HT Media backed MyParichay recently announced Social Retargeting, a recruitment campaign service which allows recruiters to reach out to potential candidates whose email addresses they may have, either if they’ve applied before directly, or via job boards like Naukri.com, Shine.com and LinkedIn.
We couldn’t figure out what Social Retargeting was about from MyParichay’s press release or its website, but company exec Nikhil Banka was kind enough to explain to us that it’s essentially an email marketing service with the MyParichay platform at the back end: “There are resumes on the system that are not being used, and you might have earlier hired maybe 10 of 30 applicants. When you’re hiring again, we can retarget this list through MyParichay. The campaign can be about asking them to re-apply, refer friends for the job, or invite them on the Facebook page of the company to be a brand ambassador. It’s cost effective and if they aspire to join the company, they would like it that the company is still communicating with them.” MyParichay claims to have 30% conversion, and Banka adds for full effect that (market leader) Naukri only gets 2% conversion.
The release also says that Social Retargeting “combines candidate data from leading job boards like Naukri, Shine, Monster, Careerbuilder”. We had only heard of a deal with Shine.com earlier, so have other job boards opened up access to their database for MyParichay now? It appears not. Banka says that recruiters download candidate details from other job boards via excel sheets all the time. Naukri charges Re 1 per email, he says, while recruiters prefer to use other options like Zoho, SendGrid and various SMS services for reaching out to candidates. MyParichay’s Social Retargeting takes the same email address, and allows recruiters to link email marketing campaigns with social connect, which, along with analytics is the key differentiation, according to Banka. MyParichay claims to have 30 million candidate profiles at present.
The company plans to integrate the social retargeting service with Shine in four months. HT Media, which owns Shine, owns 40% stake in MyParichay, and this might mean that other job boards will avoid tying up with MyParichay.
1. It’s surprising to us that job boards like Naukri, Monster and Careerbuilder would allow recruiters to re-use a downloaded candidate database outside of their own websites. In this case, it could be used to populate MyParichay’s own candidate database. It might be impractical for job sites to do so (would they sue a client?), and we couldn’t locate any clause restricting usage of the database in Naukri’s 19,684 words long “terms and conditions”.
2. Why email marketing? Why not a service similar to Rapportive (which LinkedIn acquired), which tries to establish a connect on a social networking platform instead of spamming the email inbox (where it might also be missed in the promotions tab on Gmail)?
3. MyParichay was able to trademark “Social Retargeting”, even though this is more like email marketing. Advertising re-targeting refers to a situation wherein user who have visited a particular product or services page are automatically served advertisements of the same product or service across the web, in the hope that it might lead to an impulsive decision to purchase (since potential intent has already been identified).
– Naukri Rolls Out Semantic Search, Career Site Manager
– How Shine.com Is Trying To Disrupt The Job Classifieds Business With Facebook Integration
– HT Media Picks Up 40% In MyParichay; Offers Facebook Recruiting