Uncovering Your Best Industry Options Pt. 3

If you have no knowledge of an industry but have an interest in exploring situations, extra steps are recommended. As mentioned, the easiest way to acquire knowledge of a new industry, and gain credibility for it, is to read trade publications. They will bring you up to date on personnel changes, new products, information on companies, and challenges as seen by industry leaders.

Another way to acquire knowledge is to talk with executives already in the field. In some cases you can go further by getting more formal input, attending trade shows and the like. The most radical approach is to take a lower level job in an industry in order to acquire knowledge.

During the last decade we’ve witnessed declines in many industries. However, don’t overlook opportunities in troubled industries. Executives who have worked for firms under pressure often find they can be valuable to distributors or consulting firms. Those who learned tough lessons in competitive battles can function as veterans in any industry.

As you begin to consider industry options, you’ll also need to decide whether you should take a narrow view. This is essential if there are a lot of growth companies in the industries to which you relate best.

However, if you are part of an industry that is suffering a decline, then you will want to adopt a broad view of your options. The more you understand the dynamics of a market, the more you can spot potential opportunities.

Historically, executives tend to overrate the barriers and to underrate their own abilities to make contributions in new areas. It is, of course, up to you to take the initiative to learn something about new companies, new industries, and the problems and opportunities they face.

As you review potential industries of interest, remember that while glamorous high tech and service businesses receive 90% of the publicity today, many executives will find far more opportunities in industries that are considered low tech or non-glamorous by today’s standards.

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Uncovering Your Best Industry Options Pt. 2

Despite our recent economic slowdown, new companies have sprung up throughout America. Established organizations are reexamining the way they do business. Medium-sized companies are expanding. New industries exist that are employing tens of thousands.

The more you appear to know about an industry, the easier it is to generate interviews. Virtually all employers look for “common ground” when hiring a new person. For example, do you have experience in or knowledge of similar product lines, distribution channels, manufacturing methods or problems in their industry? There can be other similarities. Consider the scope of operations, the role of advertising and promotion, the importance of the sales organization, the influence of labor, and other items.

Naturally, the harder it is to demonstrate knowledge of an industry, the less likely an executive is to make a move into it. That rule applies to all major disciplines: sales, marketing, finance, manufacturing and operations. It is less important in staff disciplines. Here are some examples of commonplace changes:

■ A marketing executive with a tobacco company joined a cosmetics firm. Why? Their methods of marketing are similar.

■ The EVP of a circuit board company was recruited to become president of a firm that makes power packs. Why? These industries have similarities in manufacturing and sales, even though the products are so different.

■ An executive of an aerospace company was recruited to become chairman of a small company that sells high tech services to defense contractors. Why? The key was the new chairman’s contacts and knowledge of the marketplace.

■ The controller of a component manufacturer was brought in as president of a company that produces plastic packaging. Why? The similarities have to do with cost control as the #1 challenge.

For more information be sure to check out SET Personal Marketing's Twitter, follow SET Personal Marketing's Facebook, watch SET Personal Marketing's videos on YouTube or visit SET Personal Marketing's website.