What Does It Take to be a Thought Leader and Why Should You Care?

By PS Leong

Image by Flickr

This is a two-part series on thought leadership. The first article looks into defining thought leadership, what it takes to be one, and the benefits it brings to your business. The second article explores the steps in becoming a thought leader. 

Thought leadership is not about being known, it is about being known for making a difference.

The term “thought leadership” is by no means new in any industry. It has produced constant buzz through the years in the business world while trendy new terms come and go. Experts claim this industry term is here to stay. So, why should your company care about an industry coined term? Read on to find out. 

What is a Thought Leader? 

Though the term “thought leader” is commonplace in business, its actual definition is hard to come by. Forbes defined a thought leader as both “a firm or an individual that prospects, clients, referral sources, intermediaries  and even competitors recognize as one of the foremost authorities in selected areas of specialization, resulting in its being the go-to individual or organization for said expertise” and “an individual or firm that significantly profits from being recognized as such.” That’s a whole lot to chew on.   

Thought leadership.com offers something easier to understand and defines it as informed opinion leaders and the go-to people in their field of expertise. They are trusted sources who move and inspire people with innovative ideas. Thought leaders also tend to be the most successful individuals or firms in their respective fields. 

What Does It Take to be One?

Most people think a thought leader needs to be forward thinking but that’s not always true. In an interview with Inc.com, Stern & Associates Vice President Ned Ward says that some thought leaders simply clarify complicated situations and business scenarios. In some industries, thought leaders can merely be observational – to look back and analyse the scenario. 

Ned Ward believes that becoming a thought leader isn't just a process. It requires a passion for and a commitment to spread ideas that can help others. Those that don't have what it takes are perhaps relegated to subject-matter experts who are called on to observe and react, but not often sought after for foresight or vision.

Is a market leader automatically a thought leader? Not necessarily so. Experts agree that thought leaders have earned their title because of their ideas. When an idea has gone viral —with the organisation’s name attached—then leadership becomes thought leadership. It isn’t about how loud you shout. Rather, it’s about how many like what you shout, and spread it on the Internet and media that matters. 

Benefits of Being a Thought Leader

Being a thought leader can open up doors of opportunity and allow you to network and meet potential partners. Your company will also be able to broadcast your unique selling proposition and stand out from competition. This brings you both external and internal benefits. Your clients will associate the company with visionary thinking and leading-edge knowledge while employees see their company as a professionally demanding and rewarding place to work.

In a survey by DesignIntelligence, more than 65 percent of AEC firms with thought leadership programs made a direct or indirect correlation between the program and new work. According to AEC-Business.com, a blog for business owners, thought leaders land more high-quality work than their less prominent competitors. They are also invited to speak more often in seminars and competitions. Need more convincing? Dig deeper here Eight Benefits of Being a Thought Leader. 

Achieving the title of though leader should act as a bonus from creating something innovative or offering a unique service to the industry. When your company is willing to take risks and do things unconventionally, you'll find others looking to follow and learn from you. Eventually, over a period of consistent leadership, you may earn the respect that labels you as a thought leader. Thoughtleadership.com offers a principle that can serve as an effective guide– thought leadership is not about being known, it is about being known for making a difference.