we expect to see similar results in other parts of the world
Posted: Tue Dec 17, 2024 4:46 am
Here she shares how creative transformation is necessary for business growth and resilience in a world facing ongoing digital disruption and the ongoing effects of COVID-19.
When we think of business transformation today, we may not immediately associate it with creativity. While the marketing and advertising world has pivoted towards marketing technology and ad tech adoption to gain traction, we’re seeing increasing evidence of the intrinsic link between creativity and business success.
In a Forrester study examining the return on investment (ROI) of creativity skype database compared to marketing technology and ad tech adoption, they found that a $19 billion shift from technology to creativity over six years would provide an increase in ROI of up to 18%—a potential return of $66 billion.1 Although the study was conducted in the U.S.,
A line drawing of a stack of coins over a growth arrow corresponds with the statistic, “Shifting $19 billion from technology to creativity over six years could lead to an 18% higher ROI.”
► Creativity is the single biggest driver of non-incremental growth. When done well, its impact on a company is felt in a number of different ways.
►Improves long-term brand health, supports sales spikes, changes consumer behavior or brand perception, and can even support long-term pricing power and elasticity.
►Creativity and marketing effectiveness:
A couple of years ago, McKinsey approached Cannes Lions to investigate the link between creativity and business results. Together, we developed the Awards Creativity Score (ACS) Index as a way to understand how award-winning companies perform in different markets. Put simply, the team was able to brand a company based on its creativity.
When McKinsey analysed the financial results of companies whose ACS scores were in the top quartile, it found that these companies outperformed their peers in organic revenue growth and shareholder returns. This showed us that investing in high-quality creativity can have a direct impact on the bottom line.
In The Effectiveness Code, a previously unavailable report on marketing effectiveness co-authored with independent marketing expert Peter Field and founding partner of James Hurman, we found clear evidence that high-quality creative work can lead to long-term sales growth and brand development.
But another element has begun to emerge. Accelerated by recent events, creative business transformation is changing the way companies organize themselves and engage with their customers.
When we think of business transformation today, we may not immediately associate it with creativity. While the marketing and advertising world has pivoted towards marketing technology and ad tech adoption to gain traction, we’re seeing increasing evidence of the intrinsic link between creativity and business success.
In a Forrester study examining the return on investment (ROI) of creativity skype database compared to marketing technology and ad tech adoption, they found that a $19 billion shift from technology to creativity over six years would provide an increase in ROI of up to 18%—a potential return of $66 billion.1 Although the study was conducted in the U.S.,
A line drawing of a stack of coins over a growth arrow corresponds with the statistic, “Shifting $19 billion from technology to creativity over six years could lead to an 18% higher ROI.”
► Creativity is the single biggest driver of non-incremental growth. When done well, its impact on a company is felt in a number of different ways.
►Improves long-term brand health, supports sales spikes, changes consumer behavior or brand perception, and can even support long-term pricing power and elasticity.
►Creativity and marketing effectiveness:
A couple of years ago, McKinsey approached Cannes Lions to investigate the link between creativity and business results. Together, we developed the Awards Creativity Score (ACS) Index as a way to understand how award-winning companies perform in different markets. Put simply, the team was able to brand a company based on its creativity.
When McKinsey analysed the financial results of companies whose ACS scores were in the top quartile, it found that these companies outperformed their peers in organic revenue growth and shareholder returns. This showed us that investing in high-quality creativity can have a direct impact on the bottom line.
In The Effectiveness Code, a previously unavailable report on marketing effectiveness co-authored with independent marketing expert Peter Field and founding partner of James Hurman, we found clear evidence that high-quality creative work can lead to long-term sales growth and brand development.
But another element has begun to emerge. Accelerated by recent events, creative business transformation is changing the way companies organize themselves and engage with their customers.