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Five keys to unlocking growth in marketing’s “golden age”

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New trends have moved marketing the cusp of a new golden age. To deliver on the promise, marketing needs to execute on the 5S approach: science, simplicity, substance, speed, and story. This presentation walks through what marketers and business leaders need to get right to execute all of them. This presentation is based on a public webinar given by McKinsey partners Jonathan Gordon and Jesko Perrey.

Published in: Marketing, Business

Five keys to unlocking growth in marketing’s “golden age”

  1. Any use of this material without specific permission of McKinsey & Company is strictly prohibited McKinsey Insights & Publications webinar | February 20, 2015 Five keys to unlocking growth in marketing’s “golden age”
  2. McKinsey & Company | 1@McKinsey @McK_MktgSales #McKGrowth New trends shaping marketing today Consumer power Explosion of digital Fragmentation Always on Personalization Data, data, data! 1 0 0 1 1 0 Personalization
  3. McKinsey & Company | 2@McKinsey @McK_MktgSales #McKGrowth This is the dawn of a new golden age of marketing McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 2
  4. McKinsey & Company | 3@McKinsey @McK_MktgSales #McKGrowth Science StorySpeed Simplicity Substance The 5 S’ of the new golden age
  5. McKinsey & Company | 4@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 4 “The beauty of marketing today is that we can really show the return. The data allows us to demonstrate impact in a much more transparent way than in the past.” Lorraine Twohill, Senior VP for Global Marketing, Google Science
  6. McKinsey & Company | 5@McKinsey @McK_MktgSales #McKGrowth Science Better decisions to increase impact $200 billion opportunity
  7. McKinsey & Company | 6@McKinsey @McK_MktgSales #McKGrowth Science: Better decisions to increase impact Avg. profit for promoted products up 288% Retail company
  8. McKinsey & Company | 7@McKinsey @McK_MktgSales #McKGrowth Science: Better decisions to increase impact International industry player 100,000 price points reset 500 SKUs 1.3 million transactions Analyticalrendering
  9. McKinsey & Company | 8@McKinsey @McK_MktgSales #McKGrowth Science: Better decisions to increase impact vs. Art Science Wrong debate
  10. McKinsey & Company | 9@McKinsey @McK_MktgSales #McKGrowth Science: Better decisions to increase impact Art Science Wrong answer
  11. McKinsey & Company | 10@McKinsey @McK_MktgSales #McKGrowth Art Science Craft Science: Better decisions to increase impact
  12. McKinsey & Company | 11@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 11 Substance “Look what [luxury brands] are doing: they’re building flagship stores that are beautiful, where you actually like to just browse around before you buy. Those are emotional places.” Ola Källenius, Board of Management of Daimler AG
  13. McKinsey & Company | 12@McKinsey @McK_MktgSales #McKGrowth Substance Moving beyond messaging to shape the substance of business
  14. McKinsey & Company | 13@McKinsey @McK_MktgSales #McKGrowth Differentiation Substance: Shaping substance of business Products Services Experiences
  15. McKinsey & Company | 14@McKinsey @McK_MktgSales #McKGrowth Substance: Shaping substance of business Energy company Customer onboarding 7 steps 2 steps
  16. McKinsey & Company | 15@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 15 Story “It’s not [all data]! … If you fall down on the art, if you fail on the messaging and storytelling, all that those tools will get you are a lot of bad impressions.” Lorraine Twohill, Senior VP for Global Marketing, Google
  17. McKinsey & Company | 16@McKinsey @McK_MktgSales #McKGrowth Story: Better storytelling for emotional connection What makes a good story hasn’t changed. HOW to tell one has.
  18. McKinsey & Company | 17@McKinsey @McK_MktgSales #McKGrowth Old story telling BRAND New story telling BRAND Story: Better storytelling for emotional connection
  19. McKinsey & Company | 18@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 18 Speed “Speed comes from decentrali- zation and creating a local autonomy to take local action.” CMO, Consumer goods company
  20. McKinsey & Company | 19@McKinsey @McK_MktgSales #McKGrowth Speed A culture of urgency has placed emphasis on speed and agility
  21. McKinsey & Company | 20@McKinsey @McK_MktgSales #McKGrowth Speed: A culture of urgency to keep up with consumers From To Batch processing Command and control Manual Slow development Continuous delivery Agile Automated Real-time test & learn
  22. McKinsey & Company | 21@McKinsey @McK_MktgSales #McKGrowth McKinsey & Company |@McKinsey @McK_MktgSales #McKGrowth 21 Simplicity “The growing complexity is unmanageable: in-house vs. external partners, established channels vs. new channels. We need help to get through this jungle.” CMO, Consumer goods company
  23. McKinsey & Company | 22@McKinsey @McK_MktgSales #McKGrowth Simplicity: Simplify to execute Speed and agility require relentlessly focusing on simple
  24. McKinsey & Company | 23@McKinsey @McK_MktgSales #McKGrowth Complexity kills Expanding geographic footprints Product and channel proliferation Digital and technology specializations Hierarchies, silos, gaps, redundancies Simplicity: Simplify to execute
  25. McKinsey & Company | 24@McKinsey @McK_MktgSales #McKGrowth Complex: Disparate HQs and teams Simplified: Single team mapped to customer ourney Consistent brand experience Simplicity: Simplify to execute Daimler Customer journey Before After
  26. McKinsey & Company | 25@McKinsey @McK_MktgSales #McKGrowth The most important questions to ask Speed Faster than our competitors or slower? Simplicity Simplifying processes or overwhelming with new things? Story Making connections or speaking into space? Substance Differentiated experience or “me-too” selling? Science Today’s insights or yesterday’s facts?
  27. McKinsey & Company | 26@McKinsey @McK_MktgSales #McKGrowth www.youtube.com/McKinseyCMSOForum @McK_MktgSales McKinseyonMarketingandSales.com @JeskoPerrey Jesko Perrey Senior Partner and Global Knowledge Leader of McKinsey's Marketing & Sales Practice Jonathan Gordon Leader of McKinsey's Marketing & Brand Strategy Practice McKinsey on Marketing & Sales @JW_Gordon Stay Connected

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