Modern Career Advice
William Chung, Managing Partner at Modern Career Advice
For most of us, the luxury industry is considered to be the "Creme de La Creme" of our economy. Filled with Lavish parties, extravagant events, champagne and caviar. But what most don't know is how to make the first step - the first step in getting your foot into the door. This is why I partnered with William Chung, managing partner at Modern Career Advice, the leading organization with one mission - launching your career.
Modern Career Advice has built a long track record of tangible results by helping working professionals land more interviews, more offers, and more pay that they otherwise wouldn't have landed without Modern Career Advice's data-driven, scientific, and analytical strategies.
Currently, Modern Career Advice is partnered with UC Berkeley’s Alumni Association where we provide 450,000+ graduates our job search and career management-related strategies.
Just for MillionairesView, here's an exclusive article to give you the boost you need to conquer your luxury career:
There is no doubt that getting into the luxury industry is notoriously difficult, and that’s rightly so. However, it’s important to note that it’s not because there are people out there intentionally making it difficult. It’s actually just because of simple economics. Let’s break down the problem:
The issue with markets that contain a group of major, powerful brands is that it’s extremely difficult for newcomers to break in, even if they’re producing a product with higher quality. Sure, having a good product is important, but it doesn’t mean anything if no one knows about it. When a new brand enters the space, their competition is major players with millions in their advertising budget and 60+ years in the space, and you can bet their competition is intent on making sure no one knows about them. In a space dominated by big brands, there’s a lot of competition, and that means there are a set, finite amount of jobs available. So that means if you’re looking for a job – you cannot afford to mess up any opportunities you have.
The only thing worse than a job market with a set, finite amount of jobs is the fact that people aren’t looking to leave those jobs. Luxury brands promote a grand, luxurious lifestyle, so it’s not surprising that no one wants to leave the allure of working around such affluence. The incentives that motivate people in the industry speak for themselves: people work not only because the pay is competitive, but because they also love the brand and lifestyle that they inherently represent. That means that to compound on the last problem of a nonmoving, constant number of jobs, people don’t want to leave, and that means there’s even less opportunity.
HOWEVER, while these problems are true, don’t despair because there are ACTUALLY a few different ways to break in. We know it’s possible because we’ve worked with people in the most competitive industries that are just, if not more difficult to break into, and we have some tips for you.
TIP #1: Converting Cold Relationships into Opportunities is a Huge Skill
It’s a well-known fact that your warm network is important and a great place to start, but going back to the problem, this industry is rather small. As a result, it’s going to be unlikely that someone you grew up with or went to college with someone in the industry. The only other option remaining after people you know is people that you don’t, so it’s important to find the right person you want to connect with and convert them into an interview. While admittedly that might sound impossible to start with, check out this video for some pointers:
TIP #2: Network With People At The Top That No One Else Has Access To
It’s clear that while networking is one of the most overused strategies out there, that it’s also usually done incorrectly. There are only two ways to beat someone: be naturally better or start earlier. Considering the first way is pretty difficult to control, you have to start earlier. But that’s where everyone gets it wrong: when it comes to interviewing, the best way to “start earlier” is to have an advantage before the interview even starts. In an interview, credibility and trust are the two most important buying criteria that you can establish. And how do you solve both issues? You MUST talk to senior level people that are above the hiring decision. Skip the recruiters – that means DO network with directors, senior vice presidents, and C-level executives, etc. That way, you will have the odds in your favor, because your interview is being exclusively supported by someone far above the people interviewing you.
TIP #3: It’s About Being the Best Choice, Not Being Able to Do the Job
A big error that people make is that they sell themselves on being able to do the job, when the biggest issue is if they even belong in the club. Remember, by the time you make it to your second or final round interviews, pretty much everyone can do the job. The playing field is level, so the only way to shift that in your favor is to change the interviewer’s buying criteria in favor of yourself. You need to make sure that you position yourself so that you are seen as the best fit for the position and the best person to have a working relationship with. So, don’t stop reinforcing that you can do that job, but remember that that is not enough. While doing that, you also must build a case for why you’re the #1 contender and not only can you do the job, you’re also the most qualified.