Do you want a pay rise? We show you how even in current market conditions.
In a recent AFR article, three partners from leading firms were quoted in relation the volatile market conditions. The article stated that partners shouldn’t expect an automatic pay rise for the next 10 years![1]
We know that market competition in professional services is intense. The biggest challenges for partners operating in professional service firms is adapting to the changing market conditions by differentiating themselves from their competitors.
“Growth-starved firms are looking for ways to differentiate themselves with new ideas, education, and relevant solutions that address buyer pain and influence their perceptions of value” Forbes Insights[2]
Being a thought leader will lead to a pay rise!
There is experiential evidence that a known thought leader in their area of expertise will get paid more. In fact, becoming a thought leader will not only allow you to increase your reputation and personal brand, it will enable you to feed your sales pipeline and substantially increase sales.
Successful thought leaders will be sought for their commentary and for keynote presentations; they may even make residual income in their sleep!
Bernard Salt springs to mind. Do you think he struggles to feed his pipeline? We are not suggesting you become Bernard Salt but we do suggest you demonstrate your expertise to enable you to monetise your stature.
According to author Malcolm Gladwell, it takes roughly ten thousand hours of practice to achieve mastery in a field. You may have already mastered your craft, after all, you have probably been working in your area of expertise for over 10 years, but you may not be a thought leader, just yet!
“Thought leaders are distinguished from their peers only by the quality of their expertise and the effectiveness of their strategies.” 3
Many firms have extremely talented partners but few truly possess the unique expertise to create a differentiated thought leadership strategy. A true thought leader will get that pay rise, even in current market conditions!
Thought leaders:
- Identify a niche market to focus their attention and drive business
- Know their market intimately
- Differentiate their offering from their competitor, based on their understanding
- Educate their market to help them to succeed
- Use thought leadership strategy as a driver for their sales pipeline
- Position themselves for growth.
Becoming a thought leader is about harnessing your expertise to make it perfectly meaningful for your market.
Do you want a pay rise? Contact our Thought Leadership Advisors to find out how.
References:
[1] “Forget about automatic pay-rises retiring EY boss Rick Dennis tells partners”, Agnes King, AFR, http://www.afr.com/business/accounting/forget-about-automatic-pay-rises-retiring-ey-boss-rick-dennis-tells-partners-20150427-1mpq7q
[2] http://profitablechannels.com/forbes/tlp-report/
3 Prince. A, Two Keys To Unlocking The Profitability In Thought Leadership, Forbes