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Metrics are important.  Currently, PRSNL only counts the number of kits they sell and the number of 1:1 interactions, and they have a customer satisfaction rating.  That’s not enough.  Having robust customer feedback mechanisms puts the customer at the centre, and would enable PRSNL to make the best customer experience to drive company growth.  That said, data isn’t everything.  PRSNL will have to get out and meet the customers in order to really understand who they are – even the DIY purchasers.

Millennial customers expect fast service and a quick reply to an initial enquiry, and bad service can change their buying habits.  They will remember bad service from two years ago and share those experiences on social media.  Moreover, the vast majority of Millennial consumers want self-service solutions or online resources.  Intense competition amongst companies and diminishing loyalty to brands makes it even more important for companies to invest in understanding their customers and adapting to their needs.

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Theme - Impact of Social Media on Job Search

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Theme - Impact of Social Media on Job Search

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While the demand for technical skills remains strong, more and more employers look for employees with soft skills in communication, empathy, social skills, and design thinking.  Rather than relying solely on interviews and references (which are not always reliable) to screen for “fit”, social media has given employers another tool to suss out a potential candidate’s suitability.  With this in mind, users who are aware of the impact of their social media presence should consider personal branding as an essential part of their career development.

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A theme that we found during our sessions is our targeted users need for growth. This growth can either be within their current company in the form of ladder climbing, a professional pursuing grown intra-company, or entering a new job market all together to find their growth.

The need for growth is not always about a higher salary.  A recent survey of 7,000 job changers indicated the 5 top reasons are work-life balance (most cited reason), money and the cost savings associated with more flexible jobs, finding more meaningful work and reducing stress.

Although it varies, there are some commonalities amongst mid-career workers – they have developed significant expertise, seek promotional opportunities, new career alternatives, want recognition and leadership positions, greater stability and retirement benefits, many face employment burnout and many have families.  It would make sense that at the mid-career point, work-life balance is an important element for job changers.

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Internal

Strengths

Nimble, boutique agency.  Proprietor has personal knowledge and experience with products and industry.

Differentiated from competitors by offering full service to clients using digital approach.  PRSNL walks the talk; and has all the competencies to produce the products in-house.

Low cost operations

DIY Kit and 1:1 service are proven concepts in the market

Revenues associated with DIY kit represent full profit (no additional work; no overhead, no resources).  Provides some leeway to focus on developing market segmentation.

High customer satisfaction.  Customers recommend friends and a limited number of customers coming back for other services.

Weaknesses

Limited capital

Limited manpower

No marketing plan or budget (dependent on word-of-mouth and website)

1:1 service is a money-maker but is resource intense (time) and hard to scale within existing manpower and operations

PRSNL has not tracked metrics to date other than number of DIY kits sold and number of individual clients

External

Opportunities

Increasing use of social media by individuals, recruiters, companies

Seasoned professionals do not have digital literacy and most are not equipped to do it themselves

independent small business owners (not the company but the individual), have the capital and finances to pay for projects

individuals overshare the inappropriate, and don’t share enough of the appropriate (Matt)

Research needed:

Hyper-sensitivity to online bots and trolls spreading false information

According to a 2018 CareerBuilder survey, 70% of employers use social media to screen candidates during the hiring process (Forbes – need legit source)

43% of employers use social media to check on current employees. (Forbes)

Personal branding is also beneficial from the employer’s perspective. Companies should encourage employees to build strong personal brands because it’s good business. When employees are allowed to represent their company at conferences or events, they are not only developing themselves but also providing the organization more exposure. Employees can help acquire new customers and retain existing ones when they are viewed as trustworthy thought leaders (Forbes)

Another reason personal branding is valuable is that the gig economy is not going away anytime soon. The average person switches jobs every 2 to 3 years, and by 2020, freelance and contract workers will make up 43% of the U.S. workforce. Diane Mulcahy, the author of The Gig Economy, says,

“We’re seeing only one trend here, which is that the gig economy is big and getting bigger. Companies will do just about anything to avoid hiring full-time employees. Add to that the fact that there is no job security anymore, and workers are increasingly aware that they need to work differently if they want to create any sort of stability for themselves.” (Forbes)

As a result, workers need to be able to clearly communicate who they are and what they do to stand out to prospective clients and employers. If you aren’t effectively managing your online reputation, then you run the risk of losing out on business. (Forbes)

Threats

Competition is nipping at heels

Expense of running ads

One competitor (BrandYourself) has downloaded the DIY kit for perusal

Talked a lot but no contracts signed; talked with Social Assurity, non-profits, traditional resume writers, college career centres

None of the material is proprietary, so is not eligible for copyright (can be replicated)

Potential partners view PRSNL as competition, and so are reluctant to form synergistic partnerships

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User needs and wants
1.  Users want value for their money
2.  Users want (and need) job growth
3.  Users want fast service
4.  Users want good service

User knowledge base
1.  Users need to know the benefits of personal branding
2.  Users do not understand the impact of social media on their job search efforts

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Brand Yourself - was founded in 2009 and it delivers personal branding to individuals and business *(Online Reputation Reports, Personal Branding Services, Negative Google Result Services, Employee Branding Services). It employs AI software, has 120 employees and has raised to date 6.3 million dollars in US funds. The company has been featured in the Shark Tank, WSJ, CNBC, ABC, FOX, npr, Forbes. Basic services for individuals start at $100. Indirect competitor.  LinkedIn followers currently at 2039.

Personal Brand Agency – is targeting mature and established professionals, consultants, C-level candidates, business owners. Their services are advertised as a full-service brand & website package which starts at $15,000. Their portfolio features entrepreneurs, writers, TV presenters who are endorsing their services as superior. They do not offer career coaching or resume, cover letter, online social media scrubbing. Indirect competitor.  LinkdIn followers currently at 7.

Waller & Company is a small boutique that offers personal branding services for individuals and professionals. Specifically, they target the C-level candidates, entrepreneurs, executive and thought-leaders. Their packages start at $5000. Dr. Waller Talaya was a featured speaker in Forbes, Fast Company, Business Insider, and The Chronicle of Higher Education.  LinkdIn followers currently at 24. Indirect competitor.
Resume Strategists- is a supplier of career consulting and personal branding services for individuals and corporations. Their services include resume, cover letter, LinkedIn account optimization, job interview coaching packages, personal branding services, career advancement package for job seekers. Their website targets anyone who is looking for down to earth advice on any of their offerings. This competitor is similar to PRSNL Branding. (main stream).  LinkedIn followers currently at 403. Direct competitor

Brooklyn Resume Studios- is a small studio offering resume writing and personal branding. Their focus is on LinkedIn account optimization, career coaching, resume writing, website creation etc. Much of the services offered resemble PRSNL. Their website showcases some of their work and also their team which offers them a competitive advantage compared to PRSNL.  LinkedIn followers currently at 191. The blog section of the website has a fairly rich offering. Direct competitor

Joseph Liu- is a career coach and public speaker who is providing personal branding, career change and resume review services. The target audience is comprised of aspiring professionals, career transition individuals, C -level candidates and organizations. The services are offered as one on one and as online classes. The price point for these classes start at $200 each. The website features a Podcast which features various professionals who are sharing personal professional success stories. Indirect competitor. LinkedIn followers currently at 0

Noland Branding-is run by a marketing professional who decided to establish this business following job loss. Samantha is regarded as an effective personal branding expert and her work is featured in 15+ newspapers across the US including Columbus Dispatch, Cleveland Plain Dealer, and The Oklahoman. The services provided are for individuals, employers and organizations. Each segment of the product offering is detailed and customized strategic from the user’s needs point of view. This competitor offers services to employers who are preparing to lay off employees-personal branding, LinkedIn profiles etc. The team is virtual. Direct competitor.  LinkedIn followers currently at 165.

SimplyBe Agency is a personal branding and creative services provider. Its clients include executives, politicians, entrepreneurs established professionals and industry thought leaders. The agency has facilitated corporate workshops on personal branding for names like Heineken Nike, BMW to name a few known brands. Their product offering does not mention resume writing services, rather their focus is on personal branding on social media. The team is formed of all female. Not a direct competitor. Their personal branding service DIY kits start at $99 LinkedIn followers currently at 263. Indirect competitor.

Executive Branding Solutions works with recent graduates, entrepreneurs C-level executives, thought leaders, professional service providers, motivational speakers, and professional coaches and provide personal branding services. This competitor is identical to PRSNL- services, look of the website, and team. Direct competitor- I am having a call with Olivia tomorrow at 9:00 am as part of my primary research.  LinkedIn followers currently at 11.

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- PRSNL must develop robust customer feedback mechanisms
- Service must be tailored, specialized, and specific to each consumer to ensure they feel valu
- Paring back current offerings to be less expensive base packages with optional up-charges
- Close gap between relatively inexpensive DIY and expensive 1-1 service - an affordable in-between could be effective

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Our group has had many in-depth discussions regarding our research and potential avenues for the growth of PRSNL. At present, our research points to a large market of "Job Changers". For a market like "Established Professionals", the employment landscape will have changed drastically since the beginning of their career. We have gone from an era of 30-year careers to constant shifts in employment, as well as how one obtains that employment. PRSNL needs to equip job-seekers with the tools they need to navigate a complicated landscape of online recruitment websites, social sites such as LinkedIn, and a more educated and equipped competition.

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There are a few other agencies offering similar or identical services.  With a limited advertising budget, it will be a challenge to set PRSNL apart from its competitors in the eyes of less savvy consumers.

Based on the competitor analysis, it is apparent that PRSNL Branding would gain a competitive advantage should he choose to implement an affordable personal branding services +resume, cover letter and career coaching.
Serving established professionals, new professionals and foreign trained professionals a mix of affordable services that would back up the theory of social media and positive impact on job search would boost PRSNL profile and expand the brand simply by word of mouth.
We believe the right value here is a balanced approach to price/quality ratio