Would you trust the future of your company to the throw of the dart or the spin of the wheel? No way! But if you’ve been posting executive positions and hoping the right candidates apply, you might as well let Lady Luck write your business plan.
To regain control of your C-level recruitment process, consider market mapping. It’s a tool often used by executive search firms that provides a clear and organized view of the talent landscape before you begin the hiring process. And when done well, it completely changes how you think about the future of your leadership.
Let’s break down what market mapping is, why it matters, and how you can use it to make better hiring decisions.
What Is Market Mapping?
Think of market mapping like a satellite image for talent. You get the complete picture of who’s out there, where they’re currently working, what skills they bring to the table, and what might attract them to your organization.
This process is much broader than traditional hiring. You identify key players across industries and regions, even those who aren’t currently on the market. The goal is to capture the full spectrum of top talent and know your options before you need them. So when you need to fill a leadership vacancy, you’re navigating potential hires with all the information.
Why Does Market Mapping Matter for Executive Search?
Every decision impacts your business when you’re hiring for an executive role. A bad hire at the C-level can cost millions of dollars, disrupt the company’s culture, and hinder its growth. Market mapping provides critical information and reduces the risk of hiring the wrong leader.
When you’ve scoped out the market before hiring, you know who the real players are and where they’re working now. So you don’t have to choose your next leader from a small pool of active applicants or loud LinkedIn profiles. You have a map of the entire executive ocean and a good idea of who would benefit your company. It makes your search process more focused and efficient.
Additionally, marketing mapping provides critical insights into the motivations and interests of top candidates. You can focus on executives who align with your company’s values, leadership style, and long-term vision. That saves you time and money vetting candidates or chasing big names that aren’t a good fit for you. You find a leader to grow with your company.
How Does Market Mapping Work?
If you’re new to market mapping, here’s a simplified look at the steps in the process:
- Define the role clearly. Go deeper than a job title. Describe what skills you really need and what outcomes you expect from the new leader.
- Build your criteria. Detail relevant industries, essential experiences, and key leadership traits to consider as you begin your search.
- Start the research. Identify potential candidates through a combination of data tools, industry reports, and networking.
- Analyze the trends. Look for patterns about where great talent comes from and what traits successful executives share.
- Plan your approach. Decide who you want to contact now and who to keep tabs on for later. Personalize your outreach to suit the candidate’s situation.
This process requires time and resources to get started, as well as an ongoing commitment to maintain accurate information. Your HR or in-house recruitment team can map the market, but many organizations choose to partner with executive search firms that specialize in this work.
Retained executive recruiters give you quick access to their years of market mapping, which is helpful if you need to hire now. These experts also build and maintain key relationships. They have the trust of leaders and the depth of knowledge to support you in specialized, high-stakes, or sensitive outreach.
What are Market Mapping’s Long-Term Impacts?
Now is the right time to start market mapping, whether you’re hiring today or preparing for the future. A strong understanding of the talent landscape gives you long-term advantages in today’s competitive hiring environment.
Clarifying Your Real Needs
One of the biggest hiring mistakes companies make is starting a search without outlining what they actually need. But market mapping forces clarity from the first step. And you refine your priorities and hiring strategies as you identify patterns for successful executives.
For example, you might initially think that you need a Chief Marketing Officer (CMO) with deep industry experience for your commercial construction company. You open your mind to new possibilities when the executive search firm specializing in construction shows you common backgrounds for top talent in the field. You realize that someone with real estate experience can write the persuasive proposals and present compelling cases you need to grow.
That kind of insight comes from research. Market mapping lets you shift from job descriptions and assumptions to evidence and clarity.
Informing Hiring Strategies
Market mapping is more like a satellite image than a static map, as it’s an evolving snapshot of your leadership DNA within your industry. You gain insights that extend beyond a single role or a single round of executive recruitment so that you can develop long-term hiring strategies.
Let’s say you focus your market map on the common leadership traits among C-level leaders in your industry. You discover that the most innovative executives started as managers in companies known for their collaborative work environments. If you want to develop that same creativity in your internal talent, you need to change your company’s culture and leadership practices. It’s a long-term strategy that can position your company as a top competitor for years to come.
When done right, market mapping is about building a stronger organization and increasing your future potential based on critical information.
Sustaining a Rich Workplace
Diversity in executive hiring requires intention, but traditional recruitment is often a reactive process. You’re at the mercy of active applicants, after all, so you may struggle to build the rich workplace you want.
One of the most potent uses of market mapping is identifying diverse talent pools. You look at leaders from adjacent industries, explore emerging markets, consider non-traditional career paths, and expand your view beyond the usual suspects.
When you map the market with inclusion in mind, you make better hiring decisions.
Refining Your Reputation
Your company’s reputation matters in an executive search. If top talent doesn’t know anything about your vision or if they’ve heard negative rumors about your workplace, they won’t respond to your outreach.
Market mapping helps you earn trust and send a clear signal about the kind of company you’re building. A national bank might say it supports women in finance, but executives in the field see your commitment to your values when you actively network and engage with talented women. And when you reach out to a talented CFO with a long-term vision that matches her interests and passions, you demonstrate that your focus is on finding the right fit.
When your long-term hiring options depend on your reputation, use market mapping to consistently establish your company as thoughtful, strategic, and trustworthy.
Your Map to the Future
Executive hiring has become more strategic, data-driven, and proactive than ever before. Market mapping provides the information and insight you need to elevate your process from vetting one applicant or filling one role to building a talented leadership team and strategic future for your business.
