Creativity, Analytics, and Purpose—these are three very important aspects of running a successful business. However, as per a report published recently, only 7 percent of the companies are actually delivering on the ‘growth triple play’, thus leaving huge gaping holes in revenue generation. For CMOs, focusing on the growth triple play is a once-in-a-generation opportunity – something any top-ranking CEO would confirm where they are more likely to bank on their CMOs and marketing leaders to grow business, especially in the post-COVID era of “new normal” digitalized marketplaces. The synergistic approach to embrace Creativity, Analytics, and Purpose hinges on the unification of ideas and strategies laid down by your CTO, CIO, and CMO, all coming together with their team leaders to build an invincible allyship, delivering an organization with purpose, mission, and vision to forge meaningful customer experiences across every omnichannel touchpoints.
To better understand the concept of growth triple play and how it influences marketing decisions, we spoke to Orsi Jojart, Associate Partner, at McKinsey. As a leader in McKinsey’s Marketing & Sales Practice and McKinsey Digital in the UK, Orsi helps leading retailers and consumer-facing companies capture opportunities afforded by new digital and analytics capabilities, particularly focusing on data-driven marketing and personalization. She supports leadership teams in building the capabilities and operating models they need for transforming marketing and sales. Orsi is one of the authors of the “growth triple play” research.
Speed is the new currency. Today’s consumers and customers are “accidental narcissists”, as technology has conditioned them to expect they can get whatever they want, within minutes. Meeting that high bar is simply not possible without analytical horsepower based in a 360-degree understanding of the customer. Igniting the moment requires AI-led analytics that’s pulsing, real-time, and connected to help companies understand those wants in real-time with the ability to deliver against that ahead of time.
In these unprecedented times, marketing companies leverage analytics-driven technology to accomplish their business priorities, especially during the peak of the pandemic months.
Orsi said, “Since the onset of the pandemic, CPG and retail sectors have been dealing with a unique set of challenges in light of two major historic shifts – ten years of e-commerce adoption in a matter of months and 75% of consumers changing their buying habits.
In light of these disruptions, some companies could not keep up with the surge in demand, while others had to quickly pivot to digital and e-commerce on the fly to meet their customers’ needs. But to do this well, it requires a new strategic analytical muscle – granular insights – to move at the speed of where, when, and how consumers are changing.”
Orsi continued, “With these differences in mind, how organizations utilized technology was also vastly different. Key shifts included:
- Leveraging real-time analytics to predict supply chain challenges based on COVID-19 outbreak severity
- Retooling personalization engines by applying a new variable of consumer location data
- Rapidly launching e-commerce capabilities within a matter of weeks vs. months or years
- Turning its stores into dark stores to fulfill online orders for easy pickup
Companies that didn’t have the necessary digital capabilities in place faced an uphill battle, especially as consumers moved their buying power online. Companies that doubled down on their digital investments were able to evolve alongside their customers and attract new ones.”
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Focus on Unified Analytics
Analytics plays a more critical role than ever before. So, how does analytics fuel growth when combined with Creativity and Purpose?
Orsi said, “There are several ways analytics can fuel growth, from advanced analytics in the supply chain to M&A and innovation. Recently we surveyed nearly 900 CXO global executives and learned was on how some companies are driving outsized growth using analytics in marketing and sales and advanced analytics for omnichannel personalization.”
Orsi continued, “Our report showed evidence that companies prioritizing creativity, analytics, and purpose – referred to as the growth triple play – are achieving over twice the growth rate of their peers, from 2.3 times to 2.7 times during the pandemic. Unified analytics lead to insights that inform and inspire creativity, and by adding purpose to the mix you can deliver breakthrough impact.
Furthermore, these “triple play” companies are 1.7x more likely to make personalization core to the customer experience and 2.5x as likely to prioritize an agile content model and personalized content. They are also 1.6x more likely to define personalized customer experiences based on demographics, attitudes, and context.
The case for omnichannel personalization is clear – it can drive 10-15% revenue uplift and 10-30% marketing efficiency and cost savings. Here’s why: Consumers are now voting with their wallets based on what matters most to them – value, convenience, and purpose.
The evidence of the impact is there but it’s not easy. There is a lot of complexity, but my advice is don’t wait! Think progress over perfection – and take that journey now because personalizing experiences is better than doing nothing.”
Infusing Analytics with Creativity will Speed Up Marketing Decision-making
Companies that merge their marketing data analytics with IT and creativity to build purposeful marketing strategies are better positioned to meet new challenges in omnichannel marketplaces. With creativity, analytics and purpose, any marketing team could effectively create and deliver personalized customer interactions.
[To share your insights with us, please write to sghosh@martechseries.com]
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