Moving Into New Industries
Our Staff Will Help Uncover Your
Most Exciting Industry Options
To help our clients, we start by having tens of thousands of professionals complete our Industry Characteristic Profile each quarter. This enables people to tell us the specific characteristics of industries where they've worked.
Then, when a person becomes our client, we have special software which identifies the range of industries, including emerging, growth and traditional industries... that have similar characteristics to their own.
Today, people must be prepared to market themselves with sufficient skill so that they are attractive to employers in many industries.
The reality is that executives of all ages are making moves into emerging industries. Many find such choices allow them to have greater income and more challenge. Here, we'll share some basics we have learned from the many executives we have helped to change industries.
Our exhaustive analysis will surface your assets. Then we match them against a range of opportunity areas. Transition to a new industry is easier than it used to be. Historically, people have overrated the barriers and underrated their abilities to move into new areas.
If You're Like Most People, You Should
Look Into Growth Industries
As a rule, we identify a range of possibilities that people may not have uncovered--on their own. Of course, we also consider traditional areas and large firms. Ultimately, clients select their own goals.
We tend to favor growth industries. Why? Because a fast-growing firm generally means higher pay, faster promotions and more valuable stock options--giving people a chance of accumulating some wealth and job satisfaction.
This remains true even with the current accounting controversy over the expensing of options.
Growth companies are usually driven by shareholder value. Every employee receives more options each year. Of course, there are restrictions regarding tenure with the company. But if a person joins a growth company, they have the potential at any age for compensation in stock options that can go far beyond their salary.
Our Philosophy About Making It Easier
for You to Change Industries
We track growth industries and companies by constantly updating our knowledge through relationships and information sharing. Our research department also continually reviews hundreds of media, newsletters and online sources. Any mention of a growth industry goes into our growth file.
From there, we isolate characteristics of each industry and match them with characteristics of industries where our clients have previous experience. We refer to this as having an "industry hook."
Projecting some form of an industry hook is the next best thing to having industry experience. Our goal is to compile your best possibilities, and we often group them three ways: Close industry hooks... easy possibilities; medium industry hooks... next best; far reach or stretch industry hooks.
The more you appear to know about an industry, the easier it is to generate interviews. Conversely, the harder it is to demonstrate knowledge of an industry, the less likely you will move into it. If you are short on information about an industry, the easiest way to acquire knowledge is through trade publications. They make it easy to talk about new products, specific firms and the major industry challenges.
A client was a marketing executive with Philip Morris and she joined a cosmetics firm. Why? Their methods of marketing are similar.
Another client was the EVP of a computer firm, and was recruited to become president of a firm that makes power packs. Why? The industries have similarities in manufacturing.
A defense executive became CEO of a firm selling high-tech services to military contractors. Why? The key was the CEO's market knowledge.
Another way to get this knowledge is to talk with people in the industry. You can also use our information center to surface information on virtually any trade association and its key executives.
Turnaround Opportunities Can Work
Troubled industries can have a lot to offer. Executives who have worked for firms under pressure can be invaluable contributors. Tough lessons learned in competitive battles can put you in demand.
As you review industries, you might also remember that while glamorous high-tech and service businesses receive 90% of all publicity, many people will find far more opportunities in industries that are considered low-tech.
Obviously, you don't want to overlook your leverage power... the added benefits you may bring by virtue of your contacts or knowledge. You may be able to bring a team with you that helped you "turn around" a similar situation. Perhaps you control major accounts that would help business. Or, you may have cut millions from overhead and can do it again.
Emphasizing Your Versatility
Another consideration can be your versatility. The fact is, nearly every capable person can work in a different function that is broader, narrower, or in some way associated with a past position. Here are some examples to reinforce this point:
A GM from Mattel became the marketing VP for a consumer firm in the cosmetics industry.
An executive went from the Labor Department to president of a pharmaceutical firm.
A lawyer from a steel company became EVP of an engineering company.
Be sure to communicate the scope of your knowledge and potential. Sales executives, for instance, often know quite a bit about marketing, purchasing and distribution. Manufacturing professionals often know a great deal about administration, logistics, the control function and general management. A controller may have a grasp of every aspect of a business.
When discussing the requirements for a position, it will be important to distinguish between arbitrary requirements and those that really relate to results. These include degrees, titles and industry experience.
The Ability to Produce Results... Your Core Selling Proposition
The final hiring decision usually has little to do with specifications. If you can present yourself convincingly as being able to produce results, you will most likely get the job. We have thousands of examples. If you believe you can produce direct results, lay claim to it. Don't seek a lower level than you should, or rule yourself out because you have never done a job before.
You have achieved certain things in a specific way, using your unique combination of skills, knowledge and personal traits. If you know they can be applied to a prospective employer's challenges, make that clear... and use stories.
The ITS Industry Characteristic Profile
As mentioned, we have tens of thousands of professionals complete our Industry Characteristic Profile quarterly. This checklist form contains hundreds of "descriptors." It lets clients tell us about the industries where they've worked.
For example, an executive who had been with the fast food giant "McDonald's" would probably check that his industry was characterized by such things as heavy national advertising, strong brand development focus and that it was manpower intensive.
On the other hand, an executive who had been with Time Warner's cable television group would probably describe his industry as being capital intensive, subject to government regulation and other descriptors.
When you become our client, you will complete our Industry Characteristic Profile. Then, we will utilize our software to identify other industries that have similar characteristics to your own.
How Some ITS Clients View Industry Change
"I had been in manufacturing for 20 years here in Pittsburgh. The key to your helping me was your thorough way of analyzing my whole career history. Working with your staff, we came up with completely different presentations based upon my skills. The whole search took about 15 weeks but I am extremely excited about the firm I have joined."
"As I look back on my purchasing career, I agree with you that being in the right industry can have a major impact on your career and financial progress. I had worked for two tire companies, most recently Firestone, and only wish that I had made an earlier effort to break into a new area."
"I've been an educator for most of my life. Without some marketing experts to talk to, I think most executives would have a hard time pinpointing their industry options. Your staff enlightened me to a dramatic extent. I have now shifted from a career in nonprofit and education to the business world."
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