Is Data the Missing Piece of Your Recruiting Strategy?
Being able to effectively gather, analyze, and use data is a crucial part of operating a successful recruiting campaign. Raw numbers tell you part of the story, but to truly achieve maximum potential with any campaign it’s necessary to dig deeper into the plethora of data available.
No matter how you go about analyzing this data, it is an absolute necessity for you to stay on top of your campaigns, decrease wasted spend, and increase the number of drivers hired. With that in mind Randall-Reilly’s team created the Lead Attribution Tool. This is free service offered to all of our clients to help them increase their marketing effectiveness. Being able to continually monitor and adjust campaigns around the actionable data provided allows spending to be distributed in a way that produces the best results while minimizing waste.
What is the Lead Attribution tool?
How does the tool work? Randall-Reilly’s Lead Attribution Tool takes your provided hire data and cross-references it using the phone numbers and emails associated with those hires to match them to channel that generated the lead.
This information shows you exactly which channels produced the leads that ended in an approved application. The goal is to hire qualified drivers. In order to best do that, it is important to know exactly what contact channels are producing the new hires.
When analyzing a campaign, many clients tend to fall into the trap of focusing on Cost Per Lead. While CPL is an important metric to monitor, it can be deceiving. Using lead-to-hire or lead-to-fail data allows you to identify data points more important than CPL such as cost per approved application and cost-per-hire (CPH).
The Lead Attribution Tool was created to help you build a campaign strategy around quality results and to track how those results were achieved. The information your ATS provides is good, but it doesn’t tell the whole story. By running the information from time elapsed reports of your ATS through the Lead Attribution Tool you can find out exactly where your quality leads are coming from.
In addition to lead source, it’s possible to pinpoint fail rates, lead-to-hire ratios, and even the number of applications approved but not hired. By also monitoring leads that do not result in a hire, it makes it possible to adjust and improve the quality of your campaign.
Lead-to-Hire and Lead-to-Fail
Other metrics that are important to take into account are lead-to-hire and lead-to-fail. When I say lead-to-hire or lead-to-fail data, it’s another way of saying we are able to see and track the performance of each channel down to the hire. So, what’s the difference between lead-to-hire and lead-to-fail?
Analyzing your lead-to-hire data is just another way of saying you’re looking at the which channels are responsible for the leads that actually resulted in you hiring someone. These channels are the ones performing and providing you with the drivers you are after.
On the other side of the coin is the lead-to-fail data. These are all of the leads you have and pursued that for one reason or another failed to actually lead to a hire. As opposed to simply ignoring the leads that didn’t result in a hire, it’s more valuable to actually analyze what happened and learn from these failed lead interactions. A good example would be out of area leads from job boards. Which of course is an easy fix. But you would never find this loss value without Lead-to-Fail data.
Randall-Reilly builds each channel within a multi-channel performance marketing campaign with a dedicated landing page and tracking number. This allows us to know which channels are generating leads that ultimately translate into hires for you.
By segmenting each platform with its own individual landing page, unique tracking numbers, and a documented platform code, we can accurately identify the source of every lead generated from the campaign.
There are many ways to monitor these leads, and for a more in-depth discussion you can refer to our previous article, Which Lead Attribution Model is Right for Your Recruiting? But, for now let’s just take a brief look at a few of the most popular models.
First Touch Lead Attribution
Last Touch Lead Attribution
Multi-Touch Lead Attribution
Then there is multi-touch lead attribution. When using a multi-touch attribution model, the credit isn’t assigned to a single campaign or channel, but rather spread out among all the campaigns or channels that are being measured. Under the umbrella of multi-touch attribution there are several variants such as: linear, time decay, or position based models. Each of these models divvies up credit in a slightly different way.
Of course this a very simple explanation of these attribution models and each has its own advantages or disadvantages, so what works for someone else may not be right for you. What is important is that you are tracking your information in some fashion to allow you to track and modify your campaigns to get the most out of your efforts.
How Analyzing Data Can Shape Your Campaign
The following is a real-world example of a current client illustrating the importance of looking beyond CPL and examining lead-to-hire and lead-to-fail data.
Analyzing the data and looking over the hires by platform from the campaign, Facebook delivered the most hires for the previous month with 15 hires. It also had the second lowest CPL at $18.75. Based on those two numbers alone, it would be logical to increase the budgetary spending for Facebook ads, since that’s where hires were coming from.
The problem is that when we dug deeper and looked at the “approved application” status in the client’s applicant tracking system and ran those same approved applications through our Lead Attribution Tool, we saw a discrepancy. While Facebook did have the most hires . . . it also had the highest cost per approved application at $1,100.
Looking at their existing campaign mix, we found the platforms that were delivering approved applications at the lower cost of only $650. This prompted us to reduce the spend on Facebook and shift spend to the platforms that generated approved applications at nearly half the price.
Data Yields More Effective Recruiting Results
The collection and use of data makes any recruiting campaign much more successful. Identifying the most successful marketing platforms and looking beyond CPL enables you to allocate funding more accurately within the campaign.
The Lead Attribution Tool, application tracking systems, and analysis of lead-to-hire and lead- to-fail data all in conjunction with one another enables us to create, execute, and maintain the most effective campaigns possible for our clients.
Whether you are currently a Randall-Reilly client and use the Lead Attribution Tool or not it is important to be able to find and harness this data to your advantage in your recruiting efforts.