Thought Leadership Study for Ad Agency New Business

Mark Mitchell, the Whizhard

Thought leadership influences prospects to help agencies win, retain and even grow client business.

A recent study, by Edelman and LinkedIn, of 1,201 U.S. business decision makers, reveals that thought leadership is more powerful than marketers think. It not only helps attract new business, but strengthens relationships with existing clients.

Definition: A thought leader is an individual or firm that is recognized as an authority in a specialized field and whose expertise is sought and often rewarded.”

It’s no longer just about “the work”. Prospective clients are seeking expertise. That’s why the average Fortune 500 Company has 17 agency relationships. They’re seeking expertise from industry thought leaders and their willing to pay a premium for their knowledge. ADWEEK proclaims it to be the the new secret weapon for agency executives to land new business.

Why is content marketing not working for agency new business? Most agencies fail to realize that thought leadership should be the centerpiece of their content marketing strategy.

Here are the highlights from the Edelman and LinkedIn’s B2B study, How Thought Leadership Drives Demand Generation:

• 55 percent of business decision-makers use thought leadership content to vet prospective partners.
• 61 percent said they’d pay a premium to work with organizations that articulate a clear vision through thought leadership.
• People want to do business with companies that are human and have a relatable leader.
• 55 percent of decision-makers were more likely to increase the amount of business they did with established thought leaders than with those that did not publish content.
• Senior decision-makers are willing to pay a premium. B2B buyers are likely to pay more to work with companies who have clearly articulated their vision through thought leadership.
• Each year, decision-makers are spending more time reading thought leadership; in fact, most do so for at least an hour per week.
• Consumption of thought leadership is growing.
• Thought leadership creates access to high-value decision makers.
• Thought leadership generates RFP opportunities.
• 58% of decision makers said thought leadership directly led decision makers to award business to an organization.
• Thought leadership drives growth with existing customers. 55% of decision maker’s increased the amount of business done with an organization and 60% of decision makers said they bought a new product/service they were not previously considering.
• Brands underestimate the impact on trust and reputation. Thought leadership increases trust in an organization. Thought leadership enhances a brand’s reputation.
• It can be a double-edged sword. Thought leadership done poorly can harm business. 60% of decision makers say half or more of the thought leadership they encounter does not provide valuable insights.
• For the majority of decision makers, choosing the topics related to what they are currently working on, is one of the most critical factor in getting them to engage.
• Decision makers want to know where their industry is going. Almost 9 in 10 decision makers believe it is important for companies to layout a clear vision for the future.
• 82% of decision makers said that thought leadership being shared by someone they know and respect is a critical factor in getting them to engage.
• Over half of the decision makers said their preferred format for thought leadership is “snackable” media that can be digested in a few minutes. Short formats are overwhelmingly preferred by busy executives so be concise.

Small to midsize agency owners need to recognize the potential of developing a positioning of expertise and turn thought leadership into industry leadership. Here are examples of agency owners that are doing it well:

• Jeff Fromm, Millennial Marketing
• Stephanie Holland, She-conomy, A Guy’s Guide to Marketing to Women
• Mark Mitchell, See the Whizhard, A More Effective Way to Grow Your Building Material Sales
• Ernie Perich, 0 to 60 Branding: Marketing and advertising insights for automotive suppliers
• Eric Kiker, The Digestible Brand: The secret sauce for marketing nutrition to the confused consumer
• Brad Ball & Brian Morris, The Silver Rush: Marketing to the California Senior
• David Schuemann, Drink With Your Eyes: Increasing sales through strategic branding for alcohol beverage category
• Frank Gussoni, Frank’s Take: Boosting Mid-Market Media Buys Through Uncommon Sense
• Kristi Bridges, Health Craze: Marketing Healthy Food
• Marc Benjamin, Omni Channel Outcomes: Audience Reach and Activation Insights for Digital Pharma
• Kathy Selker, The Fem Factor: Marketing Hospitals to Women
• Chris Ray, Upward Home: Marketing for High-End Home Brands
• Brad Hannah, CPG Marketing Trends: Helping CPG industry marketers maximize brand and private label strategies
• Diane Martin & Jeff Walter, Marketing to Farmers: Insights and Expertise
• Renae Gonner & Elton Mayfield, Navigate-the-Channel: Navigating manufacturing brands through the building supply channels
• Michael Ciavolino, Health Recruitment RX: Prescriptions for Recruitment Marketing Success
• John McDougall, Legal Marketing Review: Digital Insights for Law Firms
• Jose Vasquez, Build.Brand.Blast: Propelling startup tech growth

Thought leadership is much more imprtant than agencies realize for new business.  Email me at michael@michaelgass.com if you’d like a copy of my guide, Seven Steps for Fueling New Business Through Social Media.

Click here for the full B2B Thought Leadership Impact Study. I would also recommend an excellent ADWEEK article written by Scott Gerber on thought leadership: Executive Leaders Need to Solidify the Brand Values They Want to Share.