By Jacob Schlessel
In the modern labor market, job candidates rely on digital platforms to search for and apply to open positions more than they ever have before. With this digital shift has emerged the demand for services that allow businesses to streamline their hiring practices, and companies like Lightcast fill this niche by offering strategic workforce planning based on data-driven insights.
What does Lightcast do?
Lightcast has a variety of products available for applications in business, education, government, technology, and research, many of which utilize data analysis and artificial intelligence (AI) integration. For businesses, Lightcast aims to improve hiring efficiency by considering candidates’ skills instead of simply years of experience. Using proprietary labor market data, the platform enables employers to analyze broader trends across industries and regions to see what skills are in-demand. With these analyses complete, companies can evaluate gaps in their current workforce and fill them by optimizing job postings to attract the best talent available.
The Lightcast Taxonomies ensure consistency in analyses by recognizing that different companies may refer to similar positions as different titles. Under this system, employers can compare their own workforce needs to those of local or industry competitors, which allows for salary optimization and a refined search for individuals with specific skills. Furthermore, companies interested in fulfilling less quantitatively verifiable criteria, like diversity for example, can use Lightcast products to set and meet goals in these fields as well.
Another application
Businesses may also be interested in Lightcast’s Gazelle AI, a tool that provides subscribers with exclusive insights into how quickly specific companies and industries are growing. Users can filter data by geographical location with heat maps to visualize areas of rapid economic expansion, with numerical data like revenue and number of employees also accessible to explore even further. Another tool called the Talent Migration Dashboard provides data about migration, retention, and attrition trends in different regions, further enabling businesses to target strong candidates in emerging markets.
The takeaway
In the highly competitive job market that exists today, it is more important than ever that employers stay organized and have a reliable method of evaluating applications. With Lightcast’s data-driven tools, businesses can maximize their odds of hiring the best candidates available while remaining cost-effective.
By Jacob Schlessel
Businesses are fighting tooth-and-nail for a new type of real estate in hopes of increasing revenue, but it may not be the type of real estate that you think. The new real estate frontier is not related to physical buildings or even vacant land, it’s the space on consumers’ screens.
Marketing platforms
Through platforms like Google Ads, Meta Ads, MailChimp, and many more, companies today are advertising to consumers at an unprecedented scale. Every search made, every post “liked”, every video watched, and almost every other action taken when using the Internet is tracked and stored as a data point by the corporations that own search engines (Google, Microsoft, etc.) and social media platforms (Meta, TikTok, etc.). This data is aggregated across all platforms enabling targeted advertising, which is the practice that advertisers use to reach consumers of a specific demographic and who are more likely to purchase their products.
Out with the old, in with the new
Local businesses should invest in targeted social media ads. Traditional forms of advertisement like television commercials and newspaper displays are not as worthwhile as investments as they used to be because fewer people watch cable television and read the paper. Social media is as popular as it has ever been and allows for seamless integration of ads into a user’s home page. Furthermore, by strategically choosing which demographic sees a particular ad, a business can maximize the return on their money they spent creating the ad and purchasing the ad space.
Search engine optimization
Another key to reaching consumers online is search engine optimization . When a consumer searches for a product, they often only look at the first few results that come up and do not bother scrolling through hundreds of results. Using tools like Moz Pro, Yoast SEO, and Ahrefs, small businesses can optimize their websites to appear closer to the top of local search results. These platforms enable search engine optimization (SEO) by ensuring clients’ websites include key words and phrases included in user searches and can vastly increase website traffic and product exposure online.
The takeaway
Online marketing is not just the future, it is the present. For how much time modern consumers spend in front of screens, small businesses need to invest in digital advertising to get as many eyes on their products as they can.
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By Jacob Schlessel
Every year, the United States Census Bureau conducts surveys to collect valuable data about the United States population regarding a wide range of topics, including but not limited to age, income, spending, race, ethnicity, location, and occupation. The data collected from these surveys is made publicly available at census.gov/data and can be downloaded for free with support for many different file types. There is significant potential to use this data to drive business development efforts, both on a national scale and a regional scale.
Raw datasets
The Census Bureau’s website offers a plethora of tools to derive insights from their surveys, with the most basic being a variety of raw datasets. Some of the data concerns topics such as health, research, and taxation, however businesses should focus on the datasets that describe population and economic trends. Under the “Population” tab, for example, one can download datasets that offer insight into immigration numbers, a breakdown of regional populations by specific characteristics, and housing trends in different regions of the country. The site also offers projections and estimates for future surveys based on historical data. Population data is extremely important in businesses development efforts because of one simple fact: it describes where people want to live.
Say LEGO is looking for the ideal location to open a new brick-and-mortar store. With the census data available, LEGO corporate strategists can quickly see which regions have observed growing populations and which regions have had a net decrease in population size over the past few years. Furthermore, LEGO can also analyze the characteristics of the people immigrating to or emigrating from a given region to further optimize their site selection, in this case by researching regions where more people are having kids. Population data is incredibly useful in finding regions that will maximize product exposure to target markets.
Similarly, economic data holds value in guiding businesses on strategy. The Census Bureau collects data on businesses and industries all over the country, gathering information about employment trends, profit, expenditures, manufacturing, and more. Analyzing this data can provide a detailed understanding of which industries are growing, which have plateaued, and which are shrinking. Individuals interested in starting a business or existing business owners looking to expand or shift their current customer base can use this data to evaluate new markets they wish to explore, focusing on those with the fastest growth rates in recent years. Industry trends can be subdivided into smaller regions like the Northeast or even the state of Connecticut, giving smaller businesses the opportunity to focus on local trends. Larger businesses may be more interested in data collected about the health of the national economy, which can be analyzed using metrics like new home sales, the national unemployment rate, and inflation.
Data tools
The Census Bureau also offers a number of data tools that can be applied in more technical settings. The website offers users access to the Census Bureau API (Application Programming Interface) which enables software developers and data analysts to seamlessly integrate the Bureau’s data into applications and data visualization software. For those with less experience integrating APIs into their workflow, the website provides a free course on the basics of calling an API and applying it in programs like Excel and R. Additionally, one can find over 80 videos posted on “tips-and-tricks” to get the most out of using the Bureau’s datasets and some common applications that business developers may find useful. For quick insights, the Bureau has some pre-made interactive maps to visualize trends and patterns on a national scale, with plenty of customizations available and tutorials to help get started.
The takeaway
Given that all these tools are freely available, it is worthwhile for businesses and economic developers to visit the Census Bureau’s website and see if there is anything available that allows them to incorporate more data into their decision making.
By Jacob Schlessel
Nowadays, it seems as though everyone has their phone with them at all times, whether it be in their hand or in their pocket. Businesses have begun to cash in on this fact by collecting and analyzing what is known as mobile location data, which has become increasingly important in guiding business decisions and economic strategy.
What is mobile location data?
Mobile location data is information about the geographical location of a particular device, typically a cell phone. Using the GPS receivers built into many modern-day devices, it is possible to collect and store data about where the device has travelled to, how much time it spent at different locations, and the speed at which the device travelled. Dedicated data companies, like placer.ai for example, supply businesses with data about consumer travelling behavior in both local regions and on a national scale. These services are often offered as a subscription-based package with a monthly fee.
So how do data companies get a hold of users’ location data, and what systems are in place to protect users’ safety and privacy? Because mobile location data is highly sensitive, data companies have taken extra care to implement measures that prevent any given data point from being traced back to the person who it was collected from. Data companies do not actually collect their own data, and they must first partner with mobile applications to buy the data collected by their individual applications (think Snapchat, Instagram). These apps only collect data from users who opt-in to enabling location services within that specific app from their device settings, so no data is collected from users who deny apps access to their location. The owners of the application then aggregate the data they collect from all users who opted-in and anonymize it by removing personally identifying information like name, IP addresses, device make and model, and more. Data companies like placer.ai then purchase anonymized data and extrapolate to identify larger populations and overall patterns. This way, it is impossible to trace back the exact source of any data point, thus protecting the user’s identity.
How can businesses and economic developers use mobile location data?
Businesses are not interested in the travelling habits of any particular individual, rather they want to analyze the behavior of consumers in aggregate to identify trends and patterns. Foot traffic of an area is one key metric that businesses may use to compare prospective properties for investment. Imagine you are the owner of a shoe store and you are deciding between opening a new location in one of two empty storefronts in different malls. By analyzing mobile location data, you realize that one mall has had a twenty percent decline in foot traffic over the past five years, while the other has seen an increase in foot traffic of thirty percent over the same period. Based on insights provided by location data, you can choose to strategically open your new location in the mall with growing popularity to expand your customer base as much as possible.
Businesses can also identify trends in common routes travelled by consumers. Data is collected on the start and end points of consumer journeys, like from Costco to Walmart or from Mystic Aquarium to Applebee’s. This type of data can also be measured in more broad categories, like traffic going from superstores to gas stations. Businesses may analyze these patterns to make strategic decisions about where to invest in building new locations and may target properties along popular routes with little existing competition in their respective spaces. Consumer routes can also advise in advertising spending, as routes with more traffic from a specific demographic of customers may result in higher returns on investment.
The takeaway
Economic developers cannot afford to ignore the value that location data brings to businesses in all types of industries. By analyzing location data, one can understand consumer behavior in ways that would be otherwise impossible through older, more traditional methods such as surveys and polls. As a result, any investments in community businesses and infrastructure will likely bring greater returns for the region, since the insights provided by location data enable a more detailed understanding of the area’s economic needs. All business advising firms and economic development agencies should stress the importance of mobile location data to their clients and include analyses of this data in their research. By providing clients access to location data through providers like placer.ai, Echo Analytics, Veraset, or other reputable location data providers, economic developers can deliver greater value to local businesses through data-driven growth strategies.