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What Does It Take to be a Thought Leader? - Firebrand

Thought leadership. Ask three people to define it and you’ll get three different answers. It’s aspired to by some as a desirable end-state and dismissed by others as an expensive vanity project. But, for many brands, it can be the key to communicating your value and it’s not going anywhere soon. So, in this new series of blog posts, we’re unpacking the meaning of thought leadership and showing how — and why — to build a successful thought leadership program.

What is thought leadership?

Simply put, thought leaders have, well, leading thoughts. They share ideas and expertise that reshape the industry or guide others. Examples include category creators, pioneers of a new industry standard, or sought-after experts on a topic.

What is it \_not\_?

Thought leadership is often used as an umbrella term for any content that is not a product data sheet, sales deck or news announcement. You’ll see the term applied to everything from listicle blog posts to opinion pieces, how-to guides, data reports and white papers. While all those things can be vehicles for thought leadership, they are not automatically so. It’s the nature of the ideas and advice expressed in the content that determines whether it’s true thought leadership — not the format. Are the ideas new? Is the expertise deep? Does it provoke discussion or inspire new ways of thinking or acting? If yes, then it’s thought leadership. If it doesn’t it could still be useful, good quality content, but it won’t move you closer to the goal of being a thought leader.

Can a company be a thought leader, or only individuals?

Technically, a company doesn’t have thoughts so it can’t be a thought leader. But it can be a \_home\_ to thought leaders. If the individuals within the company have industry-leading ideas or expertise, the company can leverage those to its benefit. An organization’s thought leadership strategy is then, effectively, a strategy to promote individuals’ expertise and ideas in a manner that is cohesive and aligned with the mission of the business.

So it seems like a lot of work. Is it worth it?

A thought leadership program is a commitment, to be sure. Being known and respected for your ideas and expertise doesn’t happen overnight. But, for many companies, it is well worth the investment. Quite apart from the fact that thought leaders by definition have higher visibility (and what self-respecting startup marketer doesn’t want to increase awareness of their brand?), thought leadership might actually be critical to your value proposition. Surveys have shown that decision-makers are influenced by thought leadership: 90% are more receptive to sales outreach from companies with quality thought leadership and 75% said it prompted them to research or consider a company that wasn’t previously on their radar.

Consider whether the following apply to your business:

Are you solving a problem for customers?

Is part of the value of your product the expertise and IP built into it?

Do you aim to be a strategic partner to your customers?

Are your buyers risk-averse or do they care about vendors’ long-term stability?

Do they care about the values of the companies they buy from?

Is your product a high-consideration purchase?

Does buying your product require customers to break with their conventional practices?

If you answered yes to any of these questions then your expertise is an essential part of your value proposition. And that means you have to communicate that value if you’re to win deals. You need to be seen as a trusted advisor — in other words, a thought leader.

Is thought leadership right for startups?

A thought leadership program isn’t usually the first priority for startups embarking on their marketing. Getting the demand generation engine running and building basic awareness come first. But, if thought leadership is part of your value proposition, there’s an argument that it should come pretty high in that priority list.

Startups need to build credibility and prove they have the depth and breadth of expertise to be an enduring partner to customers. If they’re introducing an innovative or disruptive approach, they will have to educate customers. They also have to be more proactive in order to stand out and, when they can’t outspend competitors, they need to outmaneuver them with noteworthy ideas. The chances are, they are already genuine thought leaders, with a novel idea being the very genesis of their business. For all those reasons, a startup can be an ideal candidate for thought leadership. And the good news is, thought leadership programs can be right-sized for startup budgets.

What does it take to be a thought leader?

There are a number of ingredients necessary for thought leadership. They can be considered as a hierarchy of needs: you can’t add the higher tiers without having the lower ones in place. You can see results from just operating at the lower tier, but the more evolved your thought leadership program is, the greater impact it will have on your business.

The Thought Leadership Hierarchy of Needs

Expertise – The most fundamental requirement of thought leadership is deep knowledge of a subject. It could be technical (e.g. an incredible team of AI experts or cybersecurity researchers), commercial (e.g. proven success with a unique business model or sales approach), market-based (e.g. deep knowledge of a particular vertical or demographic group), academic (PhDs or published authors known for a theory or discovery) or topical (e.g. being an authoritative source on an issue in the news).

Insight – It’s not enough to simply share knowledge. Thought leaders guide others by illuminating facts with insights. Data (surveys, platform data) are often the cornerstone of a thought leadership program, but for true thought leader status, it’s essential to interpret the numbers for readers by adding useful insights or new realizations.

Opinion – Thought leaders have a point of view. They shape industries by challenging assumptions and, drawing on their expertise and insight, putting forward new ideas. They accept that not everyone will agree with their opinions because they know that, unless there is some dissent, it’s not really a leading thought.

Value – Thought leaders need followers — and no one follows if there is no value to them in doing so. Your insights and opinions must focus on what matters to your audience. Are you touching on the issues they care about? Are you helping them solve their problems? Or are you just talking about yourself?

Purpose – A true thought leadership program inspires others to change their thinking or behavior. What is the impact you’re aiming to drive? Hint: it can’t only be to buy your product. That’s demand generation, not thought leadership. Yes, you should expect to see revenue growth as a result of your improved visibility and reputation and because you’ve effectively communicated your value. But the real purpose of a thought leadership program should ultimately be broader. For example, you might drive buyers to change their RFPs or start treating a technology purchase as a more strategic initiative. Having a broad purpose in mind will ensure your thought leadership efforts don’t show up as thinly-veiled lead generation, an instant turn-off for audiences and a sure-fire way to undermine your investment.

Action – Thoughts are great, but actions speak louder. What can you do to demonstrate your leadership? This could be as simple as creating free resources: checklists, guides, templates or action plans. It could involve putting money where your mouth is, e.g. funding a scholarship, signing a pledge, creating a new role, organizing an event.

What are the steps to becoming a thought leader?

So now you’ve determined that thought leadership is a worthwhile investment and you think you have what it takes. In part two of this series, we’ll explore the steps you can take to build the profile of your organization’s thought leaders, including how to define your unique thought leadership position and how to communicate and promote it. We’ll also cover the common mistakes brands make when attempting thought leadership: the missteps that lead to abandoned programs, wasted spend or, worse, alienated buyers.

Original source: https://www.firebrand.marketing/2024/11/what-does-it-take-to-be-a-thought-leader

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