Please Note: I’ll be at the TAtech Leadership Summit on Programmatic Ad Buying this week, so will reprise one of my earlier columns. Programmatic is just one of the dynamics disrupting the talent acquisition technology market, so exploring how best to prosper in such an environment seemed a fitting topic.
Depending on whose numbers you accept, the job board market is now somewhere between 25 and 30 years old. And, at no time since its inception has it been more rocked by disruption than now. Many see it as an invasion of the Terminators – huge staffing and technology companies that can overwhelm mere job boards with seemingly unlimited resources and budgets. And yet, there are others who argue that with imagination and courage, even the smallest site can not only survive but prosper in a time of disruption.
One example of this disruption-into-prosperity (D2P) model was presented at last year’s TAtech Fall Congress & World Job Board Forum (learn more about the 2018 TAtech Fall Congress & World Job Board Forum). It’s not the only possible approach – in fact, each job board will have to devise its own, unique solution – but it does offer some insights on how to reimagine a site with partnerships and products tailored to the new reality of a market dominated by much larger players.
The presentation was delivered by two representatives from Nexxt, the former job board known as Beyond.com. They were the head of marketing and the head of sales – an appropriate collaboration as the first step in building a viable D2P strategy is understanding that it is not simply a branding exercise – changing the name of a site – or a sales drill – adding more products or sales reps. The successful site will integrate both functions into a seamless counter-disruption strategy.
In the case of Nexxt, it reinvented itself as a recruitment media company, yes with a new name, but more importantly, with a broader reach into the market and a recast suite of products that made the definition credible. It now leverages its principal assets – data, people, partnerships and distribution – to tap additional revenue streams from new customers and new products.
Nexxt has established a partnership with InsuraSeek, a software development company that provides “automated insurance talent lead generation” to insurance companies. Its goal was to help InsuraSeek increase its sales by providing it with a Nexxt product – access to its resume database – that would help InsuraSeek’s new customers succeed. That access enabled InsuraSeek’s sales reps to offer new clients a fixed number of “resume credits” as a part of their purchase.
The outcome was one of those rare win-win-win propositions. Nexxt generated $300,000 in additional revenue. InsuraSeek closed more sales. And job seekers using Nexxt had more employment opportunities from which to choose.
Nexxt has also established a partnership with TextRecruit, a recruitment communication and technology company. The goal of this partnership was to leverage TextRecruit’s text messaging technology and Nexxt’s million+ SMS text opt-ins to create a new offering for employers: SMS text job alerts and follow-up candidate communications or what it calls Text2Hire. Those messages are opened 97 percent of the time and generate a 15 percent response rate within a single hour of transmission.
So once again, the outcome was a win-win-win proposition. Nexxt has generated over $2 million in sales with Text2Hire. Employers are able to connect with more prospects more quickly. And job seekers are engaged the way they want to be – in fact, 73 percent say they want to receive targeted ads via text.
Nexxt’s D2P strategy isn’t necessarily the right approach for every job board. It does, however, offer a template for how best to craft such a strategy. The key is to go all in – to define a new site model that leverages your assets and provides multiple new avenues for revenue generation. The Nexxt presentation closed with the following four questions that will get you started:
• Why are you special?
• What do you have that others don’t?
• What asserts have you been hesitant to sell?
• What non-recruitment verticals and markets might just benefit from what you have?
Food for thought,
TAprose and Job Board Journalist by Peter Weddle are brought to you by TAtech: The Association for Talent Acquisition Solutions.
Mark Your Calendars! TAtech’s 2018 events include:
• February 12-13, 2018 Scottsdale, Arizona USA: The TAtech Leadership Summit on AI/Machine Learning in Talent Acquisition – the only conference totally focused on the capabilities and impact of AI/ML/NLP in recruitment. See you next year!
• March 13-14, 2018 Dublin, Ireland: TAtechEurope 2018 – the premier event for recruitment advertising and technology thought & business leaders in Europe, the Middle East and Africa. See you next year!
• April 18-19, 2018 Las Vegas, Nevada USA: The TAtech Spring Congress & Meetup – a unique conference designed to maximize opportunities for B2B networking, trending topic discussions and the exploration of partnerships and business opportunities. See you next year!
• June 5-6, 2018 Minneapolis, Minnesota USA: The TAtech Leadership Summit on Programmatic Ad Buying – the only conference for both publishers and advertisers that is totally focused on the technology and applications of programmatic ad buying for talent acquisition.
• September 26-27, 2018 Bourbon Street New Orleans, Louisiana USA: The TAtech Fall Congress & World Job Board Forum – the Global Economic Forum of recruiting, this event brings together thought & business leaders from job boards and all other talent acquisition technology solutions companies around the world.