Knowledge is the crux of any consultancy firm. It is the actual product and hard-won expertise for a consultancy firm to flourish. Thought leadership is critical to communicate and is the marketing strategy of several consultancies. It facilitates the consultancies to build a relationship, deliver one-on-one solutions based on client relationships and personal attention they need.
The thought leader model is a tried and tested method for business development with integrity. It would generate a 400% to 2000% return on investment. The most successful professional services and leadership consulting firms use this model to attract high-paying clients. They give away valuable information through speaking and writings.
E.g. McKinsey & Company, the international strategy consulting firm has led the way in developing thought leadership as the business development strategy.
The thought leadership model showcases your capacity for keen analysis, deep expertise, timely execution, and futuristic direction to build trust in your brand. Relationship-based marketing is important for leadership consulting firms, B2B consultancies, PR Professionals, and other specialized firms. It increases your revenue as a leadership consultant. Let’s know-how.
How to increase revenue as a thought leader
As a first step, it is necessary to understand that earning prospects is an investment. Start writing how-to articles. These articles will turn into speeches and seminars. Gather these special articles and publish a book on a print-on-demand basis. This has worked for many and will work for you too.
- The One Minute Manager, by Kenneth Blanchard and Spencer Johnson (12 million copies sold)
- In Search of Excellence, by Tom Peters (10 million copies sold)
- Leadership Secrets of Attila the Hun, by Weiss Roberts (half a million copies sold)
In brief, it is suggested that instead of wasting money on brochures, sponsorships, or advertising, it is better to create an informative website, host seminars, become a columnist, and the author of a book. These things help you become one of the sought-after authorities in the select field.
Moving forward, get to know the basic habits of consulting firms who wins the show.
As a rule, leaders don’t aim at several topics and cover them in a shallow way. Instead, the firm picks a smaller number of issues and deep dives into them. Suppose, the firm selects Artificial Intelligence for the year, the firm’s expertise includes subtopics such as development, deployment, security, humanity, risks, and mitigation. It may not select all the emerging technologies and cover them in a shallow way. This avoids publication of mediocre content, less researched content, or diffused insights and fails to get the desired results.
To support their view, leader firms balance the experience with quantitative content and avoid imbalanced insight. Further, the leaders don’t jump into quick and cute views on social media. Instead, they wait, develop content, refine them before publishing. They don’t rush to the market with stunted insights. Moreover, they invest more in online marketing as compared to offline marketing. They value interactive graphics, personalized content, live conferences, and in-person seminars.
Leader consulting firms understand the power of personal relationships in closing sales and there lies the secret to success.