Archive for August, 2010

Thought leadership – a marketer’s new value proposition

This is the second in a series of articles on how thought leadership underpins the new sales approach. 

In my last blog I talked about how thought leadership is the new sales pitch because customers no longer want to be sold to.  Today I cover how thought leadership can create a compelling value proposition for your customers and how you take this to market.

Five years ago thought leadership didn’t even rank as a focus for B2B marketers.  Today across numerous B2B surveys thought leadership is ranked one or two as the area of most significance for marketers.

Thought leadership is the new difference

Every sales person needs a value proposition.  Without it why would people choose your product or service?  Typically the marketing and sales chain comprised the sales and marketing guys coming up with a set of key messages which would be incorporated into the advertising and marketing collateral.  Glossy brochures, presentations, press releases, adverts, web pages, product demos, etc would be trotted out to generate sales leads.

The problem is that most of us are tired of being sold to or marketed to in this way.  Many of our customers question the validity and authenticity of these company or product centric messages.  They know that they are being ‘sold to’ and it is turning them off. 

Enter thought leadership. It is very customer-centric but more importantly it should focus on evidence-based views and opinions that deliver insights and knowledge to the customer or prospect about the specific issues and challenges they face today and into the future.

Thought leadership has a customer not a ‘me’ focus

Thought leadership is not about you and it is not self-serving gumph about your product or service – rather it is about your customer and their issues.  The content you make available to your customers and prospects should facilitate their thinking around how they can transform their business and overcome their challenges and issues.  By illuminating trends and insights that will impact their business down the track you are saying very firmly to them that you can help them get there.

Your thought leadership point of view needs to be relevant to their world and in the process you should be shifting your culture from one of ‘Hunter’ to one of ‘Trusted Advisor’.

It is a big leap for many companies and in some instances and insurmountable one.  The key lies in how you arrive at a thought leadership point of view and then how you package it and how you take it to market.

How do you share your thought leadership with your market?

If you are no longer ‘selling’, how do you get your brand out there and known to your target publics?  Unfortunately there is no one simple answer.  What I will outline are a number of tactics you can use for sharing your thought leadership.

The first step should be conducting detailed research into where your primary target publics consume information.  Without this, you can waste an awful lot of time, money and resources trying to reach them.

What follows are a list of tactics you could use – the ideas is to choose those that best match the way your target publics prefer to be communicated with.

They could include:

·         Research – driving evidence-based findings to back up your opinions on an issues which you have chosen to speak and write about.  Depending on how you frame your research, this will give you lots of great content

·         Writing – having a number of compelling written stories on your thought leadership point of view gives you a host of options including: books, press releases, opinion pieces, letters, white papers, newsletters, research summaries, fact sheets, background papers, blogs, web content and social media content for things like webinars, etc

·         Talking – great thought leadership content will arm your thought leadership champion as well as your sales team and the rest of your employees with compelling talking points centred on the issues of your customers.  It also delivers content for presentations, speeches, roundtables, one on one meetings with customers, etc.  Depending on your thought leadership point of view, you may even consider going on the speakers’ circuit.

·         Online – today much of your thought leadership content should be searchable online for two reasons.  To push you up in the search engine rankings and to position you as the expert in that field.  This should not be restricted to your website but you should examine how to leverage your content in other channels such as You Tube, Flickr, Digg, Stumble Upon, microsites, forums, Face Book, Twitter and Linked In to mention a few

·         Third party endorsers – depending on your thought leadership content you may consider employing the services of a third party endorser – someone who already carries weight in their field but who is prepared to add to the debate with qualified comment

The sale

Despite sharing all this great thought leadership material you still need someone to close the sale.  The only difference is the map of how you’ve arrived at the sale has changed irrevocably.  Thought leadership is the new way to charter the path to the sale and done well it a) distinctly differentiates you from the competition b) creates less resistance to price c) vests your prospects psychologically in the brand before they purchase, and d) vindicates their purchasing decision.

Thought leadership post the sale

Importantly good thought leadership delivers sustainability to your customer relationship that the normal sales process and marketing collateral does not.  It gives you a great platform to go back to them with new, useful information and in the process it builds advocates out of your customers. 

Question:  Are there any sales and marketing people out there who have differing views or alternatively have experienced the shift from hunter to trusted advisor?  I’d love to hear from you. 

New, revised definition of thought leadership

On this blog you will find a few definitions of thought leadership including my own – click on the Definitions of thought leadership to right of this piece under Categories to see the others.  However, like anything, as I learn more about the topic my definition changes slightly.

So here is my latest definition:

 “Thought leadership is about delivering new ideas and content to your target publics based on deep insights into the business issues and challenges they face.  In the process, the value you deliver should go well beyond merely selling your product or service.  Your thought leadership point of view should differentiate you from your competitors, establish you as the ‘go to’ expert in that field and position you as a trusted advisor – all with the intent of underpinning the sale.”  Craig Badings   

Thought leadership – sales new Trojan Horse

This is the first in a series of articles on how thought leadership underpins the new sales approach. 

Customers no longer want to be sold to.

Instead they gather their own information through the web, social media and talking to friends and family – an approach that has fundamentally changed the way we sell.

As a result, our job as sales people should be focused on helping these customers and prospects find us when they search and then to engage them along the way with insightful, useful content that helps them manage their world and their business challenges better.  Done properly, when you do present your product or service, these customers or prospects are so vested in your brand that the sale is as good as done.

To achieve this, you first need to establish the customer at the centre of your universe.  As a starting point, you should establish a deep understanding of their needs and map out their buying personas.  Only then should you deliver the relevant insights and information this understanding has given you.

Do it properly and you will develop an intimacy with your prospects that goes well beyond the traditional sales conversations.  How?  Thought leadership is the way to achieve this.

But critically thought leadership is not about delivering your sales or marketing messages.  We all know how cold that turns us.

It’s the customer that matters not your product or service.

It is important to do everything possible to communicate your ideas in your customers’ language.  This means learning their language, their issues, their fears and their priorities.  Once you understand these you have a much better chance of delivering insights and knowledge that intersects your desire to sell with their desire to grow or find solutions to their business challenges. 

And thought leadership is the vehicle to achieve this.

Thought leadership needs to take the sales lead

To differentiate yourself from your competition and to underpin your future sales, thought leadership needs to take the lead in positioning the company as the go to source of expert information – and ultimately position you as the trusted advisor in your field.

In a paper entitled: “Thought Leadership is the New Sales Pitch”, Chad and Linda Nelson from The Basis Group point out that consumers actively seek experts who have answers or insights into their world and who, through these insights, help them manage better the world and issues they face.

Nelson says:  “When you begin your marketing efforts by establishing trust and demonstrating thought leadership, you create a new more effective entry point for your brand message.”

Thought leadership builds trust

The premise of thought leadership driving the sales lead is that customers eventually start seeking you out because of the trust they place in you based on the knowledge and insights you have shared which position you as a clear authority/trusted advisor in your field.

It is very difficult for sales people to generate a steady stream of qualified leads week in and week out but if your company or your service has been positioned as the expert in that field it becomes a lot easier to attract and nurture these leads.

It is at this point, however, that the sales person plays a critical role – converting that trust and interest in your brand or service into a sale.   

I’d love to hear about your sales experiences.  In particular I’d like to hear your stories about conversations you’ve had with customers or prospects when you were talking from a position of insight and knowledge about a challenge/issue or topic vs when you were trying to sell a product based only on the product specs? 

The next article in this series will cover how thought leadership can create an enticing value proposition and the tactics you can use to take this to market.

The internal power of thought leadership

Thought leadership delivers huge internal organisational benefits

In fact, used properly, it can also be a very powerful vehicle to motivate and inspire an organisation’s employees.

I have written before in this blog that thought leadership is not and should not be a marketing or PR tactic – rather it should be part of the culture of an organisation the same way that sales or innovation are part of the culture of some organisations. 

Thought leadership should be “a way of doing things around here” and from my experience, true, long-term, thought leadership campaigns typically closely aligns with the values of an organisation.  In order to do this it needs the buy-in and ownership of senior management.

And herein lies the rub.  If it is part of the culture, if it is aligned to the values of the organisation and if it has the buy-in and ownership of management then the rest of the organisation’s employees should be part of the thought leadership campaign.

Employees will become a thought leadership campaign’s best ambassadors 

If an organisation does plan strategically to take its employees on the thought leadership journey, it will find that they in fact will become its best thought leadership ambassadors.   Communicated properly, this will become one of the most effective ways to get your thought leadership material out there.  It will also be one of the best forms of word of mouth you can hope to get.

It gives employees something to talk about over and above the products or services you sell while at the same time delivers to them a deeper sense of pride about where they work, what they do and the difference the brand makes to other people’s lives.

It also has the habit of instilling longer-term behavioural changes that come as a result of the organisation being viewed as ahead of the game.  This has a whole heap of benefits from increased morale, a magnet for top talent, increased sales to mention a few.

All powerful stuff.

Furthermore, not only is the business benefitting externally but internally it further entrenches thought leadership as a way of doing business – it becomes a habit.  This in turn can foster the emergence of other thought leaders thus creating a virtuous circle.

I’d love to hear your thoughts and whether any of you have seen this in practice?