Always be learning about your industry and beyond.

Industry knowledge is an invaluable asset and goes a long way in accelerating your career toward a leadership position and keep you there.  Of course, it is better to learn beyond as today there is a lot of cross-pollination between industries and sectors.

The industry knowledge is not just about how the sector works – which is a part of the job skill you will need in many cases – but the general happenings, future trends, history, competitive dynamics, executive successes and failures, cultural tidbits, and latest news, insights, and analysis.

As the famous adage says, “Always be learning,” industry knowledge is indeed necessary to rise above your peers and standout.

In his famous book, Future Shock, Alvin Toffler writes, “Every person carries in his head a mental model of the world – a subjective representation of the external reality.” He suggests that this mental model is akin to a giant filing cabinet in our brain with a slot for different nuggets of information in diverse areas.

Your goal should be to broaden the knowledge base or this mental model and then be able to draw nuggets of wisdom as situations warrant.

The source of knowledge can be from industry-related books, biographies, executive profiles, magazine articles, blog posts, analyst reports, conference speeches and the like. Of course, talking to industry colleagues and consultants (who work across multiple clients in the same industry and sometimes across sectors – if they are horizontal specialists) helps as well.

Always be Learning about your industry and beyond:

Books: Books are a great source of cultivating knowledge and crystallizing it into wisdom that will last for many years.

We are not talking about technical books here, which are of course necessary for your job skills. But if you are looking at growing your career, reading about the industry – both its history as well as contemporary events – is paramount.

For example, if you work in the advertising and marketing industry, it is easy to dismiss everything today is digital and hence different. But learning about the experiences of industry giants will bestow a keen insight and hone your skills to apply to your situation.  Let us assume you read books like “Confessions of an Advertising Man” by David Ogilvy, the doyen of advertising or “Positioning” a masterpiece by Al Ries and Jack Trout, “Made to Stick” by Chip and Dan Heath. Reading such books expands your horizons sharpen your mind. Also, when you present your ideas and pepper some thoughts from these marketing and advertising experts, your intellect will shine, and your job/career prospects brighten.

Similarly, if your career is in the technology industry, books like “Odyssey: From Pepsi to Apple” by John Sculley,  or “The Innovators: How a Group of Hackers, Geniuses, and Geeks Created the Digital Revolution,” by Walter Isaacson, or “The Lean Startup” by Eric Ries, or “The New New Things,” by Michael Lewis will help you gain a broader perspective beyond your cubicle vision.

Or if you work in the finance industry, books like “Barbarians at the Gate: The Fall of RJR Nabisco,” by Bryan Burrough, or “Den of Thieves,” by James Stewart, or “Liars Poker,” by Michael Lewis, or “The Partnership,” by Charles Ellis (about Goldman Sachs), or the “Too big to fail,” by Andrew Ross Sorkin, will stand you in good stead.

Blogs, Magazines, Analyst Reports and other sources:

As important as books are, they are a static medium spanning a set time period (whether the time horizon is short or long) and built around a topic (whether the issue is expansive or focused).  So, in addition to the industry books, it is imperative you inculcate a habit of reading magazines, blogs, analysts reports’, and newsletters, etc.

There are general business magazines like Bloomberg Business Week, Fortune, and Forbes.  And for each industry, there will be specialized trade publications. Pick a few to get a diverse perspective so that you can develop your point of view.

And there are hundreds or even thousands of blogs. It is essential to identify who the industry influencers are and also their vantage point about your industry.  Read divergent perspectives and take each opinion with a grain of salt.

Industry analysts briefings and reports are a quick way to gain a deeper insight into an industry.  A report by Gartner, IDC, Forrester, and their ilk is often the first page of an executive presentation and mostly like the industry overview section.

Peer Interactions:

Peer interactions can happen at multiple levels.  Going out and chatting up with your college buddies who work in different companies but in a similar industry can be a great source of insight.

Or more formal events like industry trade shows and conferences also provide a window into the industry in a quick day or two.

How do you synthesize such diverse knowledge and sources and assimilate the knowledge?

One of the challenges with reading and learning is the clutter and conflicting views

Remember, each book or article or a blog post is an individual (or a team of co-authors) perspective of the industry.  So, if you look hard enough, you will see both doomsday predictions as well as sunshine and green shoots perspectives. What do you believe? Whom do you trust?

.  It is important to have internal filters in your brain to sift through such information and develop a coherent personal philosophy and a mental model.

So when you read about the industry from anyone, read intently, think coherently, and employ skepticism against both gloom and boom scenarios.  Over some time, you will understand the ability to synthesize and create a narrative of your own.

Another challenge is assimilation.

Once you get to a level where you can develop a mental model of your own and a specific POV (point of view), then you can use different techniques to assimilate and ingrain the learnings.

Use the tidbits in your work: Whether you are preparing a presentation or writing an internal paper or talking to your colleagues, try to use the knowledge nuggets. Using something is the best way to assimilate and ingrain into your brain.

Another way is to share and spread knowledge.  Today, internal communication tools within corporations like SharePoint, Slack, Evernote, and others make it easy to share the experience. And of course social media a haven for sharing the knowledge – whether it is Twitter, Reddit, Linkedin, Facebook or any other social media platform of your choice.  Instead of just sharing a direct link, if you append a concise summary of what you think, it would be the best way not only to assimilate but also share and spread the knowledge.

Sharing your views along with pertinent links has another positive aspect. It will enhance your industry standing, eminence, networking opportunities, and business leads/job offers.

Leaving the best for last, you can manifest your industry knowledge by contributing to industry publications or creating your own blog.  If you are successful and your viewpoints resonate, you will gain the status of an industry guru which will lead to speaking opportunities and better career prospects. Also, it will satisfy your intellectual curiosity and find an avenue for channeling it for the overall good of the industry you work in and earn a livelihood.

Good luck. Always be learning about your industry and beyond.

Related Books: