Thought leaders tend to be the most successful professionals in their respective fields. Furthermore, in the research literature, there’s a general consensus that being a thought leader can make a very significant and positive difference to the bottom line.
When you think of the term thought leader, what comes to mind? Some professionals take a very expansive view of the term, wrapping internal strategy and corporate culture into their definition, while other professionals view the term more conservatively. The term actually has many definitions.
My definition highlights the potentially exponential rewards derived from being a thought leader. No one can possibly be a thought leader unless they’re capitalizing on the dramatically enhanced brand equity the title brings. Consider the following two-part definition:
Definition, Part One
A thought leader is a professional the affluent, centers of influence and even competitors recognize as one of the foremost authorities in a certain specialization, resulting in the person being the go-to individual for that expertise.
We now move to the second part of the definition—the commercial component:
Definition, Part Two
A thought leader is a professional that significantly profits from being recognized as such.
Professionals are in businesses to make money. Their objective, whether accomplished through products, services or both, is to do a top-notch job for their affluent clients and make money while doing so.
Let’s consider a tax accounting firm that wants to become a thought leader. A new law comes out that will have a dramatic effect on the finances of the wealthy. For the firm to appear as a thought leader, the tax partners have to do a lot more than merely regurgitate the new law. Yet that’s what most professionals do—just repeat the basics
To become a thought leader, the accounting firm needs to provide deep insights into the new law and its impact on the affluent. Furthermore, the firm must develop actionable planning strategies based on the new law. They should include recommendations that can prove beneficial to the wealthy. It’s critical that the accounting firm communicates that it’s the go-to expert concerning these insights and strategies. As the go-to expert, the accounting firm will have structured the means to more effectively garner new affluent clients and do more business with current ones with the result being a larger bottom line. Being selectively renowned can be very rewarding, but being wealthy as well is immensely better.
For professionals to be a thought leader, it’s especially critical that they monetize their state-of-the-art thinking by increasing their ability to source, work with and profit from the affluent. Becoming a thought leader is about becoming rich.
