For many years job boards have been a tried and tested source of revenues for media businesses. For publishers looking to enter the market choosing the right technology partner is critical, with many aspects to take into consideration. It’s imperative to avoid potential pitfalls which could have a long standing impact on success. One of the major deciding factors when selecting a vendor is who owns the data?
There are many off the shelf vendors who offer a quick and easy way to start a job board. These platforms can be great for businesses looking to get into the online recruitment arena fast. But longer term, it can damage and limit a businesses’ growth potential.
Job boards provide extensive demographic data on their audience, far more than other classifieds such as property or cars. In order to connect candidates with their ideal positions, substantial amounts of data about them and their lifestyles is gathered.
In addition, job board user’s behavior can be useful in understanding - and predicting - their current and future needs. Tracking and reporting supporting metrics - such as CPL (cost per lead), application rates and total applicants - is what helps lead owners to make better decisions about traffic acquisition, client retention and monetization opportunities.
One emerging trend is job boards extending their offering beyond jobs and broadening their services to career management. The most prominent example of this strategic shift was LinkedIn’s acquisition of Lynda.com in April 2015. This illustrates an appetite to build longer standing relationships with candidates over their entire career by becoming a source for both jobs and professional career development.
By using the different data sets collected across a user’s journey, a job board owner can focus on cross-promotion; whether it’s targeting audiences with new or existing products, or even career enhancements like events, education or travel. The data collected from job boards gives an owner the information it needs to “join the dots” and stay ahead of the curve.
However with many platforms, this data and trend analysis can end up not in the ownership of the host - and instead in the hands of the supplier. In turn, the supplier can use the data from their clients’ boards to grow their own audience and revenue.
Without ownership of this valuable data, a job board owner is left with less ability to leverage data and reporting, which has a knock-on effect on their ability to make the best decisions for their business. And, although reporting may be available on some platforms, without data ownership it is severely limited; meaning job board owners are also without the capability to identify where and how they deliver value to users.
By preventing businesses from understanding their audience in more detail and engaging at a deeper level, lack of data ownership directly affects the provision of quality marketing opportunities and the ability to effectively capitalize on them.
They are also left unable to feed their data stories into sales propositions and leverage their potential - slowing, and even stalling, sales, as owners are unable to offer a competitive edge to their advertisers.
The biggest forfeit faced through a supplier not offering data ownership, though, is that if a business decides - or needs - to switch provider, it loses any data it may have accrued from the previous provider, and the audience that was acquired too.
Being able to own job board data, then, is essential for a business looking to grow it’s online recruitment potential and join the trend towards online Career Management cross-advertisement.
Unlike other providers who's emphasis is solely on the requirements of speed and ease, Madgex offers a solution that can encompass these needs plus gives job board owners 100% data ownership. This means businesses get enhanced reporting capabilities, and data leverage. Owners are able to measure value delivered to their customers and feed the key data stories into their sales process; joining the dots for their advertisers, users and profit.