Shaping the debate: Where we come in
The world expects businesses to take a stand on global issues: climate change, health, the immigration crisis, the resource crisis, the gender gap… all of which present opportunities to instigate change. Business leaders are expected not only to voice their stance, but to embody it; to send the message that their values are inseparable from their brand, and that their brand is carried by its people. Purposeful and conscientious leadership has never been so important, and there is a growing demand for executives to lead their societies responsibly into the future. That’s where thought leadership comes in.
So what is it, and what would our future look like if it were to be guided by its principles?
Its primary function is to generate research-based insights on issues that positively affect an industry, its people and society at large. It helps companies harness their own experiences to shape their newfound insights and collected data, considerably enhancing their credibility. Crucially, thought leadership doesn’t add to the noise around global issues– it adds to the debate.
The strongest thought leadership is born from the coupling of what a company believes and what it has done. Over time, when this relationship comes to bear fruit, a company or organisation is likely to be considered an industry thought leader: its people recognised as a source of expertise on certain issues to whom other leaders turn for advice or for partnerships. The status requires consistent original thinking; whether it be novel insights from new or existing data, counter-intuitive standpoints built on a history of experiences, a new framework that helps others solve similar problems, or deep knowledge of a certain subject that can be shared and acted upon.
Thought leadership is a critical tool for employees — an opportunity to engage them in its conception, design and deployment. Most organisations contain untapped stores of creativity and intelligence, often to the frustration of employees, who lack a platform that can amplify their thinking. Creating the conditions in which those ideas can surface is not only a source for business insights, but also of collective empowerment. It goes without saying that people can be the strongest ambassadors for a brand and its values. Companies must involve them in getting the word out.
Ultimately thought leadership is only as good as the action it instigates. Instead of content generated for the sake of clicks, organisations should move towards the kind that has an impact. That means thought leadership must adopt a strategic approach that converges an external context and a company’s credible potential to influence it. Metrics, too, are required, for that company to see what success looks like and to render its strategy sustainable.
“I take the term ‘thought leadership’ very literally,” said Stephen Doherty, managing director and head of corporate communications at Barclays, “Which is about trying to take a leading position in thinking about something. I think well-resourced (and I don’t just mean that financially), successful corporations have an obligation to try and advance thinking.”
Doherty’s broader understanding of the word “successful” is spot on. I would urge companies to forget the stereotype that thought leadership is a privilege reserved for large companies or brands. The fact is, if you have a distinctive idea or a compelling personal story, thought leadership can help you grow into the kind of business that benefits both you and your society.
