Thought Leadership - its role in building competitive advantage

Thought Leadership builds competitive advantage

Tuesday, 27 November 2012

Competitive Strategy How and where to compete?


The Elements of Competitive Strategy



Target Market


Differentiation

Target Market


Differentiation Strategic Assets

Target Market

Work in your “sweet spot” Market on expertise, not price


The Masterchef
Challenge


The Masterchef
Challenge
Utilize your unique ingredients


Strategic Assets


Strategic Assets
• Unique to your ﬁrm


Strategic Assets
• “Path-dependent”


Strategic Assets
• Usually intangible


Strategic Assets
• Superior to those of competitors


Strategic Assets
• Difﬁcult for competitors to copy or acquire


Strategic Assets
• Difﬁcult for competitors to copy or acquire
• Contribute to something that clients want

1.“Firm-speciﬁc” assets



• Competencies, ﬁrm-wide skills



• Organizational culture



• IP, e.g. patents, licences



• Systems



• Systems
• Lines of capital


2.“Market-based”
assets


assets
• Reputation


assets
• Reputation
• Brand awareness


assets
• Reputation
• Brand awareness
• Brand image


assets
• Reputation
• Brand awareness
• Brand image
• Relationships with customers, suppliers,
distributors, referrers


What’s special and
and how can you enhance it?
different about you?

Here’s my proposition:

Your “thought
leadership” capability
can become a
strategic asset


Thought Leadership defined:


• The term was ﬁrst coined in 1994, by Joel Kurtzman, editor-in-
chief of the magazine Strategy+Business



• Thought leaders are individuals or organisations that are
recognised by peers, customers and industry experts as
someone who deeply understands the business they are in, the
needs of their customers, and the broader marketplace in which
they operate



• Thought leaders are individuals or organisations that are
recognised by peers, customers and industry experts as
someone who deeply understands the business they are in, the
needs of their customers, and the broader marketplace in which
they operate

• Thought leaders have a distinctively original idea,
a unique point of view or an insight


In professional services



• A thought leader is a subject-matter expert
who has unique insights or perspectives to
share in his or her area of expertise.



• A thought leader is a subject-matter expert
who has unique insights or perspectives to
share in his or her area of expertise.
• Their ideas are packaged in an accessible and
attractive format, and may change the way
people think, and sometimes even the future
direction of an industry or community.


Thought leadership is
not...


not...
• Pure information


not...
• Pure opinion


not...
• Pure opinion
• Pure criticism


not...
• Pure opinion
• Pure criticism
• Just getting quoted


not...
• Pure opinion
• Pure criticism
• Just getting quoted
• Just thinking


Text

Thought leadership A sophisticated blend


4 types of promotion
(thought leadership could be a 5th)

• Advertising
• Public Relations
• Word of mouth
• Personal selling


An important
distinction


An important
distinction

• Advertising asserts your
expertise


An important
distinction

expertise

• Thought leadership
demonstrates your expertise


An important
distinction

expertise

• Thought leadership
demonstrates your expertise

• If it looks, feels or smells like
advertising, it’s not thought
leadership!


The window of
Get on the client’s “short list”
opportunity

4 steps to thought
leadership


4 steps to thought
leadership

• Have a strategy


4 steps to thought
leadership

• Have a strategy
• Find something interesting to say


4 steps to thought
leadership

• Have a strategy
• Say it in an interesting way


4 steps to thought
leadership

• Have a strategy
• Say it in an interesting way
• Leverage your work


1. Have a strategy


2. Find something
interesting to say

3. Say it in an interesting
way

4. Leverage your efforts Get a bigger audience


Leverage your content



• Break it into bits



• Expand it



• Expand it
• Deliver it in different ways



• Expand it
• Deliver it in different ways
• Use different media


Leverage your time

• Internet provides potentially huge audience
• Publish via Blog, Twitter, LinkedIn, relevant web
sites


Your Thought Leadership Plan

Leverage your efforts
Get your work in front of
more people
Say it in an interesting way
Expand with models,
metaphors and content
Find something interesting to
say
Create your content
Have a strategy
How do you want to be
positioned?

How does thought
leadership build
competitive advantage?


Thought Leadership Positions you as the expert


Thought leadership
builds reputation and
relationships
(and these are strategic assets)


Attract clients instead of chasing them


Thought Leadership - its role in building competitive advantage

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