In this edition of Snack Time, Matt Lozar, director of recruitment marketing at Haley Marketing, talks about four ways to get more ROI out of your job board spend.
What Can We Do To Get More Results From That Job Board Spend?
Eliminate Year-Long Contracts.
The reason? 2020. Need I say more? Why is it important not to commit to an annual contract? First of all, they aren’t required. Job board performance changes. That job board that worked really well in March might not work well in October. We need to have the power, the control on our side, to allocate the money to where your company is getting the best results.
Also, your job orders fluctuate.
In March, you might’ve had a hundred job orders. In October, maybe it’s 50. And then in December, it could jump back up to 200. Can you quickly increase and decrease your budget to match those job orders, to deliver the quality and quantity of candidates you need?
Pay for performance, not just for presence.
The job slots model has strengths. It has benefits. One of its weaknesses, you’re paying for just the presence of your jobs. If you receive one application or 10,000 applications, the cost is the same every month. We want to pay for the performance and pay by the application to make sure you keep control of the budget on your end.
Stop Manual Posting.
Is your team manually posting and taking down jobs to one job board, to multiple job boards? We need to eliminate that. Find ways to automate. The technology that can help here is by sending a feed of your jobs or sending up a scrape of your jobs to the job board you want to sponsor on, or the multiple job boards you have sponsorship with. Allocate those jobs into campaigns or buckets. Your high-priority jobs can go into one bucket. Your low-priority jobs can go into another bucket. Your jobs you don’t want to sponsor can go into that third bucket. Make sure that’s automated.
Apply the bidding strategy.
Your high-priority hot jobs need to get more aggressive than your low-priority jobs or the jobs that might not need as much sponsorship. Make sure all that is automated and then distributed to the job boards. Don’t be manually posting. Don’t be manually removing, taking down jobs. It’s vital to save your team time, to get them to actually talking to the people who want to work for you. Eliminate the manual posting from your team and give them time back.
Eliminate the wasted spend.
Let’s walk through the first client where we ever managed their recruitment spend. The month before, where they managed their spend internally, there were ninety-two sponsored jobs. Sixty-two of them had zero applications. The first month where Haley Marketing started to manage that budget, Sixty-six sponsored jobs. Two of them had zero applications. Lengthen that out to one year, 282 jobs, ten jobs with zero applications. Fantastic results where we made sure to put the budget on the best-performing jobs. We really stopped their runaway jobs.
What are runaway jobs?
Everybody has jobs that receive way too many applications. And it’s just eating up your budget disproportionately, where more of your jobs need more applications. We can automate to where it hits an upper level to stop that. Make sure you eliminate your wasted spend with runaway jobs, kickstart those poor performing jobs.
A job might not have many applications after a day or two. But the software, the technology automates to read that real-time data to increase the money allocated to those poor performing jobs. Use the data and technology to your advantage. Make data-driven decisions. That’s our fourth reason for our quick webinar today.
Stop the posting and praying.
Here’s an example. Job board A has two dollars an application. Job board B has five dollars an application. It looks like we want to put our money on job board A because of the cheaper applications, but the quality is much worse on job board A. We need to get 20 applications to receive a placement or a quality application. We only need four applications from job board B. That’s twice the cost of the job board with the lower cost application. That’s really hurting us. We can’t just focus on where the lowest cost per application is. We want to focus on where the lowest cost per quality application or placement should go.
In this example, the data shows us we need to put the money onto job board B. The problem with all this, it takes technology. It takes expertise to really get as much ROI out of the recruitment budget as possible. Let’s look at an example of one of our clients, a case study of an industrial staffing agency in Ohio. Managing internally 568 applications for $3,500 a month. When Haley Marketing started to take over, we increased those applications by 61%, over 900 applications a month. We decreased the job spend by 13%, nearly $500 spent per month less than they did previously—a humongous decrease to where we helped them.
How Did We Do This?
We automated a lot of budget allocation.
Where their jobs went into the software, we managed their budget, and we distributed the jobs into three different buckets or campaigns. The company had high-priority jobs. They have maintenance jobs that need a higher cost per click than their material handler entry-level jobs. And they wanted to make sure to allocate budget to a local suburb because that was a priority for them.
We eliminated the wasted spend.
We wanted to make sure we were allocating their budget appropriately to meet their goals. We increased the bidding if there was poor performance. If their jobs didn’t have many applications after two days, we increased that cost per click automatically. And we stopped sponsoring when our goals were reached. If they had enough applications, stop the sponsorship. Move the money to where it needs to go. All of that was automated. We put an automated system in place to meet their unique recruitment goals.
Want To Get More ROI From Your Job Board Spend?
Let’s schedule a 30-minute recruitment marketing focus call.
What’s a recruitment marketing focus call?
This 30-minute conversation focuses on your recruitment advertising strategy, social recruiting tactics and employer branding. After the call, we provide a complimentary audit of your recruitment marketing strategy, evaluating your challenges and sharing relevant best practices.
If you are spending $2,000 a month or more on job ads, we’ll show you how to get more return on your spend. Schedule your free focus call here!