This article, by Parmelee Eastman, Job-Hunt's Research Pro,
is from the Dec 8, 2004 issue of Job-Hunt's free twice-a-month
e-mailed newsletter, the Online
Job Search Guide. For more articles in this series, go to
the Company
Research Pro page on www.job-hunt.org.
Information originating from the company on its web site, in
its annual report, and in its advertisements provides an excellent
view of the history and the positive aspects of the company.
Now you have to figure out how the company fits into its industry
and the characteristics of its industry. After all, who would
have wanted to join the best-run buggy whip company in the dawning
era of the automobile?
The Boy Scouts Are Right - "Be Prepared!"
The more you know about the company (the products, services,
and organization), its industry, and its competitors, the more
you will stand out from crowd of other job seekers who aren't
as well informed. Use this information to customize your resume
and your cover letter and to make a good impression during the
interview process.
Who are these sources?
Sources that have knowledge of industry-wide issues or who
are not tied to a specific player are commonly referred to as
third
party sources. These sources include industry trade associations,
specialized consulting firms, industry publications, government
agencies, information providers, and security analysts. They
cover multiple, if not all, players in an industry. They provide
basic facts such as industry size, growth rate, names of participating
firms, and industry studies.
You will find these sources through their web sites, on lists
from Job-Hunt.org, at libraries, or at job-hunting resource centers.
Trade associations, information providers, industry publications,
and consulting firms almost always have web sites with public
and members-only sections. The public sections often have information
supporting the organization’s public relations or marketing
goals.
Industry Associations
To find industry associations, use a search engine or go to
a public, business, research, college, or university library
to
see if you can find Gale Research’s publication, Encyclopedia
of Associations. [Note: Online, see the University of Michigan's
Internet Public Library's list of associations, by industry,
and also Job-Hunt's
lists of associations, by industry.]
Using a search engine, for example, I entered “candy,” “industry,” and “association” (without
the quotes) into Google and found www.pmca.com, an international
association of confectioner manufacturers. This site lists links
to seven related industry web sites and four industry publications.
If you see a reference to a study limited to members only, call
the writer or the PR person (found on the "Contact Us," or
similar, page). They might be willing to give you some details
over the phone.
Specialized Consulting Firms
Back to Google. Find industry consulting firms by using industry
specific multiple search terms. Entering “biotech,” “consulting,” and “firms” (again,
without the quotes) produced pages of results. Two, selected
randomly, offered free information on their web sites. Cutting
Edge Information allowed access to “Pharmaceutical Competitive
Intelligence” if you registered. Campbell Alliance had
links to articles from industry publications. Consulting firms
are unlikely to return your calls so stick to published material.
Industry Publications
Industry publications are valuable sources of information.
The majority have web sites which contain some free information
and
allow searches of all content. An article reprint is relatively
inexpensive if it covers a topic of great interest to you. But
it’s free if you can find the publication at a local library
that has a subscription or, sometimes, on the publication's Website.
While your town’s public library may have a donated subscription
on an industry of local interest, you are more likely to find
the publication at a specialized public or business school library.
Any body can walk in off the street to view publications in Boston’s
business library branch Kirsten. Or check to see if you can access
publications at a local college or university.
Online, search for relevant publications on Google, or visit
one of the directories of news publications like the NewsDirectory
Website where you can browse magazines by subject (also newspapers
by state, and more).
Benefit from Your Tax Dollars
Government information is free or inexpensive. After all, you’ve
already paid for it with your tax dollars. It tends to be an
aggregate and not company specific, and it is often available
with a considerable lag time so it may not be very relevant in
today’s fast changing world. So if you are interested in
a job in construction, you would find the report “Current
Housing Report: American Housing Survey for the United States:
2003” published in August 2004 through the Department of
Commerce portal.
On the other hand, if you are interested in biotech, the National
Institutes of Health videocasts meetings and conferences live
as well as archives them for future reference.
Information Providers
Information providers sell news feeds and research to clients
on a subscription or single report basis. Some offer information
free for marketing purposes. For example, if you register at
www.reuters.com, you can access basic information about 10,000
companies and some research reports free. Free basic company
info is also available at www.hoovers.com with the top three
competitors listed.
Security Analysts
Security analysts often do industry studies as well as individual
company reports. If you can not obtain them through a relationship
with a brokerage house, check to see if you can access these
reports through your local library. For example, the Massachusetts
Minuteman Library Network had an arrangement to access reports
over 60 days old free.
You may find that some of these sources are better than others
for your industry or your job function. Or you are staying
in the same field and already have a solid background. Either
way,
you need to understand your target company in the context of
its industry dynamics to know its long term potential.
Job-Hunt's Research Pro: Parmelee Eastman
is president of EastSight
Consulting which helps provide more effective utilization
of external information in internal decision-making processes.
EastSight Consulting clients range from start-ups to Fortune
500 companies. Prior to founding EastSight, Parmelee was the
vice president of the global technology and communications practice
at Fuld & Company and employed for 16 years at Digital Equipment
Corporation. Parmelee holds a B.A. from Wellesley College and
an M.B.A. from the Harvard Business School. She can be reached
at peastman@eastsightconsulting.com.
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