The world has transformed since the Covid-19 pandemic started at the beginning of 2020.
The lives and livelihoods of millions of people have been affected, which has led them to embrace new behaviors, including digital ways of working, shopping, and relaxing.
Businesses have reassessed, redefined, and restructured themselves in numerous ways. What was normal has ceased to exist and given way to a ‘new normal’. Within few months, the world witnessed giant leaps in digital consumption, which drastically changed the way customers shop and how the businesses catered to their needs.
Renaissance of Digital Marketing
As we enter the era of large-scale e-Commerce adoption and digital-first marketplaces, the role of marketing leadership and the Chief Marketing Officer (CMO) see a paradigm shift. McKinsey reports that almost 78 per cent of CEOs are now banking on marketing leaders to drive growth. Businesses have started to finally prioritize investments and capabilities that help accelerate growth. In fact, it is the emergent phase of the three prime elements that constitute the “growth triple play”, namely:
What does this mean for future marketing capabilities?
Creativity is the underlying principle on which marketing thrives. It is all about brainstorming to achieve breakthrough ideas to churn out bold and interactive campaigns that delight consumer imagination. When further homogenized with powerful analytics and an inspiring purpose, it can create ripples across the market like no other, the roots of which can be traced back to a 360° consumer-centric view.
“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.”
“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.” - McKinsey.com
Speaking of identifying purpose, it could have many voices and shades ranging from rebellious to indulgent to fun to a savior. Simply put, all three elements seem to be mutually reinforcing, which is clear from the exponential growth that some companies have attained within a short period. McKinsey reports that companies who implemented fusion of at least 2 elements in tandem have achieved a remarkable 2.3 times their normal growth compared to companies that did not use any of the three elements. However, only 7% of companies could successfully use all 3 elements in tandem.
How to achieve the ‘growth triple play’?
The building blocks - Just like the game of Jenga, creativity is built by carefully placing the blocks of visual representation, messaging, and media. But the driving force is the ability to bring novel and disruptive ideas to the surface. Whether they can be refined, tested, and either scaled or discarded is up to the collaborative power of marketers and brands.
The mind-reading - Companies will need to develop intuitive insights on when, where, and how fast customers are moving to ensure rapid value creation and sustainable growth.
The suit of armour - Leading companies worldwide deploy advanced machinery and mechanisms for marketing capabilities and performance metrics. Brands can take a leaf from how these systems pool and analyze structured and unstructured data, algorithms that can identify behavioral patterns and customer propensity, and analytics capabilities that enable real-time campaign execution across touchpoints and channels.
The new wave - It is about how brands can implement quick-response towards how their campaigns are impacting consumer behavior by the hour. Analysis, geo-specific attribution and testing go a long way in adjusting and reallocating resources and budgets, ensuring sure-shot brand impact and growth.
An Action Replay of Creativity, Analytics and Purpose
Microsoft Chrome Compete
Microsoft ‘Chrome Compete’ campaign was aimed at providing youngsters with reasons to choose a Modern PC to meet their needs. The target audience was segregated, and customized messaging was pushed to make communication more relatable and generate quality leads. The messaging added value to their lives by enabling them to discover how a Modern PC can help them catch up with their studies, research, and entertainment during the Covid-19 times. The campaign earned tremendous response and was marked by high conversion rates.
Cloud Champions 11
The Cloud Champions 11 Digital marketing campaign was focused on rewarding and recognizing cloud services partners meeting phenomenal YoY growth during the program duration. It was backed by training and sales enablement support to enable partners to accelerate growth. Partners' participation data was analyzed, and regular feedback was taken to make upcoming engagements more fruitful. As a result, the campaign witnessed intense competition among partners and led to a significant rise in business growth for the partners.
Even during these uncertain times, brands can drive growth with great ideas, rigorous data analytics, and an unerring sense of purpose. By harnessing the power of growth triple play, brands can increase the odds of success, touch new heights, and create impact along the way.