In the last article I talked about tips for recruitment marketing and focused a lot on data analytics and creating tangible, measurable goals. In this article, I will go into more depth on metrics and key performance indicators (KPI) to keep in mind when crafting your recruitment marketing strategy. There are a ton of different metrics you can look at and it’s important to understand what each one means to decipher which ones mean the most for your business.
1. Click volume
Depending on what you are tracking, this can be a good metric to look at to see if you are catching peoples’ interests. For a job listing, if you aren’t getting a great click volume you might want to change up the text of the job description. For a Facebook Ad, you can tinker with the image or text to attract more customers.
2. Click-Through-Rate (CTR)
Click Through Rate is a measure of the ratio of people that see your ad versus the people that actually click on it. This is a useful metric for comparing different ads or job listings. Click volume depends more on who the ad gets shown to, but looking at CTR is better for comparisons because it is a percentage and tells you of people that see the ad, how many are clicking through.
3. Cost-Per-Click (CPC)
The pay-per-click model is how performance-based ads charge you. Basically, when you run an ad, you are charged when someone clicks on it. For these types of ads, it is critical to always keep in mind your CPC when crafting your recruitment marketing strategy.
4. Cost-Per-Hire (CPH)
The whole point of recruitment marketing is to get new, qualified hires. Therefore, looking at your CPH tells you how much you are spending per hire. Recruitment marketing is part of that budget, as well as costs incurred during the interview process and any recruiting fees. If your CPH is too high, it may be worthwhile to look into alternative options for sourcing candidates.
5. Total Spend
This may be obvious but always keep in mind your total spend on recruitment marketing. All the ads and job listings can add up, so you should always keep a set budget for each part of the recruitment process. Marketing is only one factor, and if you are spending too much and not yielding good enough results you should consider other options.
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