One of the biggest challenges that recruiters face is how to bridge the gap between being perceived as a vendor to clients and candidates versus being perceived as an irreplaceable and invaluable partner to clients and candidates. One of the best ways to bridge that value gap with both clients and candidates is to develop true expertise in a very specific industry or niche; this concept is called Market Mastery.

By gaining in-depth industry insight beyond the obvious, you are in a position to bring unique knowledge to the marketplace – knowledge worthy of not only the time invested when partnering with you, but worthy of the professional fees you charge as well.

There are three objectives in Market Mastery:
· To know every potential company prospect in the defined niche
· To know every potential candidate prospect in the defined niche
· To know the market trends and business insights above and beyond that of the general market

As a Market Master, nearly every search will be for reasonably similar positions, so there will be recyclability with the recruited candidate pool. This recyclability provides a deeper understanding of the people in that market, their reputations, their departmental structures, their compensation and benefit packages, and similar areas of wisdom. This level of insight generates a snowball effect; when you have success in completing a search, you will take on additional similar searches, and the more searches you take on, the more you fill. The more searches you fill, the better your expertise and resulting reputation. The better the reputation and expertise, the more clients will be willing to retain you, if appropriate, at higher fees and more favorable terms.

Being a Market Master can also help secure longevity in the search business. In great times, when the economy is flourishing and companies need to hire 100 people at a time, those hiring managers will talk with virtually any recruiter. However, if and when things turn, and those hiring managers now only need to hire 15 people and not 100, they are going to be overly selective as to whom they choose to partner with. In those selective times, they want to talk to the recruiter who not only can continue to deliver them the best talent, but who can also give them competitive insights as to how to stay viable in the marketplace, can share with them best practices to retain the top employees they currently have, and suggest new tangential areas of possible business development opportunities. In times of economic downturn, only a select few recruiters will survive – and it’s those who can provide the value that only a true Market Master can provide.

Ultimately, a Market Mastery needs to be positioned in a market that’s small enough to maintain a level of dominance in terms of industry expertise in that niche; however, it must also be large enough that it can provide enough space to accomplish the necessary number of searches and clients that will create a sustainable practice. The Forms and Articles in this Market Mastery Library will help you define your niche, measure your marketplace and anticipated billings, and ensure that you become a true Market Master.

Video

NLE Market Mastery Summary
In this clip, a comprehensive overview of Market Mastery is discussed – this is a perfect place to start for anyone looking to build a blueprint for their discipline and niche.

Big Biller Insights – Jason Johnson
Jason Johnson started in search immediately after graduating from college, and within four years was responsible for over $1.2 million in revenue; in this clip, Jason talks about how his approach to Market Mastery has been critical to his rapid success in the industry.

Ten Steps to Dominate Your Niche
Jordan Rayboy leads the top storage-focused executive firm in the country, and has helped clients hire over 450 sales, engineering, and management professionals in the past 10 years. Listen to this step-by-step guide to start dominating your market, shorten the time-to-fill cycle, and own your niche.

Market Mastery Overview
In this clip, Jeff Kaye covers the Market Mastery approach and the impact it has on creating a long-term, sustainable, and recyclable practice in search.