A New Approach to Thought Leadership
The Traditional Approach: Thought Leadership as Marketing Content
Thought leadership is both a way to provide clients with needed information and analysis and a way to enhance a firm’s or a business or legal advisor’s reputation. Thought leadership, however, is often thought of as simply an extension of marketing content. This thinking often results in thought leadership that has the wrong focus and that provides an inadequate return on investment.
When thought leadership is an extension of marketing, publications are often limited to keeping clients and the market updated on information ranging from rules and regulations to industry trends and data. An example of this type of publication is a short, factual summary and analysis of a new rule or regulation. The strategy behind this type of publication is to demonstrate the author’s knowledge and to help professionals and clients stay informed on important information in the hopes that the client will come to you for additional advice.
This approach to thought leadership is often expensive and does not provide a sufficient return on investment. Using generalist marketing writers often results in professionals having to spend too much time reviewing content. This takes valuable time away from client services and results in a significant opportunity cost. It has the effect of adding the time spent by professionals on top of the cost of marketing writers, resulting in an overall cost that outweighs the return on investment.
Adding to the cost, this approach to thought leadership is also ineffective, as the publication often simply provides the client with public information or it becomes indistinguishable from other marketing content. It does not directly engage with the client or the industry at large. It also does not provide the level of analysis for the business or legal advisor to become a key source of insight.
A Different Approach: [Thinking of] Thought Leadership as a Client Service
Companies and executives should take a different approach to thought leadership by approach it as a service to clients. Publications should bring a client’s attention to an issue, influence their thinking through unique insight and analysis, and provide them with actionable information that they can use to respond to the issue. In other words, it is a client service and a resource for educating clients and engaging with your industry. The strategy behind this type of thought leadership is to demonstrate not only knowledge but also higher level capabilities. More than simply a source of information, it can help business and legal advisors enhance their reputation as a trusted advisor.
Shifting the focus of thought leadership will require companies and executives to move thought leadership away from marketing content creators and to subject matter professionals skilled in thought leadership development. Companies should use professionals who are knowledgeable of the subject matter, can develop ideas and execute with minimal input, and can provide a final product that is interesting and appealing to the reader. This change will help companies and advisors shift their thought leadership from an emphasis on information to an emphasis on analysis that clients can apply in their businesses. The higher upfront costs in such an approach can result in a better overall product, reduced time to market, and a greater return on investment.
This shift in the focus of thought leadership is an appropriate change in response to the growing uncertainty in business policy. It can help business and legal advisors seize the opportunity to help clients understand the changing policy environment and become a key source of insight on policy issues.