Today, CEOs are expected to engage with audiences on social media, leading articles to question why CEOs aren’t taking up every available opportunity.
While some CEOs are already very active on social media, for example Richard Branson is involved with Twitter, Linkedin and Facebook, many are only starting to realise the benefits of reaching out to their audience online.
These 2020 statistics show why CEOs who fail to embrace social media really are missing a trick.
The power of social for CEOs
The key statistics
- Over 80% believe that CEOs can positively affect their brand perception.
- 1 in 3 consumers say they’d purchase more from CEOs who demonstrate brand transparency
- 69% of millennials want CEOs to have a presence on social.
- A CEO’s reputation is responsible for as much as 44% of a company’s market value
- Social media CEOs are 89% more effective at empowering employees
How CEOs can build brand perception
The people have spoken.
More than 4 in 5 of us believe that a CEO can positively affect brand reputation. Since brands are often worth billions, why are more CEOs not assigning their time to connecting with audiences.
Possibly because some high profile examples may have put them off.
Elon Musk is rarely out of the news, and there’s no question he’s more important to the Tesla brand than many CEOs, but he also has to soak up a lot of negativity due to his role in the spotlight.
Whether it’s ill advised comments on privatising Tesla, or his forays into the world of Crypto, there’s a debate around whether the risk is really worth it for shareholders.
How CEOs affect brand value
The fact that CEOs can affect their brand market value by as much as 44% is as scary as it is shocking.
After all, that’s a terrifying amount of influence for one individual to have.
However, when we dig into some high-profile examples, this figure makes more sense.
To many of us, the late Steve Jobs was Apple.
Likewise, it’s impossible to imagine Amazon without Jeff Bezos.
Virgin was built almost entirely on the reputation and charisma of Richard Branson.
Facebook will never be able to live separately from Mark Zuckerberg.
Then there’s Elon Musk. It would be surprising if he didn’t have far more influence than the 44% in the statistics.
Conclusion: What should CEOs do next?
The answer from the numbers is clear.
CEOs need to take social seriously.
Nearly 70% of young people expect it, and they are the future consumers. Likewise, it builds trust and transparency.
It might not be an easy, smooth journey, but if the statistics are anything to go by, the time for CEOs to hide behind press releases is over.
With the numbers involved, every CEO needs to invest serious money and resources in their social strategy sooner rather than later.