CHAPTER 4

Give to Get: The Power of Thought Leadership

Marketing for accounting services is significantly different and more difficult than selling shoes, crayons, or cars. What you do professionally is complicated and not well understood by many of your target clients. Most can’t go behind you to check that you are taking advantage of every tax-savings opportunity or ensure that you have dotted all the i’s and crossed all the t’s in an audit. They have to trust that you know what you are doing and are looking out for their best interests. What you do can’t be touched, and they can’t really take your services for a test drive to see how you do. To top it all off, you probably charge a good deal of money for your work, and I’ve never seen a firm offer a money-back guarantee.

When you take all of this and many other factors into account, your clients are really buying your experience and expertise. They have to risk a great deal of trust that you will do what is needed and best for their specific circumstances. How do you prove that you have the skills to meet their needs? One highly effective way is to be a thought leader.

“Thought leadership” is a phrase that gets tossed around quite a lot these days, and it means different things to different people. One of the best definitions I have found comes from Forbes magazine:

A thought leader is an individual or firm that prospects, clients, referral sources, intermediaries and even competitors recognize as one of the foremost authorities in selected areas of specialization, resulting in its being the go-to individual or organization for said expertise. A thought leader is (also) an individual or firm that significantly profits from being recognized as such.¹

Using this definition, the first thing to note is that as a true thought leader, everyone recognizes and accepts that you are an expert in a particular area. That doesn’t come overnight. Secondly, you are an expert in selected areas of specialization and, in most cases, one area. No one is a thought leader in “accounting.” The area of expertise has to be narrow and specific. In fact, the more precise it is, the more likely you are to be recognized for your knowledge and rise to the level of a thought leader. Next is the fact that this expertise leads to you being the go-to individual or organization for said expertise. So you aren’t just smart for the sake of being smart. This prowess leads to business! Finally, as a thought leader, you should significantly profit from being recognized as such. Most of the time, real thought leaders can charge significantly higher rates than average and be more discerning about the work they accept.

So you can make more money, do work you enjoy for people you like and be recognized—and even famous—as a thought leader? Holy cow! Why isn’t everyone doing this? It’s because it’s not easy and takes time and consistency. There’s no magic pill you can take to wake up to the sound of reporters ringing your phone begging for your opinion on the latest tax-law changes. Most thought leaders spend years writing, speaking, sharing information, and staying up to date on their area of specialization. Don’t think it’s impossible for you, though, or that it’s too late to get started. You don’t need to be a thought leader on the national stage to see amazing results. Most CPAs benefit greatly by focusing on their local markets or on the very specific industry niche that they serve. You can see results from your efforts if you are consistent and committed to doing the work that is required.

In 2003, long before people were tossing around the phrase “thought leadership” like a hacky sack at a music festival, I was struck by the first example of thought leadership that I saw from someone I knew. A colleague who owned a public relations firm in New York City wrote a book that shared nearly every secret and tactic used by PR professionals. He basically laid out how to write press releases, how to identify the right publications or outlets for your story, how to reach out to reporters, and how to get coverage for your product or service. The book could have easily been used as a textbook for college PR courses and caused quite a stir in the industry. PR professionals (and some who weren’t so professional) were steaming mad. They viewed this as a personal affront; it was as if the author had revealed how the magic tricks were executed. Some even said that their industry might dry up. All hyperbole aside, it was a pretty unusual and gutsy move on his part. After all, why would anyone hire him when they could just read his book? So I asked why he did it. Over a decade later, his response still sticks with me as I observe so many others following in his footsteps. He stated that he knew that some people would read his book and use the tips it contained without ever turning to a professional for assistance again. But he expected that the majority would read it and realize that a lot more goes into your average PR campaign than most people realize. If they already worked with a PR professional, they would probably appreciate his or her efforts more and possibly complain less about paying for them. Others would realize that they didn’t have the necessary time or relationships needed to effectively promote their products and services in the way they wanted to and decide to hire someone to help. Those were the readers he really wanted to reach because who would they rather call than the person who literally wrote the book on how to do PR? And it worked. His firm grew, and his role as a thought leader was cemented.

But wait. This is a digital marketing book, so what does being a thought leader have to do with the book’s primary subject? More than you’d think. A couple decades ago, thought leadership was held only by those who had the capacity to travel and speak in front of a live audience or write an article for a well-respected print publication and pitch it. Nowadays, everything is moving online, including periodicals, seminars, and conferences. People want the convenience of being educated without having to step out of the office and battle traffic. Magazines and newspapers have moved online, educational seminars have morphed into webinars, and virtual conferences are making their presence known. The playing field is now leveled, making it easier than ever for those who excel in their field to be heard. You just have to make sure you’re saying something worth hearing. So what do you think? Are you up for it? Are you wondering where to start so you can decide? In the rest of this chapter, we will discuss ways that you can establish your own thought leadership, regardless of the size of your firm or its reach. From staying abreast of what others are doing to writing articles, giving speeches, and more, you’ll be able to create your own plan to get the recognition you want. Let’s look at what is involved.

EIGHT STEPS TO BECOMING A THOUGHT LEADER

1. Define Your Area of Specialization

Before you can be a thought leader, you need to determine exactly what you are going to be an expert in. This isn’t something you can simply make up; you really do need to be an expert. And the more narrow your area of specialization, the better. For marketing in general, the more niched you are the easier it is to reach your market with your message. The same holds true here. The most respected and acknowledged thought leaders have deep and focused expertise in a clearly defined area. You may be an expert in tax, but it’s unlikely that you’ll be able to rise to the level of expert in an area so broad. But an expert on tax law and its effects on manufacturers, in Peoria probably can. You may know all there is to know about international taxation issues, but, again, that’s a rather sweeping topic. How about someone who knows inside out the tax implications for U.S. retailers who want to expand into Latin America? Now we’re talking. Don’t worry about being too specific as long as there is a market for what you know. The best thought leaders don’t want to reach everyone. They want to reach those who care about what the thought leaders offer and are willing to pay for that expertise.

2. Identify the Audience You Want to Reach

This may seem obvious, but it’s important to know the audience you are talking to before you start to speak. You don’t want to reach everyone, and efforts to do so will prove futile. You want to reach those who care about what you do and are looking for someone who knows more than they do about the topic. Maybe the audience is CFOs of manufacturing firms in the Midwest, or a specific state therein, or fast food restaurant franchise owners in California. You get the idea.

Once you have identified your target audience, paint a clear profile of them. Much like we did in chapter 2 with your ideal clients, describe who these people are, what they do, where they live, and what is important to them. Figure out what publications and websites they go to for information and how they like to receive information. Do they read lengthy white papers, or do they prefer to watch videos? Do they follow industry blogs? Are you likely to find them at industry conferences or local association meetings? Don’t just make assumptions here; ask around and find out the answers to these questions. This will help you create a strategy for creating valuable content (like articles, videos, and white papers) that reaches the people you want with the information they need.

3. Update Your Personal Information

Are you ready to make it real? It’s time to update your bio anywhere your professional description exists: on your firm website, your LinkedIn page, and any other social media profiles. You may not want to describe yourself as a thought leader just yet—it’s best to let someone else do that first—but you certainly need to tout your expertise. Describe your area of specialization thoroughly and those who benefit from it. Be confident in your language, too. If you don’t believe it first, no one else will.

4. Stay Abreast of What Is Happening in Your Area of Expertise

Never stop learning. You may be an expert in a particular area, but nothing ever stands still. Make sure you identify the publications and websites that cover your niche and read them regularly. As things change or new issues arise, be one of the first to comment on what’s happening and explain the repercussions for your audience. Reach out to others who are experts in your area and get to know them so you can share information, especially if you focus on different geographic markets. Attend conferences, read books, follow blogs, and watch videos. Make sure you carve time out for this work as well, and even block that time on your calendar. It’s easy to forego this for billable work, but you’ll never reach your goal if you aren’t consistent and alert for any new information. Ideally, you’ll be one of the first ones to identify trends upon which you can comment or explain emerging challenges and how to overcome them.

5. Follow Other Thought Leaders to See What They Are Doing

We can all learn something new from time to time, and following the examples of other thought leaders is a great place for you to start. There may be others in your area of specialization to follow, but your options there are likely to be limited if your niche is narrow enough. So branch out and find leaders whose thinking you respect and begin to follow them. There may be some in accounting whom you want to get to know, but don’t limit yourself. For example, if you have hobbies outside of your work, find thought leaders in those areas. Love to ski? Find out who gives the best tips and talks about the latest high-tech equipment. Do you love to cook Cajun food? Look into the experts who do this the best. You are likely to discover some new and innovative approaches that these people are using to share their expertise and reach their audiences that you can adopt in your own efforts.

6. Create and Share Content

I’m not going to spend a lot of time here because the entire next chapter focuses on this topic. Suffice it to say that you can’t be a thought leader if no one knows what you think or know. It is incredibly important to share your knowledge in a variety of ways so your audience will be able to see and hear you regularly. Earlier you identified the publications and sites that your audience reads and uncovered the ways in which they like to receive their information. Now it’s time to get your message out there using the media options described in detail in chapter 5 so others can find out how brilliant you are!

7. Become a Sought-After Speaker

Fear of public speaking consistently tops fear of death in poll after poll. As Jerry Seinfeld once quipped, this means that at a funeral more people would rather be in the casket than delivering the eulogy. This may seem crazy, but most people I talk to, particularly those in accounting, simply hate the idea of getting up in front of a room of people and sharing insight. Although there are plenty of other tactics you can—and should—use, I’ve found that speaking can be one of the most effective ways to increase awareness of you and your firm. Think of it as taking the express train rather than the local. It allows you to prove that you know what you are talking about in a room full of potential clients and referral sources. On top of that, everyone in the room knows you were asked to speak on that particular topic, over other people, because you are an expert. Attendees can talk to you in person, and, if you’re handling the opportunity well, you can convert them into clients on the spot.

Start out by offering your services to organizations in your areas of expertise. Create a speaker profile sheet (see exhibit 4-1 for an example) that you can easily share with those looking to fill a speaking docket, and give it to others so they can share it when asked. If you are still petrified of speaking in front of a group, get professional presentation training. Ask for references from speakers you really enjoy and find someone who will help you reach a comfort level that allows you to be your best self. One-on-one or very small group training tends to be best. Many of the most popular, national training groups use a one-size-fits-all approach, and this doesn’t work well for most people. With the right training, though, I promise you it can be done. I’m a prime example of this. I used to break out in hives if I had to get in front of a group of people, but I knew I had to do it. I finally booked a speech six months out and found a great presentation trainer. I worked hard on my content and eventually, inevitably, the day arrived when I had to bite the bullet. It wasn’t perfect, but I didn’t have a stroke on stage, set my hair on fire, or uncontrollably blurt out obscenities. Each time I did it, it got easier. Now I look forward to giving presentations, and some even say I’m good at it. I’m never going to be perfect, and my style is a bit casual, but if I can do it, so can you.

Exhibit 4-1: Speaker Profile Sheet

8. Respond Quickly and Follow Through

The best thought leaders are also really nice and helpful people, too. Never let your newfound notoriety go to your head. If a reporter calls you, drop what you are doing and take the call. If you are asked to write a blog post for an industry publication, do it and deliver it early so they have time for review and editing. If you are asked a question in the comment section of your blog, respond as soon as you can and continue the conversation. And if you are invited to deliver a presentation at an industry conference, accept the invitation and figure out how to make it work later. It’s not always just about being the smartest or the best, but also about being responsive and following through. Be that person.

NOW GO DO IT!

You likely won’t become a thought leader overnight, but it can happen if you follow the advice in this chapter and stick to it. Seek out the advice of others on this topic and follow their examples. Establish what you want to gain from the process, decide what makes the most sense for you, and do that. Whatever you do, be consistent, and you will see results.

In the next chapter, we will talk about content marketing and how you can create your own content strategy to reach the audiences you want to reach and start on the path to thought leadership.

¹ www.forbes.com/sites/russprince/2012/03/16/what-is-a-thought-leader/

² © 2014 Executive Speak/Write, Inc. Used with permission.
I was incredibly lucky to have received public speaking training (and media training) from a friend who was one of the best in the industry, Steve Clements. For 40-plus years, he taught, trained, wrote for, and produced all aspects of performance. His expertise ranged from corporate communications to speeches and events, national network broadcasts, and a multitude of different experiences during his years as a Hollywood producer. He passed away in 2013 and is dearly missed. I use the information I learned from Steve in every speech I give, and I would like to share his best tips with you as well in the hopes that you will gain the confidence you need to get in front of a crowd and share your knowledge.