Successful Networking: Making the Most of the ...€¦ · Successful Networking: Making the Most of the Informational Meeting ... • Blue Steps (Executive Search Contacts) Potential

Successful Networking: Making the Most of the Informational Meeting

Wharton MBA Career Management Alumni Career Services

Michelle Antonio, Founder of Michelle Antonio Career Coaching, LLC Cara Costello, Senior Associate Director, Alumni Services

MICHELLE ANTONIO CAREER COACHING, LLC!

THE WHARTON MBA ALUMNI CAREER MANAGMENT 2

•  Spent 4 years as Wharton MBA Career Management Director after 3 years as MBA Career Advisor covering Consulting and Public Interest

•  Former MBA Recruiting Director for Deloitte Consulting and Consultant at Bain & Company

•  Chicago Booth MBA, 1997; Wharton BS, 1991 (Marketing concentration)

•  Current and past clients include: o  Wharton Executive MBA program o  Wharton MBA Career Management o  Harvard Business School o  Columbia Business School

AGENDA!

•  Why Conduct Informational Meetings? •  Benefits •  Keys Steps in the Process

•  The Tactics •  Approaching Contacts •  Preparing for Informational Meetings •  Conducting the Meeting •  Following Up

•  Wharton MBA Alumni Career Management Resources

•  Closing Thoughts


WHY CONDUCT INFORMATIONAL MEETINGS?

•  Fact: Approximately 70% of jobs are found from networking*

•  For you, the candidate, informational meetings are not formal job interviews, but they do enable you to: •  Gather “insider” perspective on industry trends, companies and positions •  Gauge your fit within a specific industry/role within a company •  Obtain referrals to relevant contacts •  Access potential job leads •  Demonstrate your skill set and interests •  Establish a relationship that may eventually lead to a job opportunity

•  What’s in it for the other party? •  Increase their professional network and access to potential opportunities •  Gauge your fit for future potential opportunities in the firm •  Sense of giving back, feeling helpful * U.S. Bureau of Labor Statistics

THE WHARTON MBA ALUMNI CAREER MANAGMENT

WHY DO INFORMATIONAL MEETINGS MATTER?


Job applicants are most likely to get an interview when they possess:

A Compelling Resume

•  Focuses on relevant skills for the desired job, not skills needed for past jobs

•  Proves candidate is achievement-

oriented

An Effective Cover Letter

•  Customized to reflect: - Knowledge of job

description - Enthusiasm for

position - Investment in research

and networking

An Internal Advocate

•  Gives positive endorsement and enhances

credibility

Informational meetings strengthen your ability to achieve all of the above goals

NETWORKING: A REINFORCING PROCESS


Research and preparation

Informational meeting

Referrals to other contacts

Access to job leads

and potential

advocates within

target firms

INFORMATIONAL MEETINGS: KEY STEPS


Approach Contacts (Slides 8-9)

Illustration 2

Illustration 3

Illustration 3

Prepare for Informational Meetings (Slide 10)

Conduct the Meeting (Slide 11)

Follow Up (Slide 12)

THE TACTICS: APPROACH CONTACTS

•  Step 1: Identify contacts and prioritize who to reach out to first •  Think about your network broadly

§  Consider your personal, as well as your professional network §  Often the client, customer or vendor of your target company can help you learn

about the firm and make referrals to individuals within the firm •  Consider the contact’s closeness to you and your target company, industry

and function •  Balance power/expertise of contact with risk level – start with less senior

contacts unless there is a warm introduction in place •  Step 2: Set your strategy and goals for the conversation

•  Set agenda based on primary (and most appropriate) objectives §  Gather industry/company knowledge §  Establish informational channel for future job opportunities §  Gain perspective on career path §  Discuss publicized job posting

•  Determine method of initial contact – email or phone §  Recommend email unless there has been a warm introduction


THE TACTICS: APPROACH CONTACTS

•  Step 3: Send a short and concise email/voicemail message •  Use a courteous and appreciative tone •  Introduce yourself and how you became aware of contact •  Be specific about what you want and what you are hoping to discuss •  Offer a few possible meeting time/date options •  Indicate when you will follow-up

•  Step 4: Be courteous but diligent •  Do not get discouraged if you do not get an immediate response

§  If you have not heard back, wait 5-10 business days and try again §  If you get the person’s voicemail, be specific regarding when you will call them

back §  If you speak with the person’s assistant, clearly explain your intention to them

•  It is acceptable to reach out 2-3 times before presuming that the contact is non-responsive


THE TACTICS: PREPARE FOR THE MEETING

•  Prepare with the same level of seriousness with which you would prepare for an actual interview

•  Conduct market and company research to understand publicly available information and generate ideas for potential questions

•  Research your contact (start with basic “Google” search) •  Craft and practice your pitch •  Prepare specific and tailored questions to ask during the meeting

•  Effective preparation enables you to: •  Leverage the time allotted for the informational meeting •  Demonstrate your knowledge of/passion for the industry and company •  Increase the likelihood that the contact will share referrals and develop a

long-term relationship with you


THE TACTICS: CONDUCT THE MEETING

•  Drive the agenda

•  Focus on your goals. Gather advice, contacts, and information

•  Listen to the contact; be genuinely interested

−  Look for ways to leverage your skills and network to potentially solve a specific problem/challenge he/she is facing or might face in the future

•  Respect time limits and wrap up with next steps

PART I: Opening •  Establish a common bond •  State the objective of the meeting •  Give your 30 second pitch

PART II: Discussion •  Ask prepared and tailored questions (see Appendix) •  Listen and gather advice/insights

PART III: Closing •  Ask for referrals/recommendations (see Appendix) •  Ask the contact if you can contact him/her in the future •  Be appreciative and thank the contact


THE TACTICS: FOLLOW UP !

•  Send a thank you email within 24 hours of a conversation −  Hand written notes often add a personal and memorable touch

•  Touch base every 4-8 weeks. Reasons to reach out include: -  Spoke with somebody the original contact referred to you

-  Received an update via LinkedIn, Facebook, etc

-  Found an article they may be interested in or they are quoted in a publication

-  Heard news about them via your network -  Have desire to introduce them to someone in your network

-  Have news of a new job/update on your job search progress on which you seek their perspective

-  New contact details to share


Potential Contacts – Wharton Resources •  Wharton Alumni Directory (WhartonConnect) •  Wharton LinkedIn Group •  Wharton Regional Alumni Clubs •  Wharton Reunions and Global Events •  Blue Steps (Executive Search Contacts)

Potential Contacts – External Resources •  Undergraduate alumni network •  Former teachers/professors •  Previous employers •  Past and present Vendors,

Clients and Customers •  Friends and family

NETWORKING RESOURCES

Networking Fundamentals •  Guide to Managing Your Career:

Chapter 4 (Networking) •  Perfecting Your Pitch Worksheet •  InterviewStream •  Wharton Career Coach

Industry Research •  Wet Feet, Factiva, TREFIS,

Bloomberg, Marketwatch

Target Companies •  Wharton Job Board Archive •  Industry Trade Magazines and

Factiva •  CareerPath “company list” •  CareerSearch© •  Hoovers Online


CLOSING THOUGHTS: KEYS TO SUCCESS

Be Strategic •  Set specific, realistic goals; know your desired outcome •  Focus on building relationships, not asking for a job •  Remember the Golden Rule of Networking: “Build it before you need it”

Be Prepared •  Make a good first impression; be professional •  Conduct the appropriate level of research prior to your meeting;

demonstrate your respect for the other party’s time •  Treat every interpersonal interaction as a potential networking opportunity

Get Organized •  Organize your contacts and record the specifics of your conversations for

future reference •  Stay on top of the follow up process


QUESTIONS?

15

Michelle Antonio!Career Coach & Consultant

[email protected]

(215) 779-3041

Cara Costello

Sr. Assoc. Director, Alumni Services

[email protected]

(215) 898-3318

www.mbacareers.wharton.upenn.edu/alumni


APPENDIX

Sample Informational Meeting Questions

•  Industry Questions

•  Company Questions

•  Position Questions

•  Personal Perspective Questions

•  Advice & Referral Questions


APPENDIX: SAMPLE QUESTIONS

Industry Questions •  What significant developments on the horizon

could affect future opportunities? •  The industry has changed dramatically in the

past five years. How have the changes affected this company?

•  Based on my research, I understand that the industry has changed a lot in the past X years. What have you seen from your company?

•  Who are the most important people in the industry today?

•  I am searching for a position in XYZ industry, can you recommend some steps to take?

•  I read about XYZ event in this industry, how has that affected your business?

•  Can you talk about the most typical job progression in this industry?

•  Does this industry typically offer training to new hires? If so, what does it entail?

•  What is the best way to secure a position in this field?

•  What kinds of challenges do you face in this industry? What keeps your CEO up at night?

Company Questions •  I read that your firm’s goals are X, Y and Z. How

do you see the implementation of those goals on a daily basis?

•  Given X, what approach does your company take in the marketplace?

•  What is unique about the way your company operates?

•  How does the reporting structure work? •  What are the accepted channels of communication

and how do they work? •  How are employees recognized, judged and

rewarded? •  What does the company consider important for

someone to fit into the corporate culture? •  What are the key qualifications this company seek

in a new hire? •  What is the background of most senior-level

executives? •  What do you see as the strategic goals for the

company? For your department? •  When people leave this organization, what types of

positions do they pursue?


SAMPLE QUESTIONS TO ASK (cont’d)

Advice & Referral Questions •  Are there books/trade journals you would

recommend that I read to best prepare for a career in this industry?

•  Who else can you recommend that I speak to about my interest in X?

•  What else do you think I need to know at this point?

•  Do you have any comments or feedback on my resume?

•  Do you have any advice for me as I go through the job search process?

•  Are there any professional associations or conferences that are especially relevant for this industry?

•  If you were in my position, embarking on a career in this industry, what companies would you suggest I target?

Position Questions •  Could you describe a typical workday? •  What is the range of your responsibilities? •  What are the crucial skills that are required in

this position on a day-to-day basis? •  What project (s) are you working on? •  What skills are required for your position? •  What qualifications are sought after in a new

hire? •  What personality traits do you consider critical

to success in this job?

Personal Perspective Questions •  What is your background? How did you position

yourself for this field? How did you enter the industry/position?

•  What attracted you to this company/role? •  What parts of your job are most difficult/

enjoyable? •  How do you collaborate and interact with other

divisions and functions? •  Is there anything that has surprised you about

this field, either positive or negative?


Documents

Successful Networking: Making the Most of the ...€¦ · Successful Networking: Making the Most of the Informational Meeting ... • Blue Steps (Executive Search Contacts) Potential