Thought leadership may be one of the newest popular buzzwords in business strategy. It’s somewhere up there with “lean manufacturing” and “influencer.” What is thought leadership, and is it really that important for business owners?
Thought leaders are the go-to people in their field. For example, if you’re looking for ways to better lead and manage your employees, you might seek advice from Simon Sinek, Brene Brown, or Malcolm Gladwell. People seek out these individuals for wisdom because thought leaders know their industries or fields of study so well they have new and innovative ideas to share.
Yet, thought leadership doesn’t stop with academics-gone-authors or retired industry CEOs. Anyone can become a thought leader, and as a business owner, manager, or division executive, it can help grow your business and boost your bottom line.
How becoming a thought leader in your industry benefits your business:
- Other people seek out insights, feedback, and advice from thought leaders. People will seek you out once you’ve been identified as a source of new, relevant, and interesting information about your industry. Sharing what you know about your industry will draw more people to your business.
- People who find your information useful or insightful frequently share it with others. Chances are you’ve read an interesting article about your industry and shared it on a social media platform like LinkedIn or Facebook. Yet there’s another way people share articles that directly benefits your online presence–by sharing your article or video’s link on another website. When Google detects readers of your website are sharing links to your pages on other websites, it gives you more “points” in its algorithm, which means you’re more likely to get a higher SEO ranking.
- Sharing industry expertise makes you and your company trustworthy. People develop a higher level of trust in businesses that share what they know about their industry and are knowledgeable enough to include innovative insights. Just as you are more likely to take the advice of friends who know what they’re talking about, consumers are more likely to shop with businesses they trust. It is paramount for some industries like financial services, with 98% of consumers reporting that trust is a critical component in determining which financial company to do business with.
- Thought leaders are invited to speak at public forums. While the thought of public speaking may strike fear in the hearts of many, participating in local roundtable discussions or even hosting a session at an industry conference is a great way to give your company more visibility. Not only will potential customers become aware of your goods and services, but they are also likely to tell their colleagues about the exciting information you shared.
- Thought leadership helps support your brand. Your brand tells a story about who you are as a company and why people should do business with you. There are many aspects to a brand, but several are directly tied to expertise and trust, including your values, brand promise, competitive differentiation, and brand experience.
- People want to work for thought leaders. Chances are, your company is struggling with recruitment right now. In 2022, attracting and retaining qualified employees is one of the top concerns most companies are talking about. Being recognized as an industry expert with innovative ideas and visionary capacity is desirable to candidates hoping to grow a career with a strong company.
Sounds good, but how do you become a thought leader?
It’s one thing to know it’s essential, and it’s another to do it. Continue to follow our blog for more information about how your company can become recognized as a thought leader in your industry.
Paradux Media isn’t just a marketing agency. We’re a group of professionals with executive-level leadership who can help your team develop world-class strategies to get the results you desire. We know that marketing plans only work when backed with a robust organizational structure and sound operational practices. Contact us today to learn more.