Note: For the scope of this assignment:
1. While Instahyre has both B2C & B2B verticals, we will build an Acquisition strategy focusing only on the B2B vertical as that is the core offering
2. We will be limiting the user base to India only

Let's Understand 🧠

1. What is Instahyre?

Instahyre is a recruiting platform that leverages AI to source and match the best talent with top opportunities.

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Instahyre has so far served 10k+ companies as paid users and has a candidate database of more than 40 million candidates
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As of March 31, 2022, the company reported a revenue of $674k & profit of $265kSource:

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2. What does the product solve?

According to the founders of Instahyre, the company's mission is to "make hiring effortless."
They believe that the traditional hiring process is broken and that Instahyre's platform can revolutionize the way that companies hire.

Source

In addition to the above, Instahyre also solves the following problems for employers:

• Reduces the cost of hiring. Instahyre's subscription fees are lower than the cost of traditional recruiting methods, such as advertising on job boards or hiring a headhunter.
• Improves the quality of hires. Instahyre's algorithm matches candidates with jobs based on their skills and experience, which helps to ensure that employers are hiring the right people for the job.
• Increases the speed of hiring. Instahyre's platform can help employers fill open positions more quickly, which can be critical in competitive industries.

Overall, Instahyre is a valuable tool for both employers and candidates. It can help employers to hire top talent more quickly and efficiently, and it can help candidates to find their dream jobs.

3 . What is the core value proposition?

The core value proposition is - "Making life easy for talent acquisition teams using AI"

For employers:

• Instahyre saves recruiters time and money by automating the task of sourcing and screening candidates.
• Instahyre helps employers find top talent, including passive candidates who are not actively looking for jobs.
• Instahyre improves the quality of hires by matching candidates with jobs based on their skills and experience.

For candidates:

• Instahyre makes it easy to find and apply for jobs.
• Instahyre provides candidates with personalized recommendations and feedback.
• Instahyre connects candidates with recruiters directly.

In summary, Instahyre's core value proposition is to make hiring effortless for both employers and candidates. It does this by providing a comprehensive platform that automates the hiring process, connects employers with top talent, and provides candidates with the tools they need to succeed.

3 . What are some insights?

1. Instahyre has increased the speed of hiring and reduced the dependency on other hiring platforms.

Instahyre’s AI-powered Instamatch technology has helped the TA team at Salesforce spend more time on candidate engagement. 60% of all the entry and mid-level positions at Salesforce are closed through Instahyre. Furthermore, Salesforce has gotten 5-8 relevant candidates out of 10 every week for different roles due to Instahyre’s Instamatch technology.

2. Instahyre has reduced the cost of hiring by up to 55%
Dunzo saved 55% of hiring drive costs compared to the conventional job-search platforms. That is a massive saving! Instahyre helped Dunzo fill 51% of their job roles, including critical engineering hiring.

3. Instahyre has helped in improving the Response Rate From Passive Candidates.

Using Instahyre, Roposo could tap talent not available on databases like Naukri or various other platforms. The company successfully hired six premium software engineers in just five months, including elusive mobile developers from product-based companies. Moreover, Instahyre’s pricing structure compared to recruitment agencies offered a significant advantage.

4. Instahyre has helped hiring teams achieve candidate relevancy of up to 90%

With the help of Instayre’s hiring platform, Oracle could recruit for all the critical roles within deadlines. Recruiters were able to fine-tune their candidate search by applying precise filters, and they got only suitable matches for the profile.

5. Instahyre is a 'want' product as it improves the hiring process. It is also bought because of its functionality.

6. Instahyre replaces a bunch of hiring platforms as it has a pool of top talent and some of the top companies are using the platform to hire.

7. Instahyre is more popular among product-based companies, startups, and tech professionals and it has a Strong WOM.

3. The User

For B2B

ICP Prioritization Framework:

Prioritisation Reasoning:

Based on the above framework prioritizing considering high value, adoption, frequency, and role in the buying process narrowing it down to two ICPs:

• ICP-1: TA Manager at a Startup
• ICP-3: Owner of Recruiting Agency

4. The Market

TAM = Registered companies in India * (% of companies who use a hiring software) * (Average cost per license per company)
TAM = 1.51 Million * 46% * 2 LPA
TAM = $ 1.7 billion

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SAM = Target segments as per the ICPs * Average Cost of license
SAM =(1,12,718 Startups + 7K Recruiting firms + Fortune 100 companies + 47K Consulting Firms) * 2LPA
SAM = $ 417 Million
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SOM = Last Year's Market Share * This year's SAM
SOM = 0.0073 * 417 Million
SOM = $ 30.44 Million approx
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Instahyre's revenue was $2.77M as of Mar 31, 2022, and Last Year's SAM was $ 380 Million as the HR tech industry is growing at 9.2% per year.
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5. Channel Strategy

A quick search on SimilarWeb yields the following interesting results - Direct and Organic Search yield the maximum results for Instahyre, while paid search, referrals, and other social media account for a very small %age of the acquisitions. This indicates that the product has a strong brand awareness and a strong product.

As interviewed many users, the most common answer was that they tend to go to the website/platform directly as they would either be heard about them via WOM

The top traffic source to Instahyre is Direct traffic, driving 57.12% of desktop visits last month, and Organic Search is the 2nd with 24.45% of traffic. The most underutilized channel is Referrals and paid Search.

We also analyzed the social network distribution using SimilarWeb to understand where Instahyre receives its social media traffic. It gets most of its social media traffic from Linkedin, followed by YouTube and WhatsApp (Desktop). Engaging audiences through Twitter, Telegram, and other QnA Forums like Reddit, and Quora might reveal new opportunities.

Competitor 1 - Cutshort (close competitor)

The top traffic source to Cutshort is Direct traffic, driving 54.22% of desktop visits last month, and Organic Search is the 2nd with 18.76% of traffic and a similar amount of traffic through Social with 17.51% and 6.73% with Email.

Cutshort too doesn't have a diversified source of acquisition in terms of social media platforms.

Channel Selection Framework

1. Organic: Although Instahyre's organic search volume contributes to ~25% of incoming traffic, it still has the opportunity to bring in more users through experimentation with multiple social media platforms as the main competitor has a similar percentage of traffic coming in from Organic.
2. Referrals/Partnership Program
   Given that Instahyre has 57% of traffic coming through organic and 94% of users coming from Linkedin the product has a strong WOM which should be leveraged to bring in more users. This would be our second choice of interest.
   
   But!!
   
   B2B referral programs are more complicated when compared to B2C.
   Three factors that affect the complexity:
   1. Ticket size/AOV
   2. No. of users, the referee knows who can use the product
   3. Incentives are complicated
   

Therefore we will be considering the Partnership Program.

3 . Paid Ads/Sponsorships:
1. CPs and the respective Blockers/Influencers/Decision Makers spend time at HR Forums/Webinars/Seminars.
2. Sponsoring the above will provide high visibility to ICPs.
3. But because of the high cost, low flexibility, and the opportunity for in other two channels, this will be our third priority.

4. Products Integrations:
   1. Due to its high cost and low flexibility, we would be avoiding this for Instahyre at this stage.

Based on the above framework prioritizing considering lower cost, efforts, and speed/lead time and is scalable, narrowing it down to two channels:
1. Organic
2. Partnerships

1. Organic:
   a. Search Intent (Pull) → Via SEO
   

   	Search Query	Monthly Search Volume	Efforts to rank on 1st page	Time to get an outcome	Potential monthly trial signups
   Use Case	Hiring platform for Talent Acquisition team	390 - 680	Low	Quick	327 - 571
   	Hiring platform for Bulk Hiring	590 - 806	Low	Quick	590 - 806
   	Recruitment tool for B2B Startup	201-500	Low	Quick	188 - 470
   Brand	Instahyre	49.5K	Medium	Quick	1K - 10K
   	Instahyre customer reviews	320-390	Low	Quick	100-300
   	Is Instahyre worth the price?	N/A	N/A	N/A	N/A
   Competitor	Cutshort.io	19.2K	Medium	Quick	1K - 5K
   	naukri.com	1.8M	High	Slow	15K - 50K
   Use Case topic	How to hire top talent?	20	N/A	Slow	0 - 10
   	How to set up a hiring process for how to hire for a fast-growing company?	1K - 2K	Low	Quick	500-1K

Analysis and Recommendations

1. SERP Analysis is good as it falls under the 1-11 category.
2. The major chunk of organic traffic is received via Google.
3. As per the traffic analytics, the bounce rate is good.

The second source of traffic is organic search through Google:

Key Word Ranked by Intent :

It tells about % of each intent type of the keywords in the Google Top 100.

The intent here is either Navigational or Transactional.

Analysis and Recommendations

1. The organic intent for the use case is low.
   The ICPs/Influencers need to see content around the above use cases to enhance Instahyre’s visibility.
   As highlighted in the ICPs above, Case Studies, and testimonials will help validate the WOM and add to intent.
2. The Organic Intent for Topics is really low.
   ICPs face the issue of hiring top talent and setting up processes,
   - When faced with this, Influencers typically rely on WOM, and what are the statistics (impact) of the solution specific to their use case.
3. The Organic Intent for Instahyre is better than its competitors because of the strong WOM.

Takeaway: Instahyre needs to invest in Content Loops

b. Buying Intent (Push) → Via Content Loops

Based on the above analysis and recommendation, Instahyre should create content loops.

Samples of Blog/ Q&A on Google or Quora

Samples of Case Studies, White papers & Ebooks

Samples of Job Posts on Linkedin

Samples of Newsletters

Instahyre can further use these content loops to grow more on Linkedin, its primary social platform

Sample of Webinars:

Sample of Podcasts:

2. Partnership program.

1 → Define the brag-worthy thing for your product.

• Reduces the cost of hiring. Instahyre's subscription fees are lower than the cost of traditional recruiting methods, such as advertising on job boards or hiring a headhunter.
• Improves the quality of hires. Instahyre's algorithm matches candidates with jobs based on their skills and experience, which helps to ensure that employers are hiring the right people for the job.
• Increases the speed of hiring. Instahyre's platform can help employers fill open positions more quickly, which can be critical in competitive industries.
• Leverages AI to source talent. Instead of having to waste hours applying filters to search for the right candidates and then checking if they are interested, Instahyre provides the recruiter with a curated list of candidates ready for hire from our premium database.

2 → Who will be the Partners?

A. Recruiting Agencies -

1. Enhanced Candidate Quality: Instahyre's AI-based hiring software improves the quality of candidate matches, enabling recruitment agencies to offer more qualified candidates to their clients.
2. Efficiency and Speed: Instahyre streamlines the hiring process, saving time and effort for recruitment agencies by quickly identifying top talent suited to their client's needs.
3. Access to Exclusive Talent Pool: Instahyre provides access to a diverse pool of skilled candidates, allowing recruitment agencies to tap into a broader range of potential hires.
4. Improved Placements: By leveraging Instahyre's technology, recruitment agencies can make better placements, resulting in higher client satisfaction and retention.

B. Educational Institutes -

1. Enhanced Placements: Instahyre offers improved job placement opportunities for students.
2. Access to Employers: Access to a network of quality employers seeking fresh talent.
3. Improved Employability: Exposes students to diverse job opportunities and aligns them with relevant roles based on their skills.
4. Industry Relationships: Strengthens the institute's ties with industry leaders and modernizes career services.
5. Market Differentiation: Offers modern, tech-based career services, setting the institute apart and attracting students.
6. Curriculum Enhancement: Insights from Instahyre help align curriculum with industry needs, improving student readiness for the job market.

C. Technology Platforms: Like Product Hunt can be a potential partner.

D. Startup Incubators/Accelerators: Collaborating with these entities can help reach startups in need of talent and streamline their hiring process.

Other partners can be Diversity and Inclusion Organizations, Startup Incubators/Accelerators, Freelance Platforms etc.

3 → Define the platform currency for your product

As it is a Partnership Program, the partners will be incentivized with money & access
The partners will have Tiered Baed Commissions and Access to Beta Features if using the Platform.

The Beta features will also motivate the partners to use the platform.

• What will the Tiered Baed Commissions look like?

Tiered Partnership Levels:

1. Bronze Partner: Partner who is just starting out
   - Criteria: 1 successful referral.
   - Incentives: 5% commission on successful referrals, access to basic marketing materials, and quarterly performance review.
2. Silver Partner:
3. • Criteria: 3 successful referrals within a quarter.
   • Incentives: 10% commission on successful referrals, access to basic marketing materials, and quarterly performance review.
4. Gold Partner:
5. • Criteria: 10 successful referrals within a quarter.
   • Incentives: 15% commission on successful referrals, additional training sessions, personalized marketing support, and biannual performance reviews.
6. Platinum Partner:
7. • Criteria: 20 successful referrals within a quarter.
   • Incentives: 25% commission on successful referrals, exclusive partnership events, advanced training, beta testing opportunities, and semi-annual performance reviews.
     

Additional Features:

• Flexible Advancement: Partners exceeding the quarterly referral goals by 25% can move up a tier immediately.
• Exclusive Bonuses: Partners achieving Platinum level for two consecutive quarters receive a one-time bonus of 5% on top of their commission.
  

Evaluation and Communication:

• Quarterly performance evaluations will track referral numbers and progress.
• Regular communication updates and progress reports are sent to partners, indicating progress toward tier goals.
  

Tailored Support:

• Partner-exclusive webinars and training sessions tailored to the tier level.
• Tier-specific marketing materials and support to assist partners in their promotional efforts.
  

This incentive system fosters a competitive yet motivating environment, encouraging partners to refer more clients and continuously improve their performance to advance to higher tiers, thereby maximizing their rewards and benefits.

Also, Instahyre can refer the partners with their clients, giving them more visibility and business.

4 → How will the user discover the referral program?

Partner Portal or Webpage: Create a dedicated section on Instahyre’s website that details the partnership program's benefits, requirements, and how to join.

Webinars and Workshops: As we are creating content loops webinars or workshops can be a good platform to inform people about our Partner Program. Again, bringing them to the Instahyre Webpage.

Partnership Invitations: From the User Interviews conducted, Instahyre started off, by sending personalized invitations to founders of early-stage startups to join their platform. Similarly sending partnership invitations to organizations or individuals who align with the desired partnership criteria.

Sample of how the Partnership Program will be displayed on the Platform

The Blue button on the top right can be used for the login process as a Partner

Once, logged in, Partner can see the DashBoard below

What will the Partnership Invitations look like?

Partners will be able to track the referrals via the Instahyre Partner Dashboard from their Profiles.

The Sample Partner Portal where partners will receive updates throughout the entire funnel.

The partner can also keep tracking the lifetime earnings through the portal

earnings.

Sample of Invites sent by the Partner

THANK YOU!!