A 5 minute read to improve your commercial future...Why you should take Thought Leadership seriously in 2023...

For anyone who reads any of my content, you may have noticed that all through 2022 I was raving about the '2021 Thought Leadership Impact Study' by Edelman and LinkedIn.

Edelman and Linkedin - 'Breaking though to buyers in economic uncertainty'

It is essential reading for anyone in a company leadership position, an owner, business development, sales and/or marketing. It provides deep insight into what leaders and buyers are looking for from the supply chain these days.

The 2022 study is out and it doesn’t disappoint. I've taken the study and dissected it for this article.

Its is crucial reading for all modern professionals.

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First off, who are the authors?:

EDELMAN – The Trust Makers

Edelman is a global communications firm that partners with businesses and organizations to evolve, promote and protect their brands and reputations. Their 6,000 people in more than 60 offices deliver communications strategies that give their clients the confidence to lead, act with certainty and earn the lasting trust of their stakeholders. They develop powerful ideas and tell magnetic stories that move at the speed of news, make an immediate impact, transform culture, and spark movements.

Since they were founded in 1952 by Dan Edelman, they have remained an independent, family-run company. Every day, they strive to live and work by a long-held set of core values: the pursuit of excellence, the freedom to be curious, the courage to do the right thing, and a commitment to improving society.

LINKEDIN – The Digital Professional Network

LinkedIn is the world's largest professional network on the internet. You can use LinkedIn to find the right job or internship, connect and strengthen professional relationships, and learn the skills you need to succeed in your career.

THE STUDY:

This study is the fifth annual collaboration between Edelman and LinkedIn examining how thought leadership influences buying behaviours among B2B decision-makers and C-suite executives.

STUDY CONTRIBUTORS:

This study presents the perspectives and insights from nearly 3,500 management-level professionals to help marketers, communicators and salespeople understand the value and role of thought leadership amid times of great uncertainty

The study group comprised:

B2B Decision-Makers Company executives who consume thought leadership and are involved in making final decisions on their company’s choice of professional service providers or products

C-Suite Executives Company owners, partners and founders with complete or partial ownership of a company, or C-Suite Level executives with responsibility for a business function.

THE EXECUTIVE SUMMARY:

"As we face a potential economic downturn, this year’s research reveals that high-quality thought leadership will be more important than ever for organizations seeking to break through with decision-makers at current and prospective clients. It also identifies what B2B decision-makers and C-suite executives expect from thought leadership during this time.

The findings shed light on how your organization can refresh and improve the way it approaches and delivers thought leadership – ultimately giving you the tools you need to position your products and services as crucial to your customers’ success during a time of increased scrutiny".

WHY THIS IS IMPORTANT FOR YOU:

For this I’ll turn the to Key Learning from the study...

1. Most B2B companies are planning for an economic downturn in 2023. That means it’s going to be more challenging than ever for suppliers to get the attention of decision-makers and successfully pass the procurement process.

2. If a downturn does materialise, those products and services deemed non-critical will likely be first on the chopping block. Sellers navigating a stricter procurement process cannot just “meet the brief” and expect success. Instead, they must prove they can help prospective customers succeed, even during tough times.

3. Thought leadership is one of the most effective tools an organization can use to demonstrate its value to customers during a tough economy – even more so than traditional advertising or product marketing, according to B2B buyers.

4. Decision-makers expect high-quality thought leadership to offer a strong, data-backed point of view on how to succeed during a downturn. And they report it can make a difference in winning their business.

5. Producers of thought leadership have high expectations for its ability to support their business during a downturn. Yet, many have low confidence in its quality. This period of unpredictability offers an opportunity for B2B companies to improve the way they deliver thought leadership and measure its impact.

For any professional in the B2B space, these learnings are pure Gold.

👉Times are tough and may get tougher in the B2B world,

👉Selling will be challenging,

👉High Quality Thought Leadership is key,

👉There is significant opportunity for companies to shine through.

THE CRUX OF THE MATTER:

Thought leadership is one of the most effective tools an organisation can use to demonstrate its value to customers during a tough economy – even more so than traditional advertising or product marketing, according to B2B buyers.

BUT WHAT IS IT..?:

The study defines Thought Leadership:

"Thought leadership refers to content that offers expertise, guidance, or a unique point of view on a topic or in a field.

It includes content like thought pieces, essays, videos, webinars, live presentations, PowerPoint slides, and research reports that organizations make available to the public for free (or in return for registering or giving contact information).

In this context, “thought leadership” does not include content that is primarily focused on describing an organization’s products or services or thought leadership that you pay to receive — such as client deliverables, subscription services, or reports that must be purchased".

So, in your business context, your thought leadership is your expertise, your specialism, your history, knowledge and perspectives on your markets, your sector and your ministry.

Its not your traditional marketing materials, product sheets or brochures.

SOME MORE DETAILS ON THE STUDY CONTRIBUTORS:

Thought leadership study contributors

Edelman worked with LinkedIn to survey 3,449 global business executives across a wide range of sectors and company sizes giving a response set that will likely include your sector and/or business size.

THE HEADLINES:

1. Most B2B companies are planning for an economic downturn in 2023

Most B2B companies are planning for an economic downturn in 2023

This is a reality you may be facing with your own organisation.

2. It will be harder than ever to break through and win business.

It will be harder than ever to break through and win business.

Getting the attention of our intended client base will be tough, getting through the supply chain process will be tougher.

62% of C-suite executives say their organisation is planning fiscal year 2023 assuming there will be an economic downturn.

3. If a downturn does materialise, products and services deemed non-critical will likely be first on the chopping block.

If a downturn does materialise, products and services deemed non-critical will likely be first on the chopping block.

Are your organisations products and services critical or non-critical, were do you sit in this cycle? What options does your client base have to defer, seek lower cost, stall, shelve....push out?

Despite this reality, there is good news…

91%! This is compelling. but it goes deeper, they give us the answers...

How do non-business critical providers increase their chances of winning business?

1. Proving they will increase a prospect’s profit margins or minimize losses - the value add

2. Demonstrating they can increase the likelihood that a prospect’s customers/clients will continue doing business with them in a downturn - helping your customers win

3. Showing they can help a prospect outperform, or take market share from, its competitors - helping your customers thrive

So, how do we do this when nobody is reading our product sheets or traditional marketing materials…?

With Thought Leadership content…

Why?

Thought leadership is one of the most effective tools an organization can use

"61% of decision-makers say that an organisation’s thought leadership can be moderately or a lot more effective at demonstrating the potential value of its products/services compared to traditional product-oriented marketing".

Thought leadership can be even more powerful in an economic downturn.

THOUGHT LEADERSHIP QUALITY:

Decision-makers expect high-quality thought leadership

Lets take a moment to think about this.

Your buyers and the decision makers in your prospect base want High Quality Thought Leadership to allow them to see you, understand you and form a conclusion that you are a value a solution to their business…

…and, they report that it can make a difference in winning business.

"55% of decision-makers say that during an economic downturn, it is more important than ever for suppliers who do not offer products/services that are essential to operations to produce high-quality thought leadership if they want to win our business".

So, what does ‘High Quality’ really mean:

👉Make it quick and easy to consume and absorb – catch the attention and make it worthwhile.

👉Reference robust research and strong supporting data – back it up with facts.

👉Offer provocative ideas that challenge people’s assumptions – push boundaries to stand out

👉Offer concrete guidance on how to respond to the issues or opportunities discussed – Accentuate your credibility.

THE EXPECTATION:

Producers of thought leadership have high expectations

This period of unpredictability offers an opportunity for B2B companies to improve the way they deliver thought leadership and measure its impact.

THE OPPORTUNITY:

So we know that Thought Leadership is key for us and now we know why, but are we measuring the correct things?

Edelman and LinkedIn's research shows that just 40% of thought leadership producers say they measure its effectiveness by linking business wins back to specific pieces of content.

Rather, the most common way their organisations determine effectiveness is by looking for increased website and social media traffic – a metric too broad to be meaningful in this regard.

SO WHAT DO WE DO..?

👉As business leaders we must take this seriously.

👉We must ask the challenging question of our businesses.

👉We must make sure we are tuned into the needs of our sectors and the decision makers within them.

There is an opportunity for B2B companies to improve the way they deliver thought leadership and measure its impact

The Digital Twin of your sector is in construction.

Understanding that the access point to this Digital Twin is via the application of a cross discipline Social Media Strategy using Social Selling & influence.
Social Media is where we publish our Thought Leadership content and know how to do it.
This is where your buyers and the decision makers find it, consume it and take action.
Social Selling & Influence is how we convert your Thought Leadership into orders.

I'll leave the closing statement with Edelman and LinkedIn...