One cannot determine the success of any business only by having excellent products or services. In fact, thought leadership is crucial for buyers as well as investors. Both of them want to understand the people who run the business and why they are worth investing in. And this is where thought leadership helps to uplift the marketability and credibility of the company. We have already read about the essential characteristics of a business leader.
Business growth can be enabled in many ways, yet most corporations still focus on the most traditional ways. Whether sales, new products, new markets, new brands, mergers and acquisitions, etc. What many corporations don’t seem to value and/or understand is the power of knowledge sharing. Let’s face it, we are all being challenged to deal with change management in every aspect of our business. No one has all of the answers that the 21st century global market has presented us with. As such, this represents a unique opportunity for corporations and their leaders to cross pollinate knowledge with all. This leads to growth and innovation through the power of thought leadership.
Thought leadership is clearly a different type of growth strategy for corporations. Consulting and service companies – such as McKinsey, PWC, Deloitte, IBM and others – have been at the forefront of thought leadership. Corporations must now begin to assess, package and share their own best practices, knowledge-sets, case studies. Also, highly skilled and talented leaders serve as value-added resources to fuel business growth.
Corporations that embrace thought leadership as a strategy for growth represent the essence of market leadership. Also, it includes corporate accountability and changing the rules of client engagement. It requires an organization to share the knowledge with transparency. The leadership should let go of the past and focus on the present for the betterment of its future. It requires a corporation to think differently about industry standards. Also, to accept that the traditional ways of doing things may no longer be as relevant as they once were. It is important collaborate with clients to solve for the future together. Thought leadership is about introducing new ways of thinking that will reinvent industries. It also makes a significant impact on business models, the marketplace, employees, consumers and the workplace.
It’s time for corporations to showcase their executives as thought leaders that can strengthen client and supply chain relationships by discovering new ways to make things better in order to grow better together. Diversity of thought is undervalued and misunderstood because people just want to hear themselves talk about what they believe are the right solutions – rather than being more open-minded to embrace new perspectives, regardless of hierarchy or rank. The leaders who are not ready to listen are disruptive and make it difficult for change to occur with the required clarity and alignment of thought.
As you begin to use thought leadership as a strategy for business growth and innovation, here are seven questions for your organization to begin the transformation process during this time of change management.
1. What solution do you provide?
Know what solution can you provide most effectively and showcase your solution-sets. The changing landscape of the marketplace has made it more difficult for organizations to identify what they are great at solving. It can be both internally with their employees and externally with clients and supply chain partners.
You have existing clients and business development prospects that can greatly benefit from the competencies and capabilities that you can offer. Allow thought leadership to overcome the traps associated with the dangers of complacency. They can lead to the commoditization of your business. Donot be an order takers and allow thought leadership to provide a value-add component to your business model. It shall strengthen your marketplace reputation and makes your client relationships more profitable.
2. Who Are your Game Changers?
Those leaders in your organization who apply new ways of thinking to propel growth, innovation and opportunity are the game changers. They are the ones that intimately know the mechanics involved with each line of business, trends, recent challenges, competitive pressures and where the growth opportunities exist. Game changers represent those in your innovation lab that champion ideas and fuel new thinking.
They are not afraid to change the conversation as corporate entrepreneurs and constructive disruptors that seek to change paradigms, challenge the status quo and enhance existing business models and client relationships. They are not afraid to adopt new technologies to improve the business processes (Eg VComply)
3. What Are the Most Impactful Best Practices?
Existing best practices are the protocols and methods to operate more efficiently and effectively. These operating methodologies and frameworks transcend time and new marketplace demands.
Most businesses have started to review, assess and share their knowledge know-how including their best business practices and skilled leaders. Thus, thought leadership has emerged as a key component of content marketing in the modern era of competition.Add to favorites