Is ‘thought leadership’ right for you?

Whenever we start work with a new client on developing their executive profile – personal brand – the brief almost always states that one of their core objectives is to be positioned as an industry ‘thought leader.’ But, as you will discover, thought leadership status is both hard-earned and – despite the hyperbole on sites such as LinkedIn – it is not for everyone.

Before delving into this, it is worth pausing for a moment to consider what we mean by ‘thought leader.’ So, here is a short history of the term’s origin and how it is manifest in today’s business world.

The birth of thought leadership: A modern concept

The earliest definition of ‘thought leadership’ dates to 1994, when Joel Kurtzman, then editor-in-chief at Strategy+Business magazine published by PwC – an excellent read I might add – said in an article:

“A thought leader is recognised by peers, customers and industry experts as someone who deeply understands the business they are in, the needs of their customers and the broader marketplace in which they operate.

“They have distinctively original ideas, unique points of view and new insights” to report at more frequent intervals.”

The use of the term ‘thought leader’ was relatively sparce for more that 25 years after Kurtzman provided the definition above. But that changed in 2020. The Covid-19 pandemic sparked an explosion in the number of people self-proclaiming thought leader status.

This was a direct response to the growing need among business leaders for sense-makers and ideas generators to help increase their understanding of what was happening and how they might better navigate the increasingly choppy and unpredictable economic waters we all found ourselves submerged in.

Indeed, within three months of the start of the pandemic, there were 1.1 million people on LinkedIn whose job title included ‘Thought Leader.’ By mid-2021, that number had rocketed to 1.6 million people – an increase of 45% - where it remains today.

What it takes to be a thought leader

A client once described me as ‘The thought leader on thought leadership’ – such has been my personal interest and commentary on the subject for more than a decade. This interest in the topic - combined with more than 20 years of developing thought leadership programmes for senior executives, founders and entrepreneurs – has led me to identify the traits that make someone a true thought leader.

For me, a thought leader understands the primary challenges, pains, and issues facing their target audiences. They offer relevant and timely perspectives and original ideas that differ from their peers on how each of these can be addressed. This is done through a variety of methods – blogs, company articles, newsletters, podcasts, piece to camera videos, commentary in the media, and speaking engagements at key events.

They recognise that sharing the same perspectives in the public domain as every one of their peers will not make them stand out. At the same time, they recognise there may be an element of risk involved if such perspectives prove controversial and too left field.

This makes them more willing to pop their heads above the parapet to offer a well-reasoned view that makes their audience take note. It is not about being controversial for the sake of attention; rather, it is challenging audiences to re-think universally accepted ideas. They are essentially ‘thought challengers’ willing to weigh in on issues facing their industry and – increasingly – societal issues, too.

Are you a potential thought leader?

Thought leadership status can never be claimed – it has to be earned and bestowed upon the individual. Key to becoming considered a thought leader by your peers and the media is your ability to articulate and communicate your ideas and insights in ways that resonate with your intended audience(s). Not everyone can do this.

A McKinsey study analysed the content (articles, videos, media commentaries etc.) of thousands of executives and ranked the quality of the content on a scale of one to 10 – one being the lowest and 10 considered best in class. Just 10% were assigned a mark of 6 or more and deemed worthy of thought leader status.

There is no doubt that these executives are highly proficient in their roles, but they are not regarded as such due to an evident lack of guidance and support on the most effective and impactful ways to communicate with audiences.

Understanding the why and what you are all about is half the battle – knowing how to get that message out there is the critical piece in the thought leadership puzzle that many leaders struggle to find.

We have over 20 years’ experience in transforming the personal brand of business leaders and developing their profiles as trusted thought leaders in their sector, can we do the same for you? See our Executive Visibility & Personal Brand PR service for more information or email Paul MacKenzie-Cummins at paul@marcomspeople.com to set up a discovery call.