According to a study by the New York-based Association of Executive Search Consultants, nearly 50 percent of executives were searching for brighter horizons by considering an industry change. This is a great idea! Changing industries can open up a broader range of opportunities to reinvigorate a stalled career, rescue you from a declining sector, allow you to stay within a desired geographic location or help you to survive a rash of outsourcing.

Although product and industry knowledge are often important, it's possible to make a successful industry transition through a focused, systematic process — without having to reduce your compensation level. Unless a position requires industry-specific technical knowledge or contacts, you can build a clear case for your ability to succeed in a new industry. In fact, some employers even relax their search criteria as hiring picks up, opening up the door to industry transitions.

The key is to move to a related field. The closer you stay to your industry, the greater the probability of obtaining a comparable salary because there is a shorter ramp-up period for learning the new business. Such factors as the complexity of the business, number of product lines and customer groups and the culture and size of an organization can affect how you'll transfer your skill set to a new environment.

If the thought of marketing yourself to an industry in which you do not have expertise seems daunting, here's how to gain the confidence you need and avoid vital mistakes in your search.

These six steps can guide you smoothly though an industry change, and help you avoid any roadblocks.

1. Choose a sector aligned to your current industry. Your transition will be easier if you choose an industry with a similar focus. For example: if you're in the transportation industry, moving from the railroads sector to trucking and freight, airlines, shipping or air courier services would be a closely aligned transition. If you're in finance, related sectors include commercial banks, savings and loans or government insurance.
   
   Recruiters will see that many of the business issues you've solved in the past will be similar to those you would face in the new industry. You'll also have a shorter learning curve than candidates from completely different industries, which will give you an edge in salary negotiations.
   
   
2. Select a high-growth industry. In downward-turning industries, there's an abundance of unemployed executives with industry experience to choose from, so your chances of getting the attention of a hiring executive are slim. However, high-growth industries are generally more open to change and fresh ideas, and are in greater need of candidates.
   
   
3. Conduct extensive research on potential new industries and specific employers. Do your due diligence and immerse yourself in the target industry. Utilize the extensive resources of the Internet, your public library, trade publications, conferences and your network to learn about the industry and future trends. The more you understand about the new industry, the more confident you'll be.
   
   
4. Identify your transferable skills and create your unique selling proposition. Once you understand the inner workings and trends of your target industry, you'll have a better understanding of the challenges and needs faced by that sector. Determine the particular skills that are required — again through your research and by talking to industry professionals. Are those the skills that you know how to do? If not, what's missing and is it something you can readily develop?
   
   As an executive, you possess a number of core competencies that can cross over to new industries and organizations. Review your career with a focus on your skills and accomplishments that can apply to your new industry.
   
   
5. Write a focused resume and cover letter directed toward your new target industry. When writing your resume, downplay your current industry and jargon associated with your specialty. Avoid generic/vague phrases in the profile such as 'visionary executive with extensive experience in managing departments and people.'
   
   Select relevant responsibilities and success stories and present them in a manner that connects them to the target industry to prove that you can produce the results they need. At the interview, be prepared to convince the hiring authority how your skills and accomplishments can be applied to that organization to solve their business challenges.
   
   
6. Consider applying for positions in smaller firms in your target industry where the opportunities may be more abundant. Smaller firms are more likely to consider hiring those without industry experience. Small- to medium-size organizations have fewer management levels and may not have the right talent to promote from within. These are great opportunities.

On a final note, as with any job search, doing your homework is paramount. Although changing industries can pose quite a challenge, thorough preparation, a written plan, solid execution and persistence can yield the results you desire — a more personally and professionally rewarding career.