Is Your Company Ready For A Thought Leadership Program?
Reprinted with permission
By Rhea Wessel
Many B2B companies are turning to thought leadership programs as a way to differentiate themselves in the market.
At a glance, it’s tempting to look at established thought-leadership efforts, for instance from firms like IBM and Accenture, and imagine how easy it would be to replicate those efforts.
But creating a thought-leadership engine takes a substantial commitment—time, resources, and expertise. And it’s a journey that may seem daunting, particularly for smaller firms.
To understand if your firm is ready, look for these signs.
1. You Recognize the Value of Thought Leadership and the Fit for your Company
Knowing your firm is ready to start a thought leadership program often begins with a clear understanding of the value of thought leadership.
When you see competitors or peers in the market selling more because of the insights they share, you may start to recognize that your firm’s knowledge and unique perspectives could also boost sales.
Bob Buday, an expert on thought leadership, says that thought leadership is particularly effective for B2B firms selling complex solutions in crowded fields, where nuanced insights can attract clients by demonstrating expertise.
In a recent interview, Buday said, “If a company is solving a complex problem, thought leadership may be the right choice. Coke and Pepsi solve the problem of consumer thirst for a soft drink. That’s pretty simple. They solve for ‘What do I want to drink right now.’ In contrast, customers of a management consultancy, law firm, software maker or accounting firm have problems that are quite complex.”
In his book, Competing on Thought Leadership, Buday lays out two axes and shows where image marketing, product marketing, and thought leadership marketing are most appropriate. Coke and Pepsi are in the image marketing zone (simple problem/simple solution). A sports utility vehicle would be largely in the product marketing zone – selling on the basis of features and functions (e.g., more horsepower, off-road traction, more seats, better gas mileage, etc.). Thought leadership marketing is in the upper right: meeting complex customer problems with complex solutions to those problems.
2. You’ve Experimented, with Hiccups
Another indicator that your firm may be ready for a thought-leadership program is that you’ve already dabbled in thought leadership.
Maybe you’ve encouraged your teams to publish articles or create content to gain visibility, only to find that it didn’t yield the traction you anticipated. Or the things your experts wrote weren’t really up to par, even if they did have some good ideas.
While some may see this as a setback, it’s actually a valuable experience.
Thought leadership isn’t about one-off projects in an organization; it requires a structured approach, involving research, storytelling, and consistent messaging. To do it consistently, you’ll need expert guidance and a formalized approach to overcome initial challenges.
Collaborating with an experienced thought-leadership strategist who knows how to turn your firm’s expertise into effective content can make or break your program.
3. You’ve Budgeted and Made Thought Leadership a Priority
For a thought leadership program to succeed, it must be supported by resources—both budget and talent. Smaller firms often have fewer resources than the IBMs of the world – but thought leadership can deliver returns disproportionate to its initial investment, if well-executed.
For instance, a structured thought-leadership program can help firms amplify their presence and win out over larger rivals. Or large players in small niches can build brand equity for their firms with thought leadership. Gensler, a global design and architecture firm, scaled thought-leadership operations across multiple platforms in 2020, increasing its pageviews, followers on social media and subscribers.
Keep in mind that commitment to launching a thought-leadership process goes hand-in-hand with budgeting resources for content creation, research, and training internal experts to consistently share insights that reflect the company’s unique strengths.
Rolling Out a Program
A thought-leadership program is best introduced in phases. The three foundational phases before execution are:
Discovery: This phase focuses on identifying what unique insights your firm brings to the table. For example, what industry knowledge do you possess that could serve as the foundation of your thought leadership? Discovery steps include internal interviews, gathering market research, and outlining the key themes that set your firm apart.
Messaging: Here, the raw material from the discovery phase is shaped into a consistent narrative. In this phase, it’s crucial to develop messages that reflect the expertise and values of your brand. You need to frame your ideas in a relatable and relevant way, so your messages resonate with the audience while aligning with your business goals.
Strategy Articulation: Once your core message is defined, the next step is to articulate a strategy that identifies the types of content and the channels to be used, among other things. This step requires evaluating your target audience’s preferences and behaviors to choose the most effective content formats, whether that’s long-form articles, research reports, social media, or webinars. The right mix of platforms and formats is essential to ensure your thought leadership reaches and engages the intended audience.
Thought Leadership Programs Can be Seen as Change Programs
Keep in mind that executing a thought-leadership program requires organizational change to workflows and roles. That’s why the foundational steps are so important.
In essence, when thought leadership is new to a company, a thought leadership program is a change program: You’re enabling your experts to share their best ideas within a new framework and context. That’s new and different and needs to be formalized to sustain the effort for the long term.
If your firm recognizes the value of thought leadership, has faced and learned from initial hurdles, and is committed to investing resources, then it may be time to formalize your thought leadership content-creation efforts.
An intentional, phased approach will allow you to build a sustainable program that not only showcases your expertise but positions your firm as a trusted advisor in your field.