This article suggests ways in which information obtained from the job market can be used to complement or affirm other market research and lead generation efforts.
Macro Level: Job Market as a Sensor of the Industry and Its Markets
Job markets are interrelated with their respective industries. Demand for technology expertise in B2B technology market segments reflects business and technology trends. The job market can therefore be used as a resource for business information, supporting strategy, marketing and sales.
Industry Trends: Applications and Technologies
Variations in demand for engineering expertise identified with a technology or application are resulted from different causes, all of which are important indications of the marketplace. A growing number of companies engaging in a spreading technology, a technology approaching the end of its life cycle, or regional economy effects are only a few examples of related scenarios. Scanning online job postings for WiFi or RFID engineers, for example, you will find a perfect match to global trends in those industry sectors. On the other hand, try to fish for low-frequency, high power RF engineer and see what you will come up with.
Market Trends: Geography
One can actually map-out worldwide technology and manufacturing centers by scanning international job boards for postings requiring matching engineering skills.
Observing international markets, we expect to find correlation between the job market and the business potential in that country. Regional shifts in demand typically relate to local factors and therefore present an opportunity or challenge needing attention. Attention to the specific engineering expertise in demand will indicate the state of an industry/technology sector in that region.
Scanning through international job boards, for example, brings up all those offshore destinations and regions currently experiencing industrial growth (e.g. India, China and Eastern Europe). Micro Level: Job Postings as a Resource for Business Data
A company’s hiring activity reflects its ongoing business and where it is heading. Expansion in manufacturing, engineering or R&D activities result in job vacancies, most of which are posted online. Publicized job vacancies as well as engineer resumes can be used to explore business opportunities and prospects.
Identifying Prospects
Wouldn’t you expect that companies hiring engineers matching the professional profile of your clients also need your product or service? Monitoring online job postings specifying requirements typical to your client engineers’ roles and expertise will reveal untapped accounts (companies, potential customers).
“What is the Competition Engaged With?”
Observing competitors’ recruiting ads gains insight into their technology and business activity. Occasionally this will confirm what is already known, but at times it might also expose strategy and unpublicized activities.
Conclusion
The concept described above is not a breakthrough. It is simple logic derived from observing related employment information posted online. The breakthrough is in the availability of this data online for practical use. Unlike earlier days, this approach can be exercised using internet research tools or services.
Isaac Mendelson
ElectroMagneticCareers.com
Isaac@ElectroMagneticCareers.com
