The following research article by McKinsey provides clear insights into how the triple-play companies are deploying the three elements of creativity, analytics and purpose to drive growth.
1) Companies that integrate creativity, analytics and purpose can experience more than 2X the growth than their competitors.
2) 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.
3) Linking purpose to creativity and analytics helps companies recognize the opportunities that are going to resonate most deeply with customers.
- Tipple play companies have a unique value proposition and are 3X more likely to attract talented people to join and stay in the company.
- 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.
- 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.
The CMO is now more than ever viewed as the CEO’s “go-to” growth partner. Standing at the frontier where customer needs meet organizational capabilities, the CMO is uniquely positioned to draw on all functions across the organization. The ability to deliver on the growth agenda and demonstrate tangible impact will depend heavily on the strength of the collaborative alliances the CMO can forge across the C-suite and beyond.