Newspaper ad revenue might not be quite up to speed for overtaking print, but it…
My cousin wanted to advertise a new snack that his startup company had just developed. He figured out the best target audience for his a product. He then found several websites that seemed to have similar audiences. He called these sites and negotiated campaign rates. Finally, he sent the selected websites one ad that he believed would generate the best results for the campaign.
I don't really have a cousin with a snack company. But if I had one, this is probably not how he would manage his online campaigns. This is not how online advertising campaigns are run today.
But wait, if you replace the word ''snack'' with the word ''job ad'' you will agree that this is exactly the reality of the job advertising market. If it does not make sense to advertise this way for non-recruitment advertising, why would it make sense to do it for job advertising?
Regular online advertisers do not select web sites to post their ads on. They post ads automatically through ad networks such as Google and Yahoo.
They do not use a single ad copy, but rather try many permutations to test best conversion. The campaign budget is not spent on a specific ad but rather as a budget across many ads according to performance prediction algorithms and actual real-time ad performance. Online marketers use a variety of tools that enable them to measure, analyze, manage and optimize their campaigns. They use methods such as programmatic advertising, real-time bidding, and more. They use search, display ads, video, contextual campaigns, social, targeting and re-targeting. Their advertising systems make decisions dynamically (in as much real-time as they can) on how and where to best spend the budget.
None of these tools are available to recruitment advertisers.
This is why recruitment advertising is extremely inefficient today. Everybody knows this, but effecting a change is painstaking. There are too many stakeholders in the recruitment advertising market that stand to benefit from the current situation.
In addition, moving recruitment advertising towards automated programmatic advertising requires two critical components that are not so widely available in our market: a lot of data and a lot of resources for developing the analytics and the tools needed to bring recruitment advertising into the 21st century's advertising market.
This post originally appeared here[Jobboarders.com].