Consulting Practice vs Thought Leadership Practice: Which Is Right For You?
Many of my clients have found themselves at a crossroads at some point in their career. They know they have a lot of value to offer and they often have a deep desire to share this with others. But they’re confused about which direction to take, how to position themselves or even how to refer to themselves.
And that’s because many times they’re not sure if they’re really consultants or thought leaders. Or – and this is the case more than you’d expect – they may not realise that they’re a thought leader at all (even when they truly are!) – because the thought leader practice isn’t always well understood.
Too add to the confusion, consulting and thought leadership are terms that are often used interchangeably and they are similar and often connected. But, when we really dig in, they’re quite different practices with key differences in their purpose, approach and deliverable solutions. And they each have distinct goals in terms of building your professional influence.
So if you’re wondering if a consulting practice or a thought leadership practice is right for you, let’s explore the differences so you can identify which approach best suits you.
What’s the difference between a consulting practice and thought leadership practice?
Let’s take a closer look at each practice.
What’s a consulting practice?
A consulting practice primarily focuses on delivering solutions and services to clients. These will often be tailored to specific business problems or projects.
Consultants apply their expertise directly to solve clients’ problems, often through individualised advice, coaching or project work.
Examples:
A strategy consultant hired to design a growth plan for a mid-sized business
A project manager who comes in on a project to implement systems and processes
A marketing consultant who builds and executes a campaign for a product launch
What’s a thought leadership practice?
In contrast, a thought leadership practice focuses on establishing and sharing your unique insights and expertise with a broader audience.
Thought leaders aim to build a loyal following and establish themselves as an authority in their field. Through this influence, they can help shape their industry – its conversations, practices and future.
Examples:
A productivity expert who delivers keynote presentations on the future of work
A high-performance expert who publishes books and articles on leadership innovation
A leadership expert who has created an innovative framework on elevating your leadership reach in a complex world
Key differences
Real life example: Michelle
Let me tell you a story that illustrates the difference perfectly.
Naledi was a property manager who felt stuck in her role. She just wasn’t sure what her next step should be. She’d been consulting for clients, but she really felt like there was more she could offer. (Sound familiar?)
Through some self-reflection, Naledi identified her natural strengths as a teacher and leader. She also realised that her true passion wasn’t just managing properties, but sharing insights and leading others.
She began to build her practice by creating content and signing up for speaking engagements. She loved being able to showcase her unique perspective and expertise with a loyal audience.
As she shared her ideas and positioned herself as an expert in her field, she began to shift from a consultant – focused on delivering services – to a thought leader – innovating new ideas and solutions and sharing them with her community. This changed her positioning and expanded her work horizons significantly. She began attracting clients who sought her out for her expertise and authority. New doors opened for her.
While both consulting and thought leadership are valuable, the latter can expand your reach and impact. It takes you from individual clients and projects to a far wider audience. Because of that, it enables you to expand your field of influence and scale your growth exponentially.
Which practice is right for you?
How do you currently see your expertise – as a problem solver for clients or someone with a distinctive viewpoint that could shape your field?
Would you rather spend your working hours tending to individual clients with focused attention and personalised care? Or would you prefer to build a broad ecosystem of ideas and influence to attract a following?
Both consulting and thought leadership are important, and both deliver valuable outcomes. But they do have different outcomes. And establishing the practice will be different as well. Your business development strategy will change as will the activities that you take around that development.
To decide the approach you’d like to take, reflect deeply on your journey so far and where you see yourself in five or 10 years. The path you choose should be dictated by your experience, preferences and aspirations. (And of course, reach out if you need any advice or help!)
Can you do both?
At this point, you may be wondering if you have to choose one, at the expense of the other?
No you don’t! In fact, combining these roles can be a powerful way to grow your influence and business. You can spend some time working directly with clients to solve their problems. And some time sharing your unique insights that help you shape your industry and attract your following.
This is the approach that I’ve taken, and it’s been deeply rewarding.
I believe thought leadership can fuel your consulting practice by positioning you as a respected expert. This makes it easier to attract clients who resonate with your ideas and value your authority. Having a thought leadership practice also helps you to differentiate yourself from other consultants.
Trust goes a long way in attracting consulting clients. Leverage your position as a trustworthy thought leader to expand your consulting network.
Practical tips on how to blend consulting with thought leadership:
Reflect on your unique perspective and the common problems you solve in your consulting practice. This will help you to build your personal brand.
Identify your ideal audience – who would benefit most and who do you enjoy engaging with?
Consistently create valuable content that serves your ideal audience, sparks engagement and reflects your insight and expertise.
Strategically engage with your ideal audience to expand your influence and attract consulting clients. Create meaningful connections on LinkedIn and other social media platforms, support your network, chase down speaking engagements. Focus on your output to establish your voice as a trusted authority in the field.
