Sometimes you will know that what you offer is exactly right for a particular company and, try as you might, you have been unable to effect a connection through your networks. In these cases the only thing left to you is approach the company directly, without an introduction, using what we call a speculative approach.
There are two parts to a speculative application. First of all you need to research the company well, to make sure that you really do fit the bill as far as they are concerned. Your research also needs to lead you to discover who you should be approaching in the company, and what their contact details are.
Secondly, you need to make the right approach to them, whether this is by letter, e-mail or phone. But do your research first!
In this chapter we will look at how to do good research. Then in the next chapter we will turn to how to make the right approach.
Researching companies before making a speculative approach
Good research increases your chances of getting the right job, rather than just any job. But good research takes time and is only of any use if you take action based on what you have learned from your research.
Good research will allow you to:
- Be pro-active in your job search. You will be able to spot and to create opportunities for yourself, rather than waiting for them to come to you.
- Find out about unfamiliar industries and sectors, that may be suitable for you to move into if the recession has closed off all opportunities in your current sector.
- Discover companies that match your ideal target, that have a culture that you want to work in, that are based in the location you want to be and that will enable you to do the things you want to do.
- Have the information you need to write a well targeted and relevant application to the company.
- Improve your networking skills because you will have more relevant information on the topic of conversation.
- Perform better at interviews, because not only will you will be able to demonstrate knowledge of the company; the fact that you have taken an interest by carrying out detailed research will count in your favour.
Most importantly, in the current economic climate, good research will help you identify which companies are likely to survive, and which are on the point of going under. Companies which are riding the recession successfully are likely to be interested in picking up the talent that is coming onto the market. Equally there is absolutely no point in your spending time writing to companies that are likely to go bust. The chances of them giving you a job are zilch.
Preparing for Research
Before you start, make a list of what you want to know. This might include:
- Information on sector trends and forecasts
- The names of companies in the sector
- Names and contact details of the key decision makers in a company
- Information on a company’s products and services
- Company financials
- Recent news stories about a company
Consider the places to access this information. Some of this information will be available on the internet, other information might only be available by networking with the right people. Alert Data is a particularly useful, subscription database to use during your research.
Public libraries are a good research resource, particularly business and reference libraries. They will have directories, journals and professional publications as well as newspapers and reference books. They may also have access to online resources that otherwise require a subscription.
As well as your local library, check out the local Business School or University library.
Questions To Ask During Research
Researching Industries
Who are the major players (key companies) in this industry?
What is the size and shape of this industry?
What are the current economic effects such as growth or decline of demand
What are the regulatory bodies in charge of this industry? Will government initiatives create or decrease job opportunities?
Are there reports on the industry put out by the responsible government department?
What is the global impact on this industry?
What are the critical success factors and the outside influences that can affect the industry?
Are there any recent articles in the press discussing the industry?
Is there an Industry Association or Professional Body that could give you information?
Researching Companies
What exactly does the company do? What is the full range of products or services?
How is it structured? Is it private or public? Is there an overseas parent? Are there subsidiaries? Who are the major shareholders?
What are the facts around the company? Size? Turnover? Number of employees? Financials? Profitability? Market share?
What does the history tell you re mergers and buyouts?
Who are the senior people and who is likely to make a decision re the job opportunities in your field?
What can you discover about the business plans and the Mission Statement and marketing approach of the company?
Who are the main competitors?
How does the culture of the company affect employment – values, approaches to career development, training and recruitment?
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