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Lead Your Team Personal Growth

What Is Thought Leadership, and Why Does It Matter?

What Is Thought Leadership, and Why Does It Matter?
Credit: Khakimullin Aleksandr/Shutterstock

While the aim of every executive is to run a successful company, many modern C-suite members also have their sights set on another, more esoteric goal: becoming a "thought leader" in their field.

Thought leadership is commonly discussed in the business world, and to the average person, it may sound like another annoying corporate buzzword. But behind the jargon is the honest and admirable ambition of being viewed as a credible industry expert, one who cuts through the "noise" and offers something worth listening to.

Thought leaders are seen as trustworthy, go-to authorities among industry colleagues and peers, said Jake Dunlap, CEO and founder of Skaled, a sales consulting firm.

"They possess an innate ability to contribute to the conversations happening today, while also being able to speculate on what is going to happen tomorrow. Rather than chime in on every topic, they set the pace for the industry and offer intelligent insights and informed opinions," Dunlap said.

"A thought leader recognizes trends before they happen and applies that insight to achieve actual business results," added Numaan Akram, founder and CEO of Rally, a company that coordinates crowdsourced event travel.

As the phrase implies, though, having these insightful thoughts and ideas is only part of being a thought leader. The "leadership" portion counts for a lot, too. [See Related Story: 33 Ways to Define Leadership]

"I believe thought leaders are not only on the cutting edge in terms of their ideas, but also know how to inspire and influence others," said Walt Rakowich, a leadership speaker and the retired CEO of ProLogis. "Leaders can have great ideas, but true thought leaders have the courage to express their ideas and inspire others to implement them."

Akram agreed: "It's one thing to come up with new ideas, but being a true thought leader is all about delivering results to back up those hypotheses," he said.

Thought leadership status can't be achieved through a single article, social media post or networking event. You have to build your experience and create credibility over the long term,  Rakowich said.

"Experience takes time, patience, hard work and a willingness to listen and learn from others," he told Business News Daily. "Those leaders who can observe and connect information from a number of sources are generally well positioned to create ideas that are informed by the needs of the marketplace. Credibility combines that expertise with a measure of humility, honesty and an appreciation for the human aspect of leading people."

"Becoming a trusted source often involves not merely explaining or defining topics but showing an audience they can take a small step forward," added Richard Stevenson, head of corporate communications at cloud-based e-commerce software provider ePages.com. "Your aim is to shine a new light on topics, and motivate a response. Genuine honesty and passion for helping an audience will shine through, regardless of your writing or speaking style."

Mark Rogers, founder and CEO of management consulting company Insights Without Borders, said thought leadership is an extension of one's personal brand, specifically his or her ability to build an authentic online reputation.

"Social media platforms such as LinkedIn or Twitter ... become the foundations for your thought leadership strategy and key channels for your social networking," he said.

Rogers advised aspiring thought leaders to take the following steps to boost their industry presence.

  1. Work with mentors and influencers. Talk to them about your passions, big ideas and what's keeping you up at night. You can observe how they started and now operate their businesses. You can read and reflect on what they say on their blogs and social media platforms, and during their speaking engagements.
  2. Attend in-person networking events and seek out speaking opportunities. The more people who are in your network, the more potential you have of becoming an authority or influencer.
  3. Get published as often as you can. Even if you just start out by self-publishing on Medium, LinkedIn Pulse or your own blog, it's important to develop a steady stream of regular readers and followers. You can publish guest posts on industry-related blogs, and grow from there to seek publication on broader, more authoritative sources.

Once your reputation or followership begins to grow, you can start sharing or making bolder claims and predictions about your industry, Rogers said.

Here are a few more things to keep in mind as you work toward becoming a thought leader:

Dunlap, of Skaled, reminded professionals that thought leaders need to be clear and consistent on their stances within their area of expertise.

"Don't attempt to be a thought leader in every area related to your industry," he said. "Instead, focus on what you know best and hone in on that message repeatedly. It's more effective to go deep on a few topics, than to spray across too many complementary topics."

As a thought leader, you must understand the issues that impact your audience and offer upbeat, educative advice driven by these issues, not just what your corporate agenda demands, said Stevenson.

"Educative PR is a slow-burn in terms of return on investment, but displaying care and competence within your industry will open new doors across the board, not only in sales but also with collaborations," he said.

Every industry is evolving — some faster than others — and as a thought leader, you'll need to stay on top of what's happening so you can share and comment on trends.

"You must constantly learn [about] your industry, as well as the macro forces at work in the broader economy," said Rally's Akram. "Being a thought leader requires forward thinking, but you must also have the discipline to study market dynamics to find patterns. From there, you can combine what you have learned analyzing those patterns with your vision to solve real-world problems."

Thought leaders don't have all the answers, and they're never done learning. Rogers noted that it's important to admit what you don't know, and remain humble enough to listen to what others have to say.

"True thought leaders genuinely understand and listen to each other's stories," he said. "They treasure [the fact] that we are all in the human journey and the authors of our own lives."

Nicole Fallon

Nicole received her Bachelor's degree in Media, Culture and Communication from New York University. She began freelancing for Business News Daily in 2010 and joined the team as a staff writer three years later. Nicole served as the site's managing editor until January 2018, and now leads Purch's B2B copy and production team. Reach her by email, or follow her on Twitter.