Economic and Policy Uncertainty Provides a Thought Leadership Opportunity

Increasing economic and political volatility in the aftermath of the COVID-19 pandemic has resulted in a major shift in economic policymaking. The Biden administration’s economic agenda is focused on climate change and the energy transition, support for critical technologies, incentives for reshoring or “near-shoring” strategic supply chains, and a change in the economic relationship with China. This changing policy environment provides an opportunity for business and legal advisors to become a key source of insight on policy issues and their effect on business. By not shying away from this area but instead developing thought leadership that provides sophisticated analysis and original insights, they can enhance their credibility as trusted advisors in a changing world.

To take advantage of this opportunity, firms must invest in thought leadership that is timely and topical and provides a unique point of view. Business and legal advisors must move away from the traditional approach of thought leadership as a form of marketing content toward thought leadership as a client service. This requires a strategic approach undergirded by technical expertise and clear and persuasive writing.

The Traditional Approach: Thought Leadership as Marketing Content

Thought leadership is both a way to provide clients with needed information and analysis and a way to enhance a firm’s or a business or legal advisor’s reputation. Thought leadership, however, is often thought of as simply an extension of marketing content. This thinking often results in thought leadership that has the wrong focus and that provides an inadequate return on investment.

When thought leadership is an extension of marketing, publications are often limited to keeping clients and the market updated on information ranging from rules and regulations to industry trends and data. An example of this type of publication is a short, factual summary and analysis of a new rule or regulation. The strategy behind this type of publication is to demonstrate the author’s knowledge and to help professionals and clients stay informed on important information in the hopes that the client will come to you for additional advice.

This approach to thought leadership is often expensive and does not provide a sufficient return on investment. Using generalist marketing writers often results in professionals having to spend too much time reviewing content. This takes valuable time away from client services and results in a significant opportunity cost. It has the effect of adding the time spent by professionals on top of the cost of marketing writers, resulting in an overall cost that outweighs the return on investment.

Adding to the cost, this approach to thought leadership is also ineffective, as the publication often simply provides the client with public information or it becomes indistinguishable from other marketing content. It does not directly engage with the client or the industry at large. It also does not provide the level of analysis for the business or legal advisor to become a key source of insight.

A Different Approach: Thought Leadership as a Client Service

Companies and executives should take a different approach to thought leadership by approach it as a service to clients. Publications should bring a client’s attention to an issue, influence their thinking through unique insight and analysis, and provide them with actionable information that they can use to respond to the issue. In other words, it is a client service and a resource for educating clients and engaging with your industry. The strategy behind this type of thought leadership is to demonstrate not only knowledge but also higher level capabilities. More than simply a source of information, it can help business and legal advisors enhance their reputation as a trusted advisor. 

Shifting the focus of thought leadership will require companies and executives to move thought leadership away from marketing content creators and to subject matter professionals skilled in thought leadership development. Companies should use professionals who are knowledgeable of the subject matter, can develop ideas and execute with minimal input, and can provide a final product that is interesting and appealing to the reader. This change will help companies and advisors shift their thought leadership from an emphasis on information to an emphasis on analysis that clients can apply in their businesses. The higher upfront costs in such an approach can result in a better overall product, reduced time to market, and a greater return on investment.

This shift in the focus of thought leadership is an appropriate change in response to the growing uncertainty in business policy. It can help business and legal advisors seize the opportunity to help clients understand the changing policy environment and become a key source of insight on policy issues.

Five Key Elements of High-Quality Thought Leadership

There are five key elements to develop quality thought leadership in both the type of information that is presented and how it is presented. Firms should review these elements to see where they can make improvements.

1) Topical, relevant, and interesting. A high-quality thought leadership article should have a topical hook but stay relevant for several months. Relevant means that the focus should be on quality analysis rather than simulate news reporting. Interesting means that it provides the reader with new information rather than simply reporting public information.

2) A unique point of view. High-quality thought leadership should have a clear point of view. A focus on original analysis will attract more attention and help the firm or professional develop a reputation for thoughtful analysis. 

3) Well sourced. High-quality thought leadership must cite credible sources to build reader trust. Primary sources include data developed by the firm, including case studies, or acquired from a credible source. Secondary sources include news articles, research papers, and books. 

4) Well written by credentialed author. Thought leadership must be well written and visually appealing. It must be also be readable online, on mobile devices, and in print. The author should include a brief biography citing credentials that are tailored to the topic with relevant experience.

5) Provide reader with applicable information. Thought leadership must provide information that the reader can use immediately. This can be a framework, a set of questions, or a checklist that the reader can use to think about their business. A reader provided with valuable and useful information is more likely to follow up with the firm or professional for additional insight.