Published Tuesday 17th August 2021
With the development of a new normal, there comes the potential for growth now that businesses are recovering beyond a mere state of survival. However, the pandemic has forced the need for rapid changes, with many organisation’s digital transformations being at the forefront of these changes and the evolution of a new normal.
Amidst these rapid changes, marketing leaders are being called on to drive growth and develop new strategies that accelerate advancement.
A recent McKinsey study highlights three primary traits that growth-leading organisations utilise. When used simultaneously, the three traits required for business growth have been seen to provide organisations with at least two times the growth of peers that don’t facilitate a harmonious combination of all three traits.
Creative thinking has long been one of the central pillars of marketing, and it remains an essential function of growth.
A strong foundation of creativity opens the door to new ideas and approaches, ensuring that organisations create engaging and imaginative campaigns to attract and delight customers.
A creative approach is what draws customers in and inspires them to action.
Effectively using analytics and data is becoming increasingly important for all businesses. Using data in tandem with a creative approach allows for more personalised, targeted customer experiences. Data can also be instrumental in driving decisions, allowing executives to make changes quickly and precisely.
With analytics, businesses can monitor changing behaviours and trends in real-time, accurately mapping out customer intent, interests and needs.
The element of purpose will come in different forms for various businesses but should always aim to further a brand’s narrative. Purpose shows customers what an organisation stands for and highlights its authenticity.
Embracing purpose is about enacting a meaningful and measurable difference that an audience can connect to.
Combining the Three Traits
These three traits are all important; however, we can begin to see how they can accelerate growth significantly when they are integrated.
McKinsey has dubbed the combined use of creativity, analytics and purpose the ‘growth triple play’. The findings from McKinsey’s study show that companies with creative but data-driven approaches that prioritise purpose are 1.8 times more likely to be in the top quartile of growth in their sector.
Thus, businesses must develop the necessary capabilities that make integrating these three essential traits possible. Only when these traits align and work together can successful changes that boost growth be made.
As organisations’ operations and structure settle into a new normal, businesses must prioritise creativity, analytics and purpose, making them the focus of any strategies geared towards growth.