{"id":4229,"date":"2020-02-25T00:00:00","date_gmt":"2020-02-25T00:00:00","guid":{"rendered":"https:\/\/brandfinance.com\/?p=4229"},"modified":"2024-02-26T14:32:35","modified_gmt":"2024-02-26T14:32:35","slug":"soft-power-why-it-matters","status":"publish","type":"post","link":"https:\/\/brandfinance.com\/insights\/soft-power-why-it-matters","title":{"rendered":"Soft Power: Why it Matters to Governments, People, and Brands"},"content":{"rendered":"\n

See the latest Global Soft Power Index<\/strong><\/a> report for more stories from the world's largest study on soft power.<\/a><\/p>\n\n\n\n

Soft power has a significant impact on the decisions people, businesses, and governments make. Joseph Nye, the original thought leader in the field goes one step further, arguing that soft power is \u201ca means to success in world politics\u201d for those that know how to leverage it1<\/a><\/sup>.<\/p>\n\n\n\n

It is fascinating to see how people's perceptions of other nations around the world differ. The perceptions of the strengths and challenges one country faces are often entirely discordant from the lived realities of its citizens. This lack of consistent perception is also the case from one country to another.<\/p>\n\n\n\n

In the course of working on the Global Soft Power Index, we have learned a lot about the real powers of persuasion and attraction that different countries possess. We have also really seen who the underperformers are, who have the potential to raise their game and deliver tangible benefits to national wellbeing.<\/p>\n\n\n\n

It's been a dynamic year - and that is putting it mildly. See the complete Global Soft Power Index<\/strong><\/a> report for more stories from the world's largest study on soft power.<\/a><\/p>\n\n\n\n

What do we mean by Soft Power?<\/h2>\n\n\n\n

When we began working on this programme in 2019, we conducted an extensive literature review, including the pioneering work of Harvard Professor Joseph Nye. The following quote summarises our definition of soft power:<\/p>\n\n\n\n

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\u201cA country\u2019s ability to influence the preferences and behaviours of various actors in the international arena (states, corporations, communities, publics etc.) through attraction or persuasion rather than coercion.\u201d<\/p>\nJoseph Nye, Harvard University<\/cite><\/blockquote>\n\n\n\n

The Global Soft Power Index builds on our expertise in valuing and evaluating Nation Brands and focuses on measuring the soft power of different nations around the world.<\/p>\n\n\n\n

Influence, attraction, and persuasion are classic elements of brand strength, and Brand Finance has been conducting an annual Nation Brands study on the world\u2019s most valuable and strongest nation brands for over 15 years. This study has provided key benchmarks for diplomats, tourism boards, trade agencies, nation brand consultants and managers.<\/p>\n\n\n\n

For 2021, we evaluated the Soft Power and global reputation of 105 nations, adding 45 nations to the Index for the first time.<\/p>\n\n\n\n

Measuring Soft Power<\/h2>\n\n\n\n

In our quest to develop the definitive measure of soft power, we developed a framework which encompasses all its key dimensions \u2013 we call this the Soft Power Index. There are 11 key dimensions that form the Soft Power Index, which can be grouped into three categories:<\/p>\n\n\n\n

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  1. Soft Power KPIs (3 dimensions)<\/li>\n\n\n\n
  2. Soft Power Pillars (7 dimensions)<\/li>\n\n\n\n
  3. Impact of Covid-19 (1 dimension)<\/li>\n<\/ol>\n\n\n\n

    3 Soft Power KPIs <\/h3>\n\n\n\n

    There are three overall measures which we refer to as \u2018Soft Power KPIs\u2019 \u2013 important and universal indicators of soft power:<\/p>\n\n\n\n