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Brought to you by Liz Hilton Segel, chief client officer and managing partner, global industry practices, & Homayoun Hatami, managing partner, global client capabilities
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This past week, the Cannes Lions International Festival of Creativity held its 70th annual ceremony honoring the world’s top advertising, marketing, and communications companies. And while no CEO worth their salt would deny the importance of creativity in the workplace, does creativity translate into actual business value? That’s what the authors of this classic McKinsey article set out to find.
Using the Lions awards as a proxy for creativity, the authors found that the most creative companies in their study exhibited four business practices that spurred both innovation and growth. These companies bake creativity and innovation into all corners of the organization—from shop floor to top floor. They are fanatical about understanding their customers. They move quickly, translating insights into action faster than their competitors. And they constantly adapt, using data and early market signals to inform decisions after product launches.
As senior partner Jesko Perrey and coauthors implored our readers: “With an increasing focus on the science of marketing—including performance marketing, marketing AI, and advanced analytics—it’s important not to forget about the art of marketing.” Words of wisdom for any business leader looking to foster creativity in their workers—and then reap the benefits.
To learn more, read our 2017 classic “Creativity’s bottom line: How winning companies turn creativity into business value and growth.”
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