The importance of thought leadership in attracting super-rich clients
Rather than working with 10 clients who’d pay you Rs 10,000 each, why not work with one who pays Rs 1,00,000?
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As the competition incrementally increases, it’s the ultra-wealthy clientele you should be aiming for. Thought leadership gives consultants, investment advisors, bankers, luxury providers and service firms a competitive edge to access the exceptionally affluent clients.
While the deliverables for all these services are almost similar, the ability to access and motivate the uber-rich differentiates the success rate. For example, if you’re providing content marketing and PR services to a millionaire CEO, it’s most likely that the strategies you use are similar to those offered by other content marketing agencies. Why? PR and content marketing strategies are limited; it’s the ability of the consultant to connect with millionaires that’s the deciding factor as to who gets the opportunity.
As competition becomes increasingly severe with every passing day, the ability to stand out from the exceeding number of potential service providers is vital. Getting recognised as a leader in your area of expertise is essential to gain the attention of the ultra-wealthy and the advisors they rely on.
Thought leaders communicate their insights to the right audience, distribute them across multiple channels and get appreciated by the ultra-affluent. Being a thought leader is instrumental in your success. While being a high calibre expert and selling an amazing product are very important, thought leaders motivate the ultra-affluent to take further action.
Listed underneath are the 7 elite benefits thought leaders enjoy.
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#1. Clients come to you; you don’t have to chase them.
Super affluent clients come to you when you are an expert in your area of expertise. Let’s take the example of Neil Patel (the co-founder of four multi-million dollar companies — Crazy Egg, KISSmetrics, Hello Bar and Quick Sprout).
He is the thought leader for internet marketing. He doesn’t lobby for work, nor competes with anyone. He offers his advice on his blogs, shares it via email, Facebook, Twitter and ultimately influences thousands of readers. These readers share it further and the message amplifies to millions. Since he is an authority, customers come to him.
They enrol for his webinars, attend his talks and read his blogs, all due to the fact that he shares insightful knowledge that makes him an authority in his field.
On his website, the list of companies he is a consultant with includes Google, Facebook, Airbnb and Salesforce, to name a few. Would they have approached him was he not a thought leader?
#2. Your customers no longer question your advice.
You don’t question or argue with an expert or someone who knows their subject better than the others. A doctor knows a lot more about the functioning of the human body than we do.
If a surgeon says you need a particular operation within their field of specialty, most patients don’t argue with them. Similarly, once you’re an authority with your finger on the pulse of your industry, clients no more question your advice, strategies and judgment.
#3. You become an influencer in your industry.
Being an expert means that you’re in a position to influence others, gaining the respect of both peers and the public.
Thought leaders are informal teachers who mentor and shape the next generation of leaders in their industry. They share their experiences, expertise and knowledge for others to follow in their footsteps. Their vast experience and lessons brimming with a wealth of knowledge impacts many lives.
As an influencer you have the ability to offer direction and advice that others benefit from.
#4. Clients don’t bargain for the service you render.
Customers don’t bargain when they hire an expert to provide a service or product. They don’t mind paying more to get an expert on board. Let’s take the example of David Ogilvy, the ‘Father of Advertising’, to easily explain this point.
The three books that he’s authored are as relevant and fresh today as they were when written. Would you prefer to pay more for an advertising book written by the most famous copywriter and advertising executive than you would for a book by an unknown advertiser? You definitely would.
Customers will willingly pay more when you’re a thought leader.
#5. You attract attention due to your role as an authority leader.
Thought leaders get the attention and respect they deserve. As an industry leader, you’ll be invited to speak at conferences, events, podcasts, and on television and asked for excerpts in books and articles. A strong hold over your subject, backing up your observations with authentic data, statistics, research and quotes from other authorities makes you a master in your field.
#6. You know your strengths.
As a market leader you have a clear understanding of the marketing message you wish to convey. Having micro-specialised in a certain area in your field, you know where your strength lies and have a hold over your marketing message.
Suppose you are an architect by profession. Owing to your experience of having done a wide range of jobs, including everything from making commercial buildings, institutions and industries to landscaping, you have a wide range of customers to focus your marketing efforts on, a challenging task! But if you figure out where your strength lies in the architectural field, you can direct your marketing strategy to attract only those customers who fit the narrow category.
If you determine that designing startup offices is the better fit, you stop marketing to industrial clients or government municipalities. As a result, you focus your strategies and streamline the process of attracting startup clients.
#7. Other authorities and experts seek your opinion.
You become a thought leader when other experts seek your advice. Are other experts recognising the value of your knowledge?
A good example of this could be a leading content marketer seeking the advice of another expert to write an awesome eBook sharing both the leaders’ styles of getting results. The second possibility is a syndicated podcast, wherein one expert seeks another expert in the same industry to appear and share knowledge on their show.
Neil Patel partnered with Ritika Puri, the Co-founder of Storyhackers for the eBook The Beginner’s Guide to Online Marketing.
Having general knowledge about many fields is fine, but having too broad a reach won’t make you an expert in a particular industry.
The benefits of being an industry expert are vast, and it makes perfect sense to focus on one area that you’re good at and take the required steps to become an ‘expert’ in that field.
When you do, the above listed seven benefits will be attained.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)