowers your business to thrive in a dynamic market landscape. Remember, at SPS International, we're here to guide you through each step of this journey, ensuring that your strategy is customised to your unique needs and aspirations.

How Does Market Mapping Work With SPS?

When approached for market mapping, here at SPS International we take specific and bespoke market requests to ensure that the information we gather is as relevant as possible for you and your market.

Our industry experts will then take time to investigate and thoroughly research the market with our network to ensure we can present the most accurate, in-depth and useful information for your business.

You will then be presented back your market information back in whichever format you chose with data, insight and evidence that helps you and your business make the best decision going forward.

If you think that your business can benefit from Market Mapping & Intelligence please get in touch.