Thought Leadership. However, the direct translation from English, “thought leadership”, is not of much help if you want to understand the content and the deeper meaning. The term first appeared in management language in the 90s in the USA. In 1994, Joel Kurtzman, editor-in-chief of Strategy + Business magazine, used the term as a term for industry leaders who create innovation and new thinking in their own industries.
Fundamentally, Thought Leadership is about taking active leadership in your industry. To be the one who manages to set the agenda and create relevance through knowledge, insight and dialogue – for the benefit of selected target groups. Often this can also be part of a content marketing strategy. A good Thought Leader “sells without “selling”.
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How do you become a “Thought Leader”?
In an article from INSEAD, the authors, Vip Vyas and Diego Nannicini, tackle what it takes to become a recognized Thought Leader. According to them, one thing is certain: Thought Leadership does not occur by chance, it is the result of focus and great dedication on the part of management in answering cutting-edge questions within a given area of expertise. Thought Leaders work continuously to create a platform to spread their thoughts – this can be, for example, keynote presentations, conferences and relevant pro-bono work.
According to the INSEAD article, the best Thought Leaders are credible and relevant, they often have surprising ways of solving long-standing problems, and industry professionals perceive their knowledge and insight as worth investing time, effort and money into.
Reinforce the role of Thought Leader
A number of concrete actions on an individual level can help to strengthen the role of Thought Leader:
- To socialize with experts inside and outside the organization – both competitors and other business partners.
- To be able to collect and analyze data from one’s own industry.
- Getting “below the surface” by exploring assumptions and hidden paradigms.
- To generate research that can support – or disprove – original assumptions.
- To create opportunities to spread views, e.g. via conferences and social media.
Good examples of Thought Leaders
Examples of great and well-known Thought Leaders include John F. Kennedy, Steve Jobs and Bill Gates. But smaller can of course also do it. Basically, “everyone”, regardless of the size of the company or organization, can create a platform where they shine through as the expertise within their industry and niche area – whether it’s a company with a focus on IT security, a fashion store or a recruitment agency.
Implementation of Thought Leadership
The companies that embrace Thought Leadership as a growth strategy are both market leaders and responsible, and they relate differently to the commitment and interest of customers and clients. A successful implementation of a Thought Leadership initiative, as part of the overall strategy. First, it will require the organization to share what it is known for, by being transparent and open in relation to the organization’s best practices, and sharing them with customers and clients.
Second, the initiative requires management to let go of the past and focus on the present to improve the organization and the clients’ future. Third, it requires the company to think new and differently in relation to industry standards and accept that the traditional methods may no longer be as good as they once were. Once these things are recognized, the company can start a collaboration with customers and clients to jointly create the best future.
