Data and analytics have taken center stage in addressing modern marketing challenges in today’s fast-paced business world. Creativity, on the other hand, should not be underestimated. If done correctly, it can be a valuable asset to a business. A survey by Deloitte has shown the importance of creativity in business and why CMOs should emphasize it to drive growth.
What exactly is creativity?
Creativity is a natural process in which our brains think outside the box to solve a problem in a novel way. It is an essential component of the human experience, and it is essential in overcoming adversity and inspiring hope during difficult times. However, in the business world, where results and optimization are valued, creativity can be viewed as a risk. Businesses frequently use the same methods and techniques as their competitors, mimicking them and making incremental improvements to tired processes.
Why is business creativity important?
CMOs’ primary responsibility has always been growth. But growth has become harder to achieve because of how quickly society, technology, and the economy are changing. As a result, many brands have increased their reliance on data and analytics. But this approach could mean that there are fewer creative leaders in the C-suite and that CMOs and marketing talent put less value on creative skills.
Beyond brand communications and advertisements, creativity is essential. It could change how systems are made, turn problems into opportunities, make it easier for employees to work together, and get customers and other stakeholders more involved with an organization. According to a Deloitte survey of 1,015 executives, creativity contributes to growth, and high-growth brands (with annual revenue growth of 10% or more) are more likely to see creative ideas as critical to long-term success. They are also more likely to encourage creativity by encouraging people to take risks and work together across departments.
How can CMOs foster creativity in their organizations?
CMOs play an important role in encouraging creativity in their organizations. Here are three strategies that CMOs can use to foster creativity in their organizations:
Redefine Creativity’s Purpose
Creativity is no longer limited to a single advertisement or campaign. CMOs should prioritize consistently delivering products, services, and experiences that allow a brand to stand out. This shift in focus necessitates that CMOs remain consistent and relevant over time, taking into account cultural, economic, and political fluctuations in various countries.
Align the Organization
While CMOs and the marketing function can take the lead in brand transformation, it is critical that all functions are on the same page in terms of business goals. CMOs should work closely with functions like sales, operations, and supply chain to bring new products and services to market and supply them.
Encourage Risk-taking
Encouraging risk-taking and allowing for failure can foster creative thinking. A creative culture needs good leadership, and CMOs should let employees say what they want within the context of the organization’s strategy.
Creativity is a valuable asset for businesses, and CMOs and their teams can help promote it. In the modern business world, CMOs can drive growth and make sure their organizations are competitive by redefining what creativity is for, aligning the organization, and encouraging people to take risks.