Our experience in providing Market Mapping services has started several years ago, when a multinational pharmaceutical company asked us to annually and continuously provide quarterly updated market mapping reports related to the availability of the Romanian market in providing potentially suitable and interested candidates for key roles in the company (e.g. Business Unit Managers, Sales & Marketing Managers, Medical Management, Market Access & Government Affairs Managers, Managers to lead specific therapeutic areas, etc.). For a better description of the method, we will use this first example as a benchmark for the approach. Basically we have put together a list of companies similar to our client-company (fine-tuning with the client for the best possible coverage of interesting companies). Subsequently, we have started identifying managers filling similar positions in these companies to the ones the client-company had stated increased interest. These persons have been then approached in full confidentiality, assessed against the job specifications and then explored their potential interest to join the client-company at some point in time, when a potentially suitable position would arise. The Consultant in charge remained then in constant touch with the potentially suitable future candidates and provided quarterly updates on these persons or new identifications to the client-company. This punctual assignment has started 5+ years ago and is still ongoing. Meanwhile, whenever the client-company had to replace a management position (mainly because managers inside the company had been promoted into new roles or expatriated) or to fill a new approved headcount (business development), then the client-company went back to the mapping and selected the already assessed potential candidates at hand, diminishing thus considerably the time for searching a replacement / new manager.
More and more companies have then started to request our Market Mapping services. We have been (e.g.) working for companies that have had different agendas for having requested these services: one company was focused on maintaining a close eye on evolving sales management roles throughout the national consumer market; another company had decided to initially contract a Market Mapping instead of a full Executive Search assignment because they needed a viable proof that appropriate potential candidates for their specific openings were truly available ‘out there’; a further company was planning to enter the market, but not prior also evaluating the chances of finding candidates with experience in their precisely defined roles; etc.
So far, more than 80% of our Market Mapping assignments have been subsequently continued with full recruitment assignments.
- A Market Mapping confers the client-company a higher degree of comfort and certainty that a subsequent investment in recruitment will be a success
- The costs of the Market Mapping are lowered down to a Retainer (a Research fee) or a Retainer + a flat fee for requested updates, diminishing thus the risk of starting a more expensive Executive Search assignment without being 100% sure that the searched position specifications are available on the local market
- The Market Mapping is not solely a ‘pool’ of candidates, but a source of valuable information related to market status-quo, trends, policies and procedures with the competition, market intelligence & know-how
- All involved parties are treated with confidentiality and transparency: we are never ‘overselling’ or creating false expectations with regard to the purpose of the Market Mapping
- We make sure that retained identified managers are definitely interested in being introduced in a database for future or existing management roles in the organization of the client-company
- We are treating both sides with the same honesty and seek to obtain the most productive match of needs and expectations
Harjan Boes, Xindao, Project Manager Printmasters Baia Mare
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