The concept of CEO influence has evolved. These days, company executives mostly use digital platforms to increase their visibility and influence industry conversations.
Readers of business publications and websites were five times more likely to trust a CEO who utilizes social media than one who doesn’t, according to a 2022 study by the corporate advice firm Brunswick.
According to the same study, workers are four times more likely to want to work for a CEO who utilizes social media than one who doesn’t.
A recent study by H/Advisors Abernathy found that 70% of CEOs use social media. Of those CEOs, 32% are on X and 64% are on LinkedIn.
CEOs also benefit from social media, as evidenced by their average engagement rate, which is four times higher than the norm, meaning they receive four times as many likes, shares, and comments.
In fact, the typical CEO has 360,000 LinkedIn followers.
CEOs of some of the largest corporations in the world connect in a variety of ways on social media.
The CEO of IT consulting firm Tech Mahindra, CP Gurnani, thinks social media is the best way to interact, connect, and share with his more than 150,000 workers.
Microsoft CEO Satya Nadella uses social media to spread the word about his company’s basic principles, which include diversity, equality, and social justice.
Additionally, Walmart’s president and CEO, Doug McMillon, frequently posts on social media to express gratitude for his travels to the company’s stores across the nation, praising staff members and sharing pictures of his interactions with them.
Select your platform
Corporate strategy is reflected in the platforms that CEOs select. While some social networks target consumers directly, LinkedIn is most appropriate for business-to-business (B2B) messaging.
Managing the message
Of course, a CEO must exercise caution while publishing on social media
After being penalized by the Securities and Exchange Commission, Elon Musk’s controversial 2008 tweet indicating that he would be taking Tesla private again cost the firm and him $20 million each.
The US fantasy sports and gambling site DraftKings Inc. was fined US$200,000 by the SEC last month for sharing confidential information about the CEO’s personal X and LinkedIn accounts through its public relations team.
CEOs utilize their own digital content teams to do this. At a price, these experts create messaging, evaluate data, and ensure consistency across platforms.
A multi-channel social media marketing and management plan can cost businesses anything from US$3,000 to US$20,000 per month on average.
You are looking at more than US$20,000 per month for a Fortune 500 organization.
An essential component of executive growth should include digital training. Social media strategy classes are becoming more and more popular among C-suite participants, according to the Harvard Business School, which offers leadership education.
Measuring engagement
Digital influence needs to be quantified. Tools that measure message sentiment and reach include Brandwatch, a social media monitoring software. Future communication strategies are informed by this data.
Decisions are also influenced by engagement indicators. The business upped its spending in public semiconductor education after Intel CEO Pat Gelsinger’s blogs about chip manufacture got a lot of interaction.
The practice is not limited to technology. CEOs in traditional industries use digital platforms to change the way the market perceives them. As part of their shift away from petroleum, BP’s leadership uses LinkedIn to discuss investments in renewable energy.
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