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https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-growth-triple-play-creativity-analytics-and-purpose McKinsey & Company June 21, 2021 | Article The growth triple play: Creativity, analytics, and purpose Companies that integrate creativity, analytics, and purpose are delivering at least two times the growth of their peers. By Biljana Cvetanovski, Orsi Jojart, Brian Gregg, Eric Hazan, and Jesko Perrey Key takeaways · Only 7 percent of companies are delivering on the growth triple play by unifying creativity, analytics, and purpose. They are driving average revenue growth of 2.3 times versus peers from 2018–19 (which increased to 2.7 times versus peers from 2019–20). · In the period 2018–19, companies using just one of the capabilities—either creativity, analytics, or purpose—saw an average growth rate of more than 6 percent. Adding a second component saw growth rates climb to more than 7 percent. For those that employed the full triple play, growth rates climbed to more than 12 percent. · CMO’s have a once-in-a-generation opportunity to lead growth, as 78 percent of CEOs are now banking on CMOs and marketing leaders to drive growth. Seven Minute Video https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-growth-triple-play-creativity-analytics-and-purpose Direct link: https://www.mckinsey.com/Videos/video?vid=6268658726001&plyrid=HkOJqCPWdb&aid=08A50039-F4AE-45E9-A815-E4D6DF5F6000 Embed code: The next normal is the ‘no normal’ Video Cannes Lions 2021 Keynote _______________________________ The year 2020 was unlike any other, as lives and livelihoods were upended by the pandemic. COVID-19 affected every aspect of our lives, forcing customers and businesses alike to embrace new behaviors, including digital ways of working, shopping, and relaxing. Within a span of a few months, a decade’s worth of e-commerce adoption took place as the pandemic raged, leading to many new, digital-first marketplaces. The normal we all knew was gone. In fact, there was no normal at all. The historic shifts brought on by the pandemic have also fundamentally changed the role of marketing leadership and the chief marketing officer (CMO). According to McKinsey’s new research, in these “no normal” times, 78 percent of CEOs are now banking on marketing leaders to drive growth. We looked at how more than 860 executives across the globe are prioritizing investments and capabilities that help accelerate growth. 1 In the process, we uncovered three elements—creativity, analytics, and purpose—that constitute a “growth triple play” that provides at least two times the growth of peers who don’t invest in all three in tandem. Even before the pandemic, companies that had developed all three capabilities were logging double the growth of their industry peers, a margin that only increased once the COVID-19 crisis hit. But even though all three elements are available to most companies, only 7 percent of companies have been able to use them successfully in combination. To better understand how companies are using the growth triple play of creativity, analytics, and purpose to drive above-market growth, we separated out those that have most successfully integrated all three elements to see what they do differently. The growth triple play The companies that use the three elements of the growth triple play together—creativity, analytics, and purpose—achieve dramatically higher average growth rates. The research shows using the full growth triple play can boost average growth rates by 2.3 times compared to companies that don’t use any of the three elements. The results were even more dramatic during the pandemic, when the impact of using the full triple play boosted growth rates by 2.7 times. That cumulative impact is striking. In 2018–19, companies that used any one of the capabilities—whether creativity or analytics or purpose—saw an average growth rate of more than 6 percent, for companies that added a second component, growth rates climbed by another 15 percent to more than 7 percent, and for those that employed the full triple play, growth rates shot up by 67 percent to more than 12 percent. Exhibit 1 Each element of the triple play is critical. Creativity is part of the origin story of marketing. It’s in the breakthrough ideas that have always underpinned bold, imaginative campaigns. The last revolution in marketing was all about the fusion of creativity and data analytics. What’s new today is partly the addition of purpose, the statement of a goal higher than just ringing up the next transaction. Purpose can vary widely, as long as it is true to what the brand ultimately stands for. Says Ann Mukherjee, CEO North America at Pernod Ricard: “Purpose could be about fun. Purpose could be about indulgence. Purpose could be about being a rebel. Purpose could be about saving the world. But purpose must be intrinsic to what the brand’s narrative is.” The elements of the triple play turn out to be mutually reinforcing. The speed and granularity delivered by analytics is far more powerful when integrated with innovative, breakthrough creative ideas and programs. Both resonate with customers in a deeper way when they are connected to purpose. Triple-play companies that have learned to integrate all three elements are 1.8 times more likely to be in the top quartile of growth within their sectors. McKinsey’s research provides clear insights into exactly how the triple-play companies are deploying the three elements. It is not a theoretical exercise. Those companies take these specific steps to activate the triple play across the full sweep of their marketing practices: Infuse creativity with analytics Creativity starts by thinking and dreaming big, by opening the aperture to new ideas and approaches to delight customers. The discipline comes from making sure the customer is always front and center. Triple-play companies take more than a 360-degree view of their customers. Creativity is what gives rise to new campaigns, new products, innovative ways to serve consumers, and more. The addition of granular data and analytics can unleash creativity more effectively to drive deeply personalized customer interactions using iterative, test-and-learn approaches. Analytics help marketers make decisions at a faster clip by using marketing sensors to monitor changes in consumer behavior and make budget reallocations in real time. Exhibit 2 From the field: Mars’ Sheba brand uses the power of creativity to bring HOPE Continue to next section Great creativity draws people in, engages them, and ultimately inspires them to take action, whether it’s buying a product or embracing a cause. Jane Wakely, lead CMO of Mars, Incorporated, explains how the Sheba Hope Reef project builds on Mars’s purpose with science while embracing creativity: “Purpose is our guiding light at Mars; we want to make a meaningful and measurable difference in the world. Sustainable fishing is close to our heart because pet parents love their pets to sometimes enjoy fish. Our goal, working with WWF over the past decade, has been to sustainably source 100 percent of the fish used in our pet food recipes. But we wanted to do more; scientists tell us that by 2043, 90 percent of the world’s coral reefs will in fact be gone and 25 percent of all marine biodiversity will be lost. Since 2008, the Mars Coral Reef Restoration Program has installed over 19,000 Reef Stars, incorporating more than 300,000 coral fragments to help restore ocean health. We believe that more coral today means more fish for tomorrow. This purpose, in turn, inspires creativity. By involving our creative partners, we have built a coral reef which simply spells out the word ‘H-O-P-E.’ HOPE Reef is so large it can be seen from space. We want to grab people’s attention in a cluttered world, and then drive them to a collection of content that educates them about coral restoration and galvanizes them to join the effort to restore ocean health. “It’s a magical way to open people’s minds, but also their hearts and get them on board to drive a movement that makes a meaningful and measurable difference,” said Wakely. Deploy analytics with purpose Creating moments that are meaningful for customers requires analytical horsepower and precision to discover customer intentions, interests, and unmet needs. At a time when companies are generating massive quantities of data, however, purpose serves as the anchor for marketers to determine which insights matter most and to focus their efforts there. That’s why triple-play companies prioritize flexibility in their analytics and data architecture to not only co-create strategy with the C-suite but also to share those insights across the organization. Exhibit 3 From the field: How Salesforce is organizing entirely around the customer Continue to next section Brian Solis, global innovation evangelist at Salesforce and eight-time best-selling author, says technology has conditioned today’s consumers to expect that they can get whatever they want, wherever they want it, within minutes. Meeting that high bar is simply not possible without analytics and an unwavering focus on the customer. This also includes organizational transformation. “We’ve become a customer-360 company, because we’re helping customers organize and digitally transform entirely around the customer and customer insights to deliver that real-time value, throughout the customer journey. The goal is to create connected, intuitive, and personal ‘ignite moments,’ that moment when you have someone’s attention and you know their intention, and you can deliver the best, most personalized, efficient, convenient, and ‘wow’ experience possible. Analytics help companies understand those wants in real time; AI and automation can even help them deliver against them ahead of time.” Focus on the purpose Purpose acts as a North Star, guiding the overall direction as CMOs and marketers make crucial decisions that shape long-term growth. Linking purpose to creativity and analytics helps companies recognize the opportunities that are going to resonate most deeply with customers. CMOs and marketers understand the power of purpose and weave it into the culture, creating a recognizable sense of mission for customers, employees, prospective employees, and other stakeholders. Exhibit 4 From the field: How Oatly finds purpose in a more resilient food system Continue to next section It’s not hard for John Schoolcraft, chief creative officer of Oatly, a global alternative dairy company based in Sweden, to explain his company’s purpose. Oatly aims to drive a systemic shift towards a sustainable, resilient food system where people don’t have to trade taste against the future of the planet. “Just talking about sustainability is useless. We want to prove to people that the things we are doing are having a positive impact on the world. For example, we have programs where we work with farmers on sustainable farming initiatives, such as more diverse crop rotation, which allow farmers to lower their use of fertilizers and herbicides, improve long-term soil health, and diversify incomes. We’re trying to create change, to gain the trust of our consumers through action instead of just talking. If you were to go back and analyze our creative work for the past nine years, you would see this approach in almost everything.” Winning in the next-normal world Marketing leaders have a once-in-a-generation opportunity to lead, shape, and drive the growth agenda. They can take advantage of this opportunity by integrating creativity,