In today’s technology-driven world, businesses are constantly looking for ways to improve their businesses and increase their return on investment (ROI). When it comes to addressing this challenge, few strategies are as useful as thought leadership. For those unfamiliar with the concept, thought leadership revolves around acquiring knowledge and gaining experience in a particular industry or field. It serves as a catalyst for growth and innovation, enabling individuals and organizations to position themselves as industry pioneers and trusted authorities. With its transformative potential, thought leadership has become an indispensable tool for companies striving to stay ahead of the competition and achieve remarkable success.
In a to study carried out by the public relations agency Forest fir and Reputation Leaders in March 2023, thought leadership has become the most effective strategy for US-based senior executives to promote themselves and achieve remarkable return on investment (ROI). A staggering 97% of respondents strongly believe that thought leadership can raise their ROI to moderate or high levels, beating the average return offered by the US stock market, which is currently 12.4% lower.
Delving deeper into the study, it becomes clear that thought leadership can be a double-edged sword, with poor planning and inadequate techniques accounting for 44% of failure cases, while a lack of stakeholder engagement is responsible for 34%. By focusing on these undervalued strategies, companies can reduce the risk of failure and unlock the true potential of thought leadership.
Despite living in a digital age, face-to-face events continue to play an important role in promoting thought leadership, with 51% of respondents preferring this traditional approach. However, an intriguing disparity exists between the channels through which business leaders share content and the channels through which they personally consume thought leadership. While leaders tend to prioritize company website posts and external interviews, they rarely seek thought leadership content through these same channels. According to the study, the main motivation behind adopting thought leadership for these companies lies in its ability to improve problem-solving skills.
Speaking of business strategies, Facebook takes the lead when it comes to the best social media platform aligned with those strategies, with an overwhelming 73% of respondents endorsing it as the platform of choice. Twitter and LinkedIn follow closely behind, securing 66% and 68% of the vote, respectively. This emphasis on popular social media channels underscores the growing recognition of their power to amplify thought leadership initiatives.
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