At each calendar year-end, the business press likes to report on conversations with industry experts about the outlook for the upcoming year. Whether the subject is technology, craft beer, electric vehicles or something else, reporters know who the “industry luminaries” are that will attract readers to their articles. The people recognized as “in the know” about that industry.
Talent development coaching focused on creating industry luminaries is critical to a firm’s industry strategy. Becoming an industry luminary, known for specialization in specific industries, is a multi-faceted process. Industry specialization should be purposefully woven into all aspects of your firm: operations, firm culture, metrics and benchmarks, individual performance reviews and incentives for professionals at all levels, as well as marketing and sales strategies.
The development of a successful industry strategy depends on both sides of the same coin. The first side of the coin is developing people with deep industry expertise and empowering them with the tools they need to be successful, while also demonstrating to them that industry specialization offers a real opportunity for career growth. This is the side of the coin designed to cultivate industry expertise.
Just as important is growing industry expertise to the point of becoming a known industry luminary in the marketplace.
First, we need experts – then we need to empower them to become recognized industry luminaries, something we’ll discuss in an upcoming blog post.
