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How Can You Experience Growth by Leaps and Bounds?
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The most perfect union in today’s global world is the unlocking of the next wave of growth. Creativity and Data are driving growth by leaps and bounds. Companies who are harnessing Creativity and Data in tandem have achieved global competitiveness in the complex world of business.
A good start is combining the power of human ingenuity and the insights gleaned from Data Analytics. The best marketers are those who can integrate the power combo of Creativity and Analytics into all functions in the Marketing Value Chain.
In the modernization of Marketing, this has become an essential part to drive growth.
Marketers approach Creativity and Analytics in different ways. Let’s take a look at the 3 groups of Marketers and how they approach Creativity and Analytics.
Integrators as Excellent Marketers
A series of studies was conducted by McKinsey, the Association of National Advertisers, and the Cannes Lions Festival over 200+ CMOs and senior marketing executives. Results of the survey showed that Integrators are gaining more ground and achieving more in terms of Market excellence.
Achieving Marketing excellence can drive companies to the edge. Efficient application of Creativity and Data in the Marketing Value Chain can give Integrators the advantage against others; the Idlers and Isolators.
Growing at only 3% a year or less, Idlers have made insignificant progress in utilizing data-driven Marketing practices. Idlers invest least in Marketing Analytics and only 22% likely to source innovative capabilities to a variety of agencies.
The Isolators use both data-driven and creative processes but these processes are not integrated in the company’s marketing functions. Their marketing processes are done in isolation and are only 23% likely to tap numerous agencies for different types of work.
Integrators use more and more Data and Creative processes. Creative functions are becoming more data driven and data-driven functions are growing more creative.
- Integrators have the least likely, of the three groups, to have one large, full-service agency.
- Integrators aim to get ideal talents.
- Much room for improvement is provided specially in the area of talent acquisition.
Core Principles in Achieving Marketing Excellence
Integrators follow a basic framework to achieve Marketing excellence. This basic framework is anchored on three core principles that can efficiently integrate Creativity and Analytics into a power combo. By perusing consistent discipline in applying the basic framework in the various core functions of the Marketing Value Chain, companies can achieve Marketing excellence.
The 3 core principles are the differentiating principles of Integrators. These are the key fundamentals that make Integrators “engaging,” “unique,” and a core contributor to the creation of brand equity.
Principle 1: Integrators treat Creativity and Data as equal partners.
Creativity and Data closely interplay in creating customer experience and capturing consumer insights. Creative functions become more data-driven and data-driven functions become more creative.
Integrating Creativity and Data in consumer insights can help uncover ideas that would otherwise never see the light of day. It provides Integrators the tools to scale up customer experience.
Principle 2: Integrators embed integration through an Agile Marketing Operating Model.
Definition of Agile Marketing
Agile, in the marketing context, means using Data and Analytics to continuously source promising opportunities or solutions to problems in real time. A high-function agile marketing organization can run hundreds of campaigns simultaneously and multiple new ideas every week.
Many marketing organizations think that they are working in an agile way. But looking deeper below the surface, most often companies are just partly agile. As a result, companies only gain partial benefits.
Embracing Agile Marketing
Embracing Agile Marketing allows Integrators to innovate more effectively. Building an agile team requires putting together people of different skill sets and backgrounds to sit side-by-side and collaborate on a daily basis. When this is achieved, several marketing functions are brought into a single high-performing team.
Agile Marketing Operating Model brings new ideas to market and facilitates quick decision making. Marketing and IT gets to share the same vision to achieve closer collaboration and integration.
Principle 3: Integrators seek “whole-brain” talent.
Hiring an award-winning creative director or a top-flight data scientist used to enough to improve performance of our Marketing Department. But today, Marketing demands a more innovative approach. Even Integrators are now looking for something different. Today, Integrators are focusing on finding and nurturing people capable of working with colleagues of different skills and mindsets.
A “whole-brain” talent keeps our company versatile in effectively integrating Creativity and Data.
Beyond the Principles
Achieving a 10+% growth is expected when companies consistently apply the 3 core principles. World-class Marketing Excellence is reached amidst a very volatile and complex business environment.
Interested in gaining more understanding on how to achieve Marketing Excellence? You can learn more and download an editable PowerPoint about Growth through Creativity and Analytics here on the Flevy documents marketplace.
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"Strategy without Tactics is the slowest route to victory. Tactics without Strategy is the noise before defeat." - Sun Tzu
For effective Strategy Development and Strategic Planning, we must master both Strategy and Tactics. Our frameworks cover all phases of Strategy, from Strategy Design and Formulation to Strategy Deployment and Execution; as well as all levels of Strategy, from Corporate Strategy to Business Strategy to "Tactical" Strategy. Many of these methodologies are authored by global strategy consulting firms and have been successfully implemented at their Fortune 100 client organizations.
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About Joseph RobinsonJoseph Robinson is the Vice President of Strategy at Flevy. Flevy is the marketplace for best practices in business management. Learn how the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best practice methodologies and templates. The documents at Flevy (https://flevy.com) are of the same caliber as those produced by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Most were developed by seasoned executives and consultants with 20+ years of experience. Flevy covers 200+ management topics, ranging from Digital Transformation to Growth Strategy to Lean Management. You can peruse a full list of management topics available on Flevy here. Prior to Flevy, Joseph worked as an Associate at BCG and holds an MBA from the Sloan School of Management at MIT. You can connect with Joseph on LinkedIn here.
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