Once the requisite expertise is in place, industry luminaries and industry practice team members have a few key responsibilities:
- They must be able to clearly describe their target market.
That includes which sectors under the umbrella industry each team is pursuing and what part of the broad “middle market” is the real sweet spot. The more specific, the greater the focus and efficiency. Narrowing your growth strategy focus also defines what you are not going to do ─ which companies in your target industry require you to reach too low or too high, distracting you from your primary goal. A clear focus is one of the keys to achieving your team’s goals.
- Industry luminaries must understand the competitive landscape.
Know who the national and local competition is and in what niches or target niche markets the competition plays. Scour the competition’s websites, press releases and marketplace presence to gain insight into industry hot topics and trends they deem important to address. This vital information informs you of topics you can’t afford to ignore. It also lets you identify the white space, or topics you can jump on first and “own.” Those are the industry insights your firm and team members can become known for within each industry community.
- Industry luminaries need to decide where to engage with industry players and be present in those places.
Identify each industry’s community or networking venues. Your industry practice groups must actively participate in relevant industry trade association conferences, breakfast clubs, training events and be present at the proverbial industry “hangouts.” Industry leaders should reinforce the importance of self-marketing with your firm’s young talent. Actively participate in and encourage “take one” programs to initiate younger team members in the art of networking in their chosen industry. Take someone along to the next industry breakfast club meeting, for instance.
- As a thought leader, it’s important to showcase personal industry eminence and your firm’s reputation.
Becoming credentialed in your industry happens in a variety of ways. Industry leaders and teams should leverage their knowledge and expertise by producing content for your firm’s website, firm-hosted webcasts or industry events. These investments in time reap rewards and proven ROI as you build a reputation as the go-to firm for specific industry communities.
Move industry focus to the front burner for young new partners, mid-career partners who are just stepping up to the challenge of building an industry focus, and particularly for managers, senior managers and directors. Your firm can achieve a culture change by offering career paths to partner through industry teams, coaching, and tools to motivate and empower your people.
