Hidden Market Strategies

 

5 key people to approach:

 

PERSON # 1: THE CEO, NUMBER 1, PRESIDENT, B.U. MANAGER, SUBSIDIARY’S MANAGER

As the proverb says: “Approach God, rather than His Saints”. If you approach the top of the hierarchy you can only go downwards.

 

Advantages/Pluses/Positive points

  • Enjoys and possesses a very diverse and/or strong network
  • Has the ability to influence
  • Is “the” ultimate decision maker
  • Sees things with an eye to the global vision

 

Drawbacks/Minuses/Negative points

  • Has a strong network, and is more likely to go with people she/he already knows
  • If something goes wrong, your opportunity with the company is over
  • Is rather inaccessible (has time constraints)
  • Is very busy and may not remember you
  • Suffers from too much disconnection to lower ranks

 

Recommendations for action

  • Be yourself!! Don’t pretend to be what you are not!
  • Bring industry insights
  • Differentiate yourself in order to appear in a personal way (Articles, Twitter…)

 

PERSON # 2: YOUR FUTURE LINE MANAGER (BOSS)

Probably one of the best among the 5 persons. However, remember that you may be the living proof of his/her inefficiency (the reason why he/she needs your talents)…

 

Advantages/Pluses/Positive points

  • Understands the job criteria and can check compatibility match
  • Is a key decision maker
  • Is likely that you will be working together if hired
  • Is more interested in your skills
  • Knows a lot about the job Hidden market

 

Drawbacks/Minuses/Negative points

  • Doesn’t always get the BIG picture
  • Eliminates the options to network with alternative power centers
  • May face a conflict of interest
  • May not want to hire a capable person (if perceived as threat!!)
  • Narrow scope, only expert in his/her division

 

Recommendations for action

  • Do research on specific challenges the line manager faces
  • Gather information on the company or department to align to the culture/style/dress code
  • Research the details of the job and how you match
  • Show link between your expertise/experience to the target role in the team
  • Understand how the position was created

 

PERSON # 3: THE MAJOR SHAREHOLDER

This applies, in most cases, if you approach small or medium size organizations. This major shareholder is not necessarily a person; it could very well be a financial institution.

 

Advantages/Pluses/Positive points

  • Facilitates future meetings
  • Has an industry level perspective vs. a company specific perspective
  • Has broader perspective on company (problems, insights)
  • Is eager to find solutions
  • Is more open to sharing as is not in a position to hire (doesn’t have to be the one to reject)
  • May influence management team or board

 

Drawbacks/Minuses/Negative points 

  • May lack specific focus (Busy)
  • Is difficult to approach – due to perceived alternative agenda (typically financial)
  • May have difficult relationships with management
  • May not have a good perception of current reality for the company
  • Possesses no direct hiring power

 

Recommendations for action

  • Discuss performance (past/present/future) relative to competitors/peers
  • Focus on financial metrics (ROI)
  • Identify your “added value” for the shareholder
  • Easily identifiable who the major shareholders are through public information (Bloomberg) – double check everything
  • Research key individuals both on business & personal levels
  • Suggest initiatives/future industry challenges

 

PERSON # 4: A PERSON WITH “VISION”

It is THE person who can the most appreciate your uniqueness. This applies especially if you are anticipating/making a radical career change. 

 

Advantages/Pluses/Positive points

  • Has unexpected outcomes, loves to brainstorm
  • Inspires and provides additional ideas
  • Is approachable
  • Is open to crazy ideas
  • Is willing to think outside the box
  • Owns diverse networks

 

Drawbacks/Minuses/Negative points

  • Focuses on the abstract, not useful if goal is specific
  • Has lack of knowledge about key skills required
  • Is unpredictable/lacks influence
  • May have a limited decision power
  • May refuse to see you on a whim
  • Might seem crazy/unprofessional

 

Recommendations for action

  • Be yourself
  • Build knowledge before meeting
  • Don’t worry about outcomes
  • Identify “added value” on your proposition
  • Meet outside of conventional venues
  • Research the person to understand her/his interests

 

PERSON # 5: YOUR AMBASSADOR (EXTERNAL OR INTERNAL)

This “ambassador” could be someone you know or an Alumnus. He/she could be:

  • Internal (working for the organization you’re approaching);
  • or external.

Advantages/Pluses/Positive points

  • Could help reach out to others in the company
  • Gives you “overall” view of the firm (external)
  • Has deep professional network
  • Has expertise
  • Is easily approachable
  • Knows a lot about the company

 

Drawbacks/Minuses/Negative points

  • May be lacking deep functional experience
  • May be too generic/not specific enough/vague
  • May not be aware of current situation (if away from the firm for a long time)
  • May not be of much help (if external)
  • May refer you to Human Resources
  • Views may be biased about the firm (if internal)

 

Recommendations for action

  • Check LinkedIn before taking any step
  • Gather information in your networks or through your contacts
  • Investigate to see if the person is the right contact (internal/external)
  • Understand role of “ambassador” within the company (internal)
  • Use “ambassador” to reach out right contacts

  

Source : adapted from Porot