What is Thought Leadership?

Thought leadership is an essential tool for both brands and influencers. Solid thought leadership content such as blogs, social media posts, podcast appearances and books can help build authority and promote a company’s services or goods. Thought leaders share their insights and experience about a specific business field or niche.?

What do CEOs, inventors, economists and influencers have in common?

People care what they have to say. These sought-after individuals often have valuable advice to share. Executives and business leaders show dedication and a strategic mindset, so it is only fitting that many want to build a brand by sharing their advice.

This is thought leadership. The practice of thought leadership seeks to use content marketing, video production, social media savvy and influence to share wisdom with others. Companies may use thought leadership as a promotional tool to sell services, particularly in the B2B field.

What is a Thought Leader?

A thought leader has an informed, respected opinion about a subject or field of expertise. Thought leaders are consultants, authors, coaches or even businesses. Qualities thought leaders often have include:

• Experience.
• Knowledge.
• Transparency.
• The ability to “think outside the box.”
• A desire to share wisdom with others.
• Strong opinions.

Why is Thought Leadership Important?

While thought leadership as a term may be a relatively recent development — especially as it relates to online marketing — it is not a new phenomenon. Thought leadership has existed for years in self-help books, TED talks, opinion columns and other media.

Thought leadership in content marketing and public relations goes beyond influencing others. It can be a powerful tool for building a personal or business brand. But for companies like tech start-ups and even large corporations, the practice of thought leadership can humanize that brand.

Some brands are synonymous with their founders. The business practices of individuals like Reed Hastings (Netflix) and Steve Jobs (Apple) inform the culture of those companies.

Benefits of Thought Leadership

Why should anyone, from a CEO to a brand itself, engage in thought leadership? From a business perspective, thought leadership can fulfill several vital needs. The best types of thought leadership content can:

• Generate consumer interest.
• Drive brand awareness.
• Demonstrate a company’s unique selling proposition.
• Convert leads.
• Foster loyal customers.

Thought leadership can feed publicity for a company. Reporters, bloggers and influencers love to work with experts in fields that excite them. This can lead to exposure for a brand or product.

Building up a thought leadership platform is also a boon for content creation. Because a person can share their message through practically any platform, it allows businesses, brands and influencers to disseminate information through podcasts, videos, blog posts, sponsored content and even directly on social media feeds like LinkedIn.

Thought Leadership Examples

Where does thought leadership live? What does it look like in practice? Good examples of thought leadership include:

• YouTube videos or podcasts from leading experts in practically any field, from web development to personal finance.
• Data-driven lists of leading voices in a variety of fields.
• Business blogs like the American Express Business Class Blog.
• REI’s website for aspiring outdoor enthusiasts.

How to Establish Yourself as a Thought Leader

Developing the skills to be an influential thought leader does not happen overnight. It takes more than one post on LinkedIn, podcast appearance or even book deal to make it happen. But by cultivating credibility over the long haul, it can happen.

Determine the Area of Expertise

Good thought leaders focus on an area of expertise and stick to it. They do not look outside their niche, at least not at first. And if the influencer knows a lot about an industry, it may make sense to do a deep dive and home in on a particular niche inside that industry.

Stay Current with Industry Trends

The best influencers acknowledge and learn from industry trends. This is especially true in tech-related fields and digital marketing, where things shift so quickly that some thought leaders can find themselves in the dust if they fail to keep up.?

Learn from Peers In Your Field

Sometimes the best knowledge comes from someone else. Great thought leaders not only understand that but thrive on using that information to develop their strategies. No one’s experience is universal in business or life. But thought leaders continue to cultivate and resonate with their audiences by sharing and learning from one another's stories.

Boost Industry Presence

Thought leadership is an extension of a person’s or a business’s brand. That means building an authentic reputation is essential. In addition to the traditional in-person modes of networking that come from conventions, speaking engagements or networking events, bolstering a brand through social media like LinkedIn and Twitter can help increase visibility for thought leaders and their ideas.

Risks and Challenges of Thought Leadership

Thought leadership does have some risks and challenges. Not knowing when to defer to other experts (or invite their perspective) could lead to lost credibility. Business leaders who focus too much on their areas of expertise could then miss out on other ideas they otherwise could've gained through collaboration.

Some thought leaders go against the grain and therefore invite more scrutiny upon their ideas. This could lead to criticism from those who may disagree with the thought leader’s perspectives.

Also, if a thought leader’s ideas read as either too generic or inauthentic, they could fail to pass the smell test for self-promotion. As a result, the intended audience may not engage with the material because the thought leader does not tailor the message.??

Final Thoughts: Is Thought Leadership Right for You?

Thought leadership can be valuable in an organization’s public relations and promotional kits. But building an effective platform for thought leadership involves a detailed content strategy and finding the right messenger to deliver it.

People who want to pursue thought leadership must first explore their reasons for doing so. Is it because they have an irrepressible message or viewpoint they must share? Do they have the drive and stability to continue sharing that message??

Curiosity and intelligence are hallmarks of any effective thought leadership strategy. Once a person or brand starts down that road, they should be willing to commit to it for as long as it takes to be successful.

Top Takeaways

• Thought leadership is the sharing of ideas, insights or expertise with an intended audience.
• Thought leaders can promote themselves via social media, books, podcast appearances or video content.
• Brands can be thought leaders, too.
• Thought leadership has its risks, such as appearing inauthentic.

(Reporting by NPD)