Archive for the ‘Target Companies’ Category

Last week I discussed the best way to get around the salary question for online applications is to stop relying on online applications and pursue the hidden job market. This makes sense not only to get around the salary question, and the general road block of HR, but also because 80% of the truly open jobs are in the hidden job market. Before we go any further, what is the hidden job market? It is not that the jobs are buried somewhere hidden. It is any opportunity that is not currently posted on the job boards. This can consist of jobs that are in the still in the internal candidate search process, jobs that are in the process of being defined, or opportunities to solve problems that have yet to be identified in a job description. Your success in this depends on a purposeful strategy with a clearly defined goal of where you want to go. In the words of Yogi Berra:

“You’ve got to be very careful if you don’t know where you are going, because you might not get there.”

Start off creating a list of Target Companies based, not on jobs posted, but on your passions and interests. While not all companies have job openings, all companies have problems. In order to differentiate yourself from the masses of job seekers, you need to position yourself as a solution, not a job seeker. In order to position yourself as a solution you need to know the problems and headaches of your target companies. In order to understand the problems, you need to research your target companies. Finally in order to research your target companies, you need to have target companies.

Once you have your list of target companies, begin your research, identifying their strengths, weaknesses, opportunities and threats. You can find a few resources here.

From here you are in a position to produce industry wide special reports which are great keys to get you in the door for information meetings. Use these as a launch-pad for a social media campaign to establish your reputation as a thought leader and subject matter expert in your particular niche. Simultaneously, you need to network network network. This doesn’t mean just attend a ton of networking event collecting business cards to put on your desk. Strategically and purposefully engage in professional organizations taking positions on committees and boards, so that you can work on a professional level with influential people in your target industry. For your success in the hidden job market, it is not necessarily what you know, or even what you know, but who knows you, and what their perception is of you that will maximize your career opportunities.

How are you strategically researching your target companies and spreading your reputation as a subject matter expert or thought leader in your particular niche?

 

In my last blog on answering the salary question in the interview, so many people wanted to know how to get around the salary question when filling out an online application. The unfortunate reality is that if you are going fill out online applications, you will need to answer the salary question. The best way to do this successfully is to make sure you research the appropriate salary range for the industry, function and geography. Three resources for researching this are:

However, by doing this, you are still playing by HR’s rules, opening yourself up to disqualification before you ever get in the door, and if you get in, severely limiting any negotiating position you may have. So what are you supposed to do?

Don’t rely on online applications. Stop focusing your job search on the job boards. Focus on the hidden job market! Stop being a Job Seeker, and start being a Solution to the problems of your target companies. Most people who are looking for work, market themselves as job seekers, follow the job boards, and send their applications and resumes into the great black hole. Why? Because those are the “opportunities” that they see. But 80% of actual jobs are in the hidden job market. Going through the hidden job market, you may still need to fill out an online application, but by then, the application is no longer a screening tool, but a formality because they are already interested in you. So how do you access the hidden job market? Next week I will discuss strategies for hunting in the hidden job market.

 

Most job seekers take a reactive rather than a proactive approach to their job search. Their focus is on submitting resumes online to jobs that they see posted. This may be the easiest approach, but it is far from effective or efficient. One of the most essential components of a strategic job search plan is to have a target company list. Why is this so important? If you are not aiming to go somewhere, you will not go anywhere. The best way to differentiate yourself from the masses of job seekers, is to position yourself as the solution to the problems of your target companies. You cannot position yourself as a solution, if you do not know their problems, and you cannot know their problems if you do not do adequate research.

A couple of weeks ago, when I was at the Laguna Niguel Connectors networking meeting, someone said to me that he understood the need to research target companies, but didn’t know where to get information. The best sources for company research are informational meetings and industry conferences or associations. In addition, here is a quick list of great online resources that you can tap into for the information you need.

1)      Call Companies for Information

The power of a simple phone call cannot be over estimated. In today’s era of social media, use of the phone is becoming a lost art. You can use this to find out

2)      Informational Meetings – Talk, either by phone or in person with current or former employees, suppliers, vendors, distributors, competitors and industry experts.

3)      Company Collateral

a)      Company Web sites

b)      Company Brochures

c)       Annual Reports

d)      Newsletters

e)      Archived Webcasts and Earnings Calls

4)      Industry Associations and News

5)      Magazines & Newspapers

6)      Professional Organizations

7)      Additional Internet Resources

a)      Reference USA – free access through many libraries. If you have a library card, go to the library website, check online data bases, and click Reference USA. You will be prompted to enter your library card number.

b)      Mergent Online Company Data Base – same as Reference USA, is accessible through many public libraries

c)       Linkedin

d)      Other Social Media

e)      Google Finance

f)       Google Discussion Group

g)      Blogs

h)      Analyst Reports

What other resources do you recommend for target company research?