Thought leadership is a powerful tool – if done right. While everyone can attempt to be a thought leader in their field, it is only those who consistently produce and put out high-quality content that will succeed in building trust with new audiences and leveraging the credibility of the brand they are associated with.
So, how do you go about building high-quality thought leadership content? It begins with making thought leadership an essential part of your greater content marketing strategy. And there's no better way to start than by reading statistics on how thought leadership has proven time and again to be of value to businesses spanning industries. Here is a round-up of some of the top thought leadership statistics you should know.
The Basics of Thought Leadership
Thought leadership requires a specific degree of expertise in a topic area. As noted in the stats below, these can include brands and individuals.
1. Thought leadership starts from the top. CEOs and other high-level managers create thought leadership content in over 50% of companies.
2. Additionally, subject matter experts (SMEs) can be thought leaders and create content in 49.4% of businesses.
The Current State of Thought Leadership
Thought Leadership is increasingly becoming a priority for organizations to reach consumers. However, there is a gap between where content marketers want to be and where their programs currently stand.
3. Over half of marketers (56%) from a B2B Thought Leadership Report plan to produce more thought leadership content.
4. However, only 26% consider their current program “very successful” and 65% say that it is moderately successful.
What Thought Leadership Means to Decision-Makers
Decision-makers are spending time consuming thought leadership content and articles. Organizations that want to connect with these business leaders need to produce high-quality content.
5. 51% C-Suite Executives – say they spend more than more time 1 hour per week reading and reviewing thought leadership than ever before.
6. Equally, 66% of those surveyed have observed a huge increase in the amount of thought leadership in the marketplace.
7. 48% of thought leadership content generates actual leads and sales.
Since trends and best practices are important assets for decision-makers, consider curating news stories, curating content analysis pieces, or highlighting insights from your industry. This kind of thought leadership can help differentiate your organization by providing additional value to busy business leaders.
The Challenges of Thought Leadership
There are many challenges content marketers face when looking to fill their editorial calendars with high-quality material and assets. Teams have trouble creating valuable and insightful thought leadership pieces that fit the needs of their target market. Additionally, the pandemic has led to an influx in material and competition, creating an oversaturated market.
8. However, 71% of these Decision-Makers say that less than half of the thought leadership they consume gives them valuable insights. This leaves a gap that proactive marketing teams can fill in their content development plans.
9. Thought leadership content must be engaging and thought-provoking. 23% of buyers claimed that existing thought leadership content is too “corporate” in tone.
10. High-quality thought leadership content is increasingly important for new and lesser-known brands. 60% of buyers say thought leadership builds credibility when entering a new category where the brand is not already known.
11. 53% of buyers say it’s important for new and small companies to produce thought leadership if they want buyers to consider working with them.
12. Thought leadership fails when it proves too generic (63%), lacks original insight or ideas (58%, or promotes the advisor rather than addressing client needs (53%).
The Value of Thought Leadership
Creating compelling thought leadership can drastically improve content marketing ROI. Decision-makers and business leaders are looking at an organization’s thought leadership strategy to assess a potential partnership.
13. 47% of buyers say thought leadership led them to discover and ultimately purchase from a company that was not considered to be among the leaders in a particular category (i.e., a challenger brand)
14. In the same survey, 65% of buyers say thought leadership significantly changed their perception of a company, for the better, due to a piece of thought leadership
15. Similarly, 46% of the same respondents say that thought leadership can be important in repairing the reputation of a company that is mired in controversy
16. Lastly, 63% of the same surveyed buyers say that thought leadership is important in providing proof that an organization genuinely understands or can solve your specific business challenges.
On What Makes Quality Thought Leadership
Due to the oversaturation of the market, it's important to create quality pieces that make your organization stand out.
17. 46% of respondents say exploring issues or challenges from new and different perspectives.
18. 72% said that when thought leadership content matches the reader’s needs, they are more motivated to take action and research the topic in more depth with educational content.
19. After reading a successful thought leadership piece, 67% of respondents then go on to discuss it with peers/colleagues.
Thought Leadership and Customer Retention
Thought leadership is not only a strategy to gain new customers but to engage existing ones. When creating a thought leadership strategy, don't forget about including your existing clients.
20. If companies can focus on increasing their retention rates, there is a 60-70% chance of selling to an existing customer.
21. According to one survey from MyCustomer, repeat customers spend an average of 33% more per order as compared to others.
22. In this same survey, it was found that almost 65% of a company’s business comes from repeat customers.
Final Thoughts
Thought leadership isn’t going away and if you haven’t already started thinking about how to incorporate high-quality thought leadership content into your greater business strategy, it’s time. By supplementing your regular editorial calendar with op-eds, think pieces, and powerful and high-quality photos and illustrations, you can engage with audiences in new ways and deliver more value to customers.
