Why Creativity Should Be An Important Part of Your Growth Strategy
Creativity based on analytics with purpose can bring growth rates of 12% and more. However, you need to implement the three components of growth in your strategies to achieve that.
Creativity is often foreseen as this add-on for companies focused on design or engineering solutions. When in reality, creativity is the one element in every growth strategy that helps companies go above and beyond to discover a new set of opportunities they wouldn’t approach otherwise. Today, we’ll dive into the importance of creativity and how it can transform your business exponentially.
The 3 keys of growth
According to McKinsey & Company, only 7% of companies use the triple play of incorporating creativity, analytics, and purpose into their strategies. In contrast, companies employing at least one of these capabilities saw an average growth rate of 6%, while those who used all three saw growth rates climb 12%. Tapping into the three keys of growth had even another halo effect during the pandemic, multiplying by 2.7.
1. Creativity
Creativity starts by asking questions. It’s the tool we can use to dream big and think outside of the box to solve everyday problems. Creativity is the backbone of new strategies, products, and innovative ways to serve consumers. However, creativity without a plan is merely a dream. It’s essential to find a way to track, measure, and compare creative ideas to understand their impact on the business.
2. Analytics
That’s where analytics comes in. Deploying analytics to understand better creative endeavors will fuel business and performance. When companies are generating massive quantities of data, analytics serves as an anchor for you to determine where to focus your efforts. At least 3.7% of companies that use all three components make data and insights quickly available to all teams across the organization. That’s compared to less than 1% of companies only using one component.
3. Purpose
Focus on the purpose of your organization. Linking the overall purpose with creativity and analytics will help your team recognize the opportunities that will resonate more with your customers. Leaders understand the power of intention and weave it into the culture o create recognizable missions for their team members and consequently the customers.
How to encourage creativity
In organizations, creativity is often more effortless than done. Leaders cannot ask team members to “be creative.” Ideally, creative-boosting activities and mechanisms can be built into the process of developing team goals and company goals. Here are some ways to tap into the organization’s creative spirit.
Try storytelling
In workspaces, storytelling lets everyone translate business numbers into meaningful stories. Encourage the team to share stories from their point of view and try to do the same from the consumer’s point of view. Often, schedule storytelling workshops around problems your company usually solves to find creative solutions to those.
Design a creative space
While you don’t need to redecorate the entire office, having a creative space has many to do with creativity. When surrounded by a sterile white office, most people won’t think outside of the box. Instead, try an unconventional space that sparks a new idea. It can be as simple as designating one office for “creative thinking.” This space should encourage items like comfortable sofas, whiteboards, markers, VR goggles, etc.
Be collaborative
Lastly, be open to creativity. Many creative solutions will seem too far out or impossible to achieve. However, confrontation kills growth and eventually creativity. Innovative solutions will soon disappear if a wall or conflict meets every new idea. Be open and collaborative to find purposeful, effective, and precise ways to achieve creative solutions as a team.
As you and your team continue to work on creativity, don’t forget to sign up for the Alliance Report newsletter for more advice and the latest business news in the city.
