Ok, time’s up!

Now it’s time to negotiate a compensation package that is competitive, meets your financial needs, and falls within the company’s budget. And you thought the hard part was over! Salary negotiation is difficult, but once mastered, will take your earning power to new heights. Here are the first 3 steps to increase the likelihood of securing a competitive salary.

Step 1 – Research and spend time gathering comparable numbers. Think of salary negotiation like buying a house – you wouldn’t make an offer unless you knew what similar houses in the same area were selling for. Your salary is no different. Ideal sources include other open positions, colleagues who are in a comparable role, compensation consultants and recruiters.

Sometimes it can be difficult to get an “apples to apples” comparison since the composition may be different from company to company. As an example, we have a client that is offering a base salary that is 20% below market, however their bonus structure is 30% above market. The key is to consider the entire package, and then break out each piece (base, bonus, equity, benefits, car, commute, on-site perks, expense account, etc.). If possible, also connect with current or former employees of your new employer to learn more about the company’s negotiation practices. Some companies extend an offer at the high end of their internal range, making it clear that they are unable to negotiate. Conversely, other businesses prefer going the “low-ball” route, expecting the candidate to negotiate a higher package.

Step 2 – Calculate your “3 Numbers” – your dream number, your walk-away number and your comfort number. In other words, know exactly what would compel you to accept the job on the spot. At the other end of the spectrum, what number would be so insulting or ridiculous that it would drive you to walk away without ever looking back! This walk-away number is equally important post-negotiation, as you work to develop a compromise offer. If they are not willing or able to accommodate your financial needs, then they may not appreciate your value and the position probably isn’t a good fit for you.

Hopefully, you’ve discussed some ballpark numbers during the interviewing process to eliminate any surprises, but it’s important to be prepared for anything. It is also during this step that you want to weigh the pros and cons of the position. Consider everything including, your daily commute, the people you would be working with, your potential boss, the business model, and the opportunity for advancement. If you don’t do it now when the level of emotion is low, it will be very difficult to do it after the offer it made. Money changes things and you don’t want to deviate from your “ideal job criteria.”

Step 3 – Don’t make the first move. If you’re asked to provide a target salary, offer a range rather than a specific figure. Do not state your salary goal while other candidates are still being considered. Ideally, the company will make the initial salary offer so you can negotiate in confidence knowing they want you on board.

Generally speaking, the company will allow 10%-20% of “wiggle room” depending on the candidate’s specific qualifications and the level of the position. This is especially true for sales, marketing and general management positions that will directly affect the top and bottom line. In fact, most employers expect to negotiate salaries for these types of positions. As a result, you’re final salary will likely wind up somewhere between your counter and the company’s original offer.

Remember, you must maintain a positive attitude throughout the salary negotiation process. Continue to demonstrate your excitement and enthusiasm for the position even if things don’t go exactly as you planned. After all, assuming you come to an agreement, you will be working alongside the very same people you negotiated with. It’s important that you start out on the right foot.

In Part II, we will talk about the art of dialoguing, sticking to your decision and keeping the door open at all times.

If you’re on the market for a new career or new clients, you probably understand the goal of networking is to develop a new contact, secure an introduction to a key decision maker, or set up an informational interview with a growing company. But you may be missing a critical piece of the networking process: an outline describing what an “ideal’ conversation sounds like! Without an example of this “best in class” dialogue, how can we effectively communicate our message? The television show Shark Tank provides a great example of why communicating your unique value is critical in networking.

In full disclosure, I had no idea what this show was all about until my 10 year old (Can you say entrepreneur in waiting?) turned me on to it two months ago. The basic premise is this: five extremely successful and wealthy “sharks,” including Mark Cuban, owner of the Dallas Mavericks, sit on a panel listening to entrepreneurs pitch their product or service. The “sharks” fire questions back at the business owners, looking for additional information on their patents, sales, current investors, customer lists, etc. Eventually, each shark either makes a personal investment – e.g. $100k investment for a 25% stake in the company – or they “are out,” meaning they are passing on the concept altogether.

The more I watched this show, the more I saw the similarities with networking. Similar to the business owners on Shark Tank, when you’re networking to find your next job or networking to market your business, you must be prepared to effectively communicate your unique value proposition.

Think about it. How many times have you met someone at a networking event only to be hit with a slew of cliché and generic sales phrases? When I ask someone to define what sets them apart, I typically hear the usual sales and marketing jargon: customer-centric, experienced, technical expertise, flexible, low-cost leader.

Wait a minute. Shouldn’t every business be “customer-centric” or “flexible”? Those are foundational elements for any successful business. Those cliché phrases don’t uniquely set you apart from the thousands of competitors in the field. Let’s face it, there are very few companies that will say, “We don’t really focus on the customers, but you should buy our product.”

What’s missing from most networking conversations are a truly unique, truly different, and truly personal description of what makes you stand out. Of course if you are in an industry that is not known for customization or personal packaging, then there is nothing wrong with using “flexible” as one of your differentiators. Likewise, a business that is comprised of “technical experts” is fantastic, so long as you can demonstrate how this sets you apart from your competitors who also have technical experts.

At TurningPoint, one of our core values – and in my opinion, a key differentiator – is accessibility. In an industry where people are treated as a “means to an end,” this is our unique difference. In other words, most recruiters will not spend more than five minutes with a candidate unless there is a clearly defined opportunity to monetize that interaction. I believe this is a huge problem in our industry. Therefore, we’ve made it a standard practice to talk to each and every candidate that contacts us – period.

We don’t send a template email response. We don’t tell them, “Thanks. We will be in touch when the right opportunity comes along.” Instead, we spend 20-25 minutes on the phone with all local candidates who ask us for help. Combined with our placement retention ratio of 89% – the % of of placements over the last three years that are still employed by the same company – and this is the essence of what makes us stand out! So what can you do?

Visualize yourself as a contestant on Shark Tank. Imagine responding to questions about your value, your unique approach, your proprietary process, your sales/successes or your target marketplace and I guarantee you will see more success. To help, below are 10 steps you can act upon immediately to enhance your networking results. I call these the 10 BEs of Networking:

1. BE prepared with your pitch before you arrive.
2. BE ready to identify the 3 things you can do well even with a horrible head cold (thanks to Cita Walsh for this succinct approach) – these are your true strengths and differentiators.
3. BE able to cite specific successes (sales, customers, acquisitions, etc.).
4. BE ready to describe your ideal customer/employer and how you intend to get their attention.
5. BE ready to quantify your financial value (market share, savings, compensation, business multiples).
6. BE prepared to discuss what is wrong with your industry and how you can solve this problem.
7. BE in a positive mindset, rather than coming across as the victim of the recession, job market, etc.
8. BE open to suggestions and acknowledge the person who made the recommendations.
9. BE collaborative and demonstrate your ability to leverage multiple stakeholders.
10. BE yourself!

By following these steps, you will find yourself involved in much more productive and interesting conversations and you just may get some business out of it or land your next great career opportunity!

Just like every other student who is pursuing a Business Administration degree at California State University San Marcos, I am working on my Senior Experience project in my last semester of college for my Undergraduate. Our school has a very unique program for business students, called Senior Experience. This program is unique because we are given the chance to work as “student consultants”. We as students are matched with a specific project that has been submitted by a local business or organization. We are teamed up in groups of four or five and work with these companies in order to apply our classroom knowledge and work on real-world projects as consultants in order to solve the organization’s objective(s). For my project, I have already learned a great deal.

For my specific project, I am working in a team of five. We get to pick our teams and I have to say, I have a great team. We have been matched with a local human resource consulting firm who is looking to expand their business. This project has, and will continue to, require an extensive amount of market research. The biggest lesson I have learned so far is the importance of under-promising and over-delivering. In the beginning, we as a group had an extremely difficult time doing this. We only have nine weeks to complete our project and it has been difficult to reach these goals within this time frame. Our first objective was to find industries within San Diego and Orange County that are projected to grow within the next two years. The next step was to identify sectors within these industries. Normally, it would take someone months to research this amount of information, but we only had a week for each objective. For each of these objectives, we put together a presentation for our sponsor and had a working meeting. Since we are the consultants, we are supposed to stay in control of each meeting and give recommendations based on our findings. For the first two meetings, this did not occur. We ended up presenting four industries, of which our sponsor had us research sectors within each of those industries, totaling eight industries. Instead of presenting the fact that we didn’t have enough time, we agreed to take on the task. We found ourselves searching through an overwhelming amount of information. We struggled with the fact that we wanted to present them with great quality work, but didn’t feel like we could meet their expectations. So as promised, we presented the four sectors within each county.

Once we were done with our presentation, we had a working meeting. We as a team decided that we were going to take control of this and give them recommendations based on the time we had left for the project. We explained to them that we didn’t find it beneficial to have us research companies within more than two sectors given the time constraints. If they wanted quality results, we needed to really narrow down our search. In the end, we finally came to an agreement that we all felt would provide the results our sponsor wanted. My group and I were so relieved after that meeting. Even though they only chose one specific sector within San Diego County, we decided to go above and beyond and research within an additional sector in order to provide them with more opportunity. We finally set ourselves up for success, and it felt great.

We as a team have worked extremely well together and have been able to overcome obstacles that looked near impossible when first presented. We have learned that as student consultants, we need to take control and make decisions that are going to over-deliver in the end. I really look forward to seeing how my project plays out!

Any recruiter or career coach will tell you that landing your next job is all about networking, the act of connecting with like-minded people to create career opportunities.   While networking is a fundamental part of your job search and your career development, it’s not the magic pill. Instead, to be successful in your job search you must change your approach. You must manage your career just like you would a business.

And, any successful business begins with a plan.

A business plan begins with your vision, or your goal. Are you invested in a long-term plan to obtain that ultimate dream job? Or are you focused on a short-term plan designed to land your next job? Regardless of your end goal, your career “business” plan should cover these six fundamental areas:

1.  My career goal. What is your specific goal? Set a clear vision for your future, from the position and salary you want to the culture and people you see yourself working with. If you’re not sure what you want, a career self-assessment can help.

2.  My time frame. How long do you have? Where do you see yourself in six months, two years or even five years? Decide on a realistic timeline taking into account the amount of time you have to devote to executing your plan.

3.  My skills and experience. Do you have what it takes? Think about what your next boss is looking for in an employee?  Do you need to get more education or a certification?

4.  My networking strategy. Where is your next perfect opportunity? With over 75% of positions being filled through some form of networking, how will you build your network to have better access to your next job?

5.  My budget. All smart business plans have a budget, so should yours.   Attending networking events, joining associations and scheduling coffee with a former colleague cost money.  Decide how much you want to budget toward career networking and keep track.

6.  My action plan. What are your next steps?  Do you need a new resume, cover letter, or an elevator pitch?

Your plan will be a flexible outline that describes what you want to do and how you expect to do it.  To begin, open a blank document and use the six areas above as page headers, one per page. Then, brainstorm and write down your thoughts and ideas for each area. Eventually, you’ll want these jottings to become specific, actionable goals. For example, if you haven’t updated your resume in the past six months, you will need to update it yourself or hire a resume service to help you.  Keep in mind, each goal should be S.M.A.R.T. – specific, measurable, achievable, relevant, and time-bound – and broken into weekly actions. Breaking bigger goals into smaller, more manageable actions will give you a sense of progress and increase your confidence, and will ultimately lead to you getting hired faster.

While this process may sound simple, for many the process can become confusing and overwhelming. Just like running a business, you need to know when to bring in an expert.  For some this many mean attending a few free In-transition Job search classes.  Others may need to hire a Career Coach.   Hiring a career coach can be particularly helpful if you feel your job search is lagging or you are getting discouraged.  A coach will help you develop your plan and keep you on track.  A good career coach will offer you a free assessment to determine your individual needs before getting started.

No matter if you decide to go it alone, or use an expert, make sure that you make it a priority to spend the necessary time to define and map out your career management or job search plan.  Proactively managing your career is more important in today’s market than ever before and advancing your career requires ongoing investment and planning.  Make the commitment now.  You’ll be glad you did.

As a recent graduate or soon-to-be graduate, you need a LinkedIn account! When giving a presentation on utilizing social media in recruiting, it amazed me how few college students had a LinkedIn account – or even knew what it was! I have posed this same question to many of my peers, and once again, the majority either say “no” or, “what’s LinkedIn?”

For those of you who don’t know what LinkedIn is, it is a business-oriented social networking site. LinkedIn is much more professional than Facebook or Twitter, focusing on connecting business professionals. LinkedIn is a useful tool for college graduates or soon-to-be graduates who are job searching, or just looking to make professional connections. As someone who is about to graduate, I have been using LinkedIn to connect to people in companies and/or industries that I’m interested in. If you follow my previous blogs, recall I discussed the importance of targeting a specific company or industry within your job search. Not only does LinkedIn help me search companies and industries I’m interested in throughout San Diego, it helps me gain insight about a company’s culture. Additionally, when I secure an interview with one of these organizations, I will be able to use LinkedIn to research them prior to my interview, enabling me to be better prepared when I walk in the door. In many cases, LinkedIn will show me everything I need to know about the interviewer – where they went to school, their title, their tenure, their background, the types of books they read, the groups they belong to and much more!

As you can see, LinkedIn can be very beneficial to your job search. Not only can it help you with your list of target companies, it connects you to classmates and former contacts! The best part about LinkedIn is it’s FREE! I advise all college graduates and soon-to-be grads, to utilize this tool to the best of your ability and set up an account. It can only better your job search, bringing you that much closer to your ideal position right outside of college.

1. Identify your target audience
2. Determine where they hang out
3. Create a budget and timeline
4. Establish your MOS – Metrics of Success
5. Establish your benchmark
6. Leverage your internal stakeholders
7. Be consistent
8. Add value
9. Track all data
10. Share the results

Step 1 – Identify your target audience
While this may seem obvious, the key to driving a successful new campaign is to clarify the customer segment you wish to engage. It is imperative that you begin by selecting one or two target demographics rather than trying to be all things to all people. Not only will this approach provide specific and relevant data about your customer base, but it will also allow you to work through potential challenges early on and before launching to a wider audience.

Step 2 – Determine where they hang out
Regardless of how you classify your customers – age, location, income, gender, etc. – there are a variety of resources offering data related to the demographics of each social media platform. For example, the % of female Facebook users is 59%; the average income for LinkedIn profiles is $109K; and 25% of Black, non-Hispanic internet users have a Twitter account (source: Comscore, LinkedIn and Pew Research respectively).

Step 3 – Create a budget and a timeline
Social media offers a fantastic opportunity to connect with customers, in many cases at minimal or no cost! While you certainly have the option of spending thousands of dollars on Google AdWords or banner ads, social media allows you to wage an effective “grass roots” campaign with a much smaller investment. When calculating your budget, don’t forget to incorporate labor costs! If your Marketing Manager will be handling the social media campaign and she earns $70K/year, a 3-month campaign where she is devoting 10% of her time (4 hours/week) will cost approximately $1,750. Determine the amount of money you want to commit to these marketing activities, but be sure to allow enough time to see the results – typically, 6-9 months. Moreover, in order to minimize your expenses, consider using an intern or recent college graduate to support your social media marketing needs.

Step 4 – Establish your MOS (Measure of Success)
Revenue, Web traffic, new leads, # of comments, # of “likes” or “followers”…these are all valid metrics. However, your business model will determine which are most relevant to you. Using the earlier example of $1,750 for a 3-month campaign, a company that sells $250,000 consulting projects will realize a huge ROI by closing one new deal! However, if your company files tax returns for $99/each, you may need 20 new customers to consider the campaign a success.

As an example, our firm spent the last 6 months using LinkedIn polls to gauge whether or not they were a useful tool for engaging our “followers” and eliciting direct responses. For less than $725/mo (the amount we pay our part time Social Media Manager (SMM)) we created 7 polls in 2011.  Additionally, our SMM is responsible for selecting and sharing relevant articles throughout our various social media outlets – LinkedIn, Twitter and Facebook – as well as commenting on articles written by others across a variety of websites.
As a result, we average 15-20 new leads/month with an average monthly revenue of $2,000-$2,300 – an ROI of 300% on our investment! Additionally, using Google Analytics, we can determine which articles and social media sites are driving our web traffic, which is up by an average of 90% since embarking on this new social media campaign.
Step 5 – Establish your benchmark
Without a starting point, there is no way to identify the success of your campaign. If you are using Web traffic as your MOS, calculate the average number of hits your website received during the 2-3 month period prior to launching your new campaign. If you are measuring “new leads,” determine the historic number of leads you receive and use this as your benchmark. You may also consider creating a unique web address or an exclusive page on your website that is only accessible through a link provided in your social media ad.

Step 6 – Leverage your internal stakeholders
This is the single most important, and most overlooked, aspect of social media. By nature, social media is collaborative and your campaign should take advantage of this reality. While the Marketing Manager may be charged with executing the campaign, she should utilize a broad, company-wide network. In some cases, this may include each of the firm’s Partners or Principals, while in other situations it may include a specific department. Regardless of which employee group you choose, leverage their social networks by sending a link, invitation or exclusive offer to their LinkedIn connections, Twitter followers and/or Facebook friends. Social media is also about trust and credibility. A recent survey by Businessonline.com shows 91% of consumers trust an online referral over a traditional ad. Of course, you don’t want to infringe upon your employees’ personal networks without their approval, and it is also important to gauge the relevancy of their network, but when you incorporate this expanded network into your overall strategy, the breadth and depth of your campaign increases exponentially. Moreover, involving your employees, specific departments or management team will invoke a greater sense of personal involvement and “skin in the game.”
While no campaign is guaranteed to succeed, a little forethought and planning will increase your odds of success.
This should get you to a strong start. Next month we will conclude this 3-part series by discussing the remaining four steps to social media success.

With graduation right around the corner, I’ve been thinking about an action plan for my job search. I have all these great ideas and actions I want to take in order to land my ideal job out of college but I know that nothing will get done unless I set up a plan for myself. I’ve been contacting a number of my contacts around San Diego, reminding them that I will be actively searching for a job come March. Everyone I have spoken to thus far has been more than willing to help me, but as a college graduate, what do I have to offer them in return for their help? Effective networking is all about giving something back to those who are willing to help, whether it’s helping with an introduction, job search, or resume advice. As a soon-to-be college graduate, I fear I’m not going to be able to give as much value as I’ve received from those who are more experienced and educated than I am. However, I’m happy to say I’ve found this to be incorrect while working as an intern with TurningPoint.

For instance, Ken Schmitt, CEO and President of TurningPoint, has spoken to some of our business classes at Cal State San Marcos. In preparation for the presentation, Ken asked me to review the power point presentations and provide feedback on what should be added or removed from the slides. I was able to provide him with valuable advice that he could incorporate into the presentation, bringing value to the students and TurningPoint. Additionally, I have been able to make introductions to Ken that have given our organization more visibility in San Diego, enhancing our business development efforts. Even though these resources and advice may offer less value than what TurningPoint has provided to me, they are still significant. As recent college graduates, don’t think you are unable to give something valuable just because your experience, education, and network are smaller than those with whom you are networking. Eventually, you will be able to give back by providing market intelligence, offering the “Gen-Y perspective”, contributing a blog posting or making introductions to your fellow students and professors. As for now, be sure to demonstrate how much you appreciate your network and always remember, a written thank you showing your appreciation, is the most personal and easiest place to start.

The process of recruiting internally and externally has changed significantly due to technology. The geographic reach has expanded tremendously, giving recruiters a much larger talent pool, which has also led to much larger stacks of resumes. Recruiters are now receiving hundreds of cover letters and resumes for ONE job opening, compared to the 15 to 20 they used to receive in the days before the Internet – they no longer have the time to review every single resume. Due to the overwhelming number of applicants applying for one job, recruiters are turning to technology to narrow down their search. Recruiters are able to scan resumes through software to catch keywords that relate to the job they’re trying to fill. They’re also able to narrow down their search by typing keywords into an advanced search within their database.

While interning at TurningPoint, I’ve learned that when we search our database for new candidates, we use keywords and the database searches within each resume, highlighting those keywords for us. For instance, we recently conducted a search for a CFO position at an aerospace company. In order to target a larger talent pool, I was asked to search through LinkedIn to find potential candidates. Within LinkedIn, I used the advanced search engine and typed in keywords such as ‘CFO’, ‘aerospace’, and ‘manufacturing’ in order to narrow down my search. Once I entered the keywords, LinkedIn provided me with a variety of profiles linked to my search. It also made the search easier for me since LinkedIn highlights the keywords within each person’s profile. In another instance, I was searching for potential candidates for a position we are trying to fill for a healthcare firm who uses technology extensively. Within our database at TurningPoint, I went into our advanced search engine and typed in certain keywords such as ‘healthcare’, ‘marketing’, and ‘technology’. This database also highlights the keywords that are within the resume attached to each person’s profile. Seems pretty convenient doesn’t it?

Technology has become a tool that is significantly helping recruiters become more efficient.  Including those keywords in your resume is extremely important. Since recruiters are now relying on this technology due to time constraints and large number of applicants, it is very easy for your resume to be overlooked if these keywords are absent. Over the next week, I encourage you to take the time to include those keywords in your resume as this will greatly enhance you for your job search!

Historically, businesses have relied on traditional media to create engagement with their customers. Print ads, radio and TV spots, direct mail, email campaigns and corporate sponsorships have dominated marketing budgets for decades. However, these platforms are one-dimensional. They speak at customers, rather than engage with them. As a result, most traditional outreach methods deliver unpredictable results, ranging from a one to 20% response rate.

Enter social media!

Not long after the dot-com bubble of the late 1990s, new ways to interact with customers began to creep into our daily lives. Websites like Napster, MySpace, Facebook, LinkedIn, Twitter and nearly 250,000 other social media sites sprang into existence. Marketing campaigns evolved rapidly from offering a simple business phone number to featuring social media icons, encouraging customers to like, follow or friend the business online.

For businesses, every like, follow, or friend, is an opportunity to provide a brand experience that connects with customers, and that experience is important. According to a 2009 survey by Business.com, 91% of consumers trust an online referral over a traditional ad. Further, a recent study by marketing firm Constant Contact and research company Chadwick Martin Bailey shows that Facebook fans are 56% more likely to recommend a “liked” product to their friends. As customers enjoy positive interactions with a brand, they engage more and share their experience with friends, family and colleagues. Social media has powered up the value of word of mouth marketing.

While most B2C companies including consumer retailers, restaurants and hotels have successfully leveraged social media, professional service firms (PSFs) have been slow to adopt this new form of marketing, citing the challenges of reaching the B2B market. Only recently have these PSFs begun to commit more resources to social media to reach their target market. In a recent survey conducted by B2B Content Marketing, of the Top 10 marketing tactics used by PSF firms, social media is #1 with 80% of respondents using this platform.

I recently presented to a group of partners from a large, San Diego-based PSF, focusing on the opportunities to engage their clients through social media. Surprisingly, while 83% of these partners maintained a LinkedIn profile, only 41% of these profiles included a link to their firm’s website, and not a single profile was 100% complete.

“It’s important to think of your online presence as your digital shelf space,” I explained, “The more products – or data points – you offer online, the greater the likelihood for your potential customers to find you. Every online update, whether it’s made on a LinkedIn personal page or company page, a Twitter account, a Facebook page, a blog or an article, represents an increase in this shelf space, allowing you to engage with your target audience.”

IBM understands the importance of creating a digital footprint. In a recent article by FastCompany, the company takes this idea of social media one step further, discussing their new commitment to becoming a “social business.” Ethan McCarty, Senior Manager of Digital and Social Strategy at IBM says, “Since IBM no longer sells consumer products, the brand experience for IBM is an experience with an IBMer.” IBM has assigned champions or experts to each web page, allowing for direct engagement with each customer who visits a particular page on their site. McCarty goes on to say, “Good conversation creates good outcomes and that brings value to the organization and to the individual.”

Over the last few years, other PSFs including Deloitte, Booz Allen, Baker & McKenzie, Mercer, and Thomson Reuters have jumped to the forefront of the social media platform. They have embraced the value of building a sustainable brand by engaging their employees, alumni, customers and prospects with market intelligence, Top 10 lists, industry trends, survey results and success stories.

This is great news for all PSFs. And although any PSF – whether they are boutique or Fortune 100 – can build an online following without a big budget or a dedicated staff, it ‘s a bit more challenging to engage this following without a defined strategy and a minimal amount of resources.

In Part II we will discuss 10 easy and cost effective steps every PSF should take to engage their target audience and create “solution evangelists.”