Michael Pietrack: Why Niching Down Can Pay Huge Dividends
The episode covers various topics related to medical affairs recruitment, marketing and recruiting strategies, building relationships, challenges in the recruiting industry, challenges for recruiters in the current market, and personal growth and future opportunities. It emphasizes the importance of specializing in a niche, providing value to clients and candidates, and developing strong relationships. The challenges faced by recruiters in the current market are discussed, along with strategies for overcoming them. Personal growth and leadership skills are highlighted as key factors for success in the recruiting industry.
Specializing in a niche
By specializing in a niche, recruiters can market and recruit for specific roles more efficiently.
Building connections and checking in with warm relationships is crucial for success in the recruiting industry.
Challenges in the current market
Recruiters are facing high supply and low demand, making it difficult to find clients who are willing to spend money on recruiting.
Importance of trustworthiness
Trustworthiness is important when hiring recruiters, as well as the ability to handle failure and provide excellent customer service.
Developing business skills
Recruiters should focus on developing their business skills and influencing others to grow their business in the long term.
Personal growth and future opportunities
Developing leadership skills, building networks, and having conversations with candidates and clients can lead to future opportunities in the recruiting industry.
- Marketing and Recruiting Strategies
- Building Relationships and Adding Value
- Challenges in the Recruiting Industry
- Challenges for Recruiters in the Current Market
- Personal Growth and Future Opportunities
00:05 - 07:29
- Michael P. Track is a medical affairs recruiter and the head of T-Mac Direct.
- T-Mac Direct is a division of the medical affairs company that specializes in direct hire staffing within the pharmaceutical industry.
- Medical affairs professionals are not salespeople but provide peer-to-peer interactions with physicians, relaying data and discussing off-label topics.
- The trillion-dollar pharmaceutical industry has been suffering due to COVID-19, leading to difficulties in getting search assignments.
- Specializing in a niche has helped Michael succeed in his recruitment practice by focusing on one area and doing it better and faster than anyone else.
- His strategy involves targeting three levels of candidates: vice presidents, third-line managers, and individual contributors.
- By specializing, Michael can market and recruit for specific roles more efficiently.
Marketing and Recruiting Strategies
07:01 - 14:49
- Using a double burger search allows for both marketing and recruiting in one call
- Flipping the script and asking candidates how they find their burgers builds credibility
- Recruiting efforts can lead to new clients who want help finding people
- Talking to second line managers can lead to referrals for potential hires
- Different career paths exist for individuals in the industry, such as staying as a burger or moving into management or strategic roles
- Creating a pointer domain can enhance credibility with candidates
- Treating job-seeking candidates well can pay off when they become hiring managers again
- Speaking to potential hiring managers when they're not actively hiring can showcase your process and understanding of their needs
- No drip campaigns or automated outreach is being used, focusing on warm calls instead
- The speaker is exploring uncharted territories to generate business from previously unresponsive contacts
Building Relationships and Adding Value
14:22 - 21:14
- Developing good habits during challenging times
- Business development takes time and relationships
- Avoid being too transactional in the current market
- Focus on building connections and checking in with warm relationships
- Giving away value to clients and candidates
- Providing content and salary data to add value
- Separating from the crowd by providing consultative advice
- Helping people reach their goals instead of selling
- Re-establishing foundational principles of being a go-giver
Challenges in the Recruiting Industry
20:50 - 28:18
- The podcast discusses the concept of being a go-giver and helping others in addition to receiving.
- The host mentions a sponsor, Great Recruiter, which is a platform for building an online reputation as a recruiter.
- The guest talks about his book called Legacy, which is a fable about making noble decisions and creating your own legacy.
- The book's characters represent the voices in the author's head that he constantly fights against.
- Recruiters have a bad reputation due to low barriers to entry attracting self-absorbed and transactional individuals.
- Recruiters are often compared to car salesmen, but there are good recruiters who prioritize their clients' needs.
- Recruiters' work involves hours of grinding, phone calls, and relationship-building that may not be visible to others.
- Operating in a niche allows recruiters to find candidates quickly, but this can sometimes make it seem like their work is easy when it's not.
- In the current market with high supply and low demand, many clients choose to do recruiting themselves instead of hiring recruiters.
Challenges for Recruiters in the Current Market
27:53 - 35:01
- Recruiters are facing a scenario with tons of supply and very little demand, making it difficult for them to find clients who are willing to spend money on recruiting.
- Many companies are running ads and receiving thousands of responses across various industries, leading them to believe they can handle recruitment themselves.
- The podcast host has been trying to sell retained assistance to help companies sift through the deluge of applicants, but hasn't had any success yet.
- The current environment is not sustainable and recruiters hope it will change soon.
- When hiring recruiters, trustworthiness is important, as well as the ability to handle failure and provide excellent customer service.
- Recruiters with an entrepreneurial spirit and curiosity are preferred, as asking questions is crucial for building relationships.
- Turning an interview into a conversation by asking intelligent questions early on helps build rapport and leads to a more successful discussion.
- The book 'Never Split the Difference' by Chris Voss is recommended for negotiation techniques that can be applied in recruitment situations.
- Recruiters should focus on developing their business skills and influencing others in order to grow their business in the long term. Reading material that promotes personal growth is also suggested.
Personal Growth and Future Opportunities
34:34 - 36:49
- Reading for entertainment is fine, but it's important to do something that makes you grow.
- Developing leadership skills and mental toughness are valuable areas of growth.
- Recruiters need to have an unrelenting focus, resilience, and tenacity.
- Building networks and influence is crucial in the recruiting industry.
- Planting seeds by having conversations with candidates and clients can lead to future opportunities.
- Doing enough of the right activities is necessary for a brighter future in recruiting.