Your Thought Leadership Strategy Is Probably Missing THIS
First, a refresher. What is Thought Leadership?
THOUGHT LEADERSHIP
Thought Leadership is a communications strategy utilizing content creation with the primary goal of establishing yourself or your organization as a leader within your field of expertise. Thought leadership is most commonly used in B2B industries.
You do this by engaging in conversations with, and creating relevant content for, the people within your target audience (or what I like to call your “sphere of desired influence”).
FEELING CONFUSED? HERE’S AN in-depth explanation OF THOUGHT LEADERSHIP.
Let’s say you already know your “sphere of desired influence” (or target audience), their preferred platforms, their loudest contributors, and the topics they’re currently discussing.
You have several essential components of your strategy, but you’re still missing one key piece of the puzzle: Favorable Resources.
FAVORABLE RESOURCES
Identifying your target audience’s “Favorable Resources” is an oft-overlooked aspect of successful thought leadership strategy.
This is a term I developed to refer to the sources of research, data, and news that your sphere repeatedly references.
A sphere’s conversations are supplemented and often initiated by organizations and institutions that provide research or pioneer new discoveries, as well as the traditional news outlets that distribute that information. Flagging and following those organizations and institutions is an essential piece of a successful thought leadership strategy.
For example, a hot topic in the copywriting world right now is ChatGPT, an AI copywriting program. How would us copywriters know about ChatGPT if it weren’t for the company that produced (and announced) it, or the media outlets and journalists who continue to cover it?
In this example, one Favorable Resource is OpenAI, the AI research and deployment company that created ChatGPT. Another Favorable Resource might be the journalist who first broke the story of ChatGPT, or a journalist who did an in-depth look at the impact of the program on the copywriting world. Going even further, Elon Musk could be considered a Favorable Resource, as he is one founder of OpenAI and often plays a role in larger US tech conversations.
None of these institutions or individuals fall within your sphere of desired influence, but they influence your conversations nonetheless.
WHY FAVORABLE RESOURCES MATTER
The concept of Favorable Resources might initially seem vague, but in practice they are an incredibly powerful tool to wield. Closely following these organizations and institutions can significantly bolster your thought leadership strategy. Following the movements and announcements of your Favorable Resources is important for three reasons:
1. BEING THE FIRST TO KNOW
When you identify Favorable Resources, you are identifying where to look for updates on conversations that are happening within your sphere. Knowing where to go for information helps you to be the first to know.
Being the first person to update the conversation increases the value of your voice within your sphere. People may even begin to rely on you for updates. Even better, they may begin to associate you with that topic and look forward to your “take” on a given announcement.
For example, when I found out Machine Gun Kelly cheated on Megan Fox, I immediately rushed to TikTok to hear what my favorite celebrity gossip influencer had to say about the matter. It’s the same concept, but within the professional world.
2. UNDERSTANDING YOUR AUDIENCE
Spheres of desired influence (your target audience) can be somewhat hard to define, depending on your business and overall thought leadership goals. Insight into the habits and preferences of your sphere is invaluable.
Noting the resources that continue to be referenced in your sphere gives you insight into where they’re getting their news, the type of content they consume, their values and priorities, and their concerns and fears. All of this information should be used to refine your content strategy.
3. PROVIDING LONG-TERM DIRECTION
When you know what sources your target audience is likely to reference, you also begin to understand what sources your target audience trusts in and deems credible.
This is relevant to the long-term development of your thought leadership strategy. For instance, your strategy may one day include publishing research of your own.
Aligning yourself with organizations that have produced reputable and groundbreaking research in the past could boost your own contributions, and positively impact the reputation of your brand.
HOW TO FIND YOUR SPHERE’S FAVORABLE RESOURCES
If your sphere repeatedly mentions a specific research paper, take note of the organization that produced it.
If someone in your sphere receives significant engagement on a post reacting to a news article, take note of the publication and the journalist.
If a new development or product comes out, take note of the company that released it.
If a specific person is repeatedly mentioned or quoted (Elon Musk, Dr. Anthony Fauci, President Joe Biden, etc.), take note of that person.
If your sphere repeatedly references articles from a specific news outlet, take note of the outlet.
If your sphere repeatedly references articles written by a specific journalist, take note of the journalist.
If another industry is impacting your sphere, take note of the major players in that industry.
It’s best to keep a master list of all these various resources. Use discernment in order to prioritize just a few of these resources at one time.
