Why Creativity Is The Strongest Economic Currency
Mykel Dixon (pictured below) is as an award-winning speaker, creative leadership advisor and event curator and author of Everyday Creative: A Dangerous Guide To Making Magic At Work. In this guest post, he puts his case forward of why creativity has never been more important in business…
The 20th century was defined by our obsession with productivity and efficiency. Businesses that delivered more, faster, and for less, were the clear winners. But as the world shifts from the information age to the conceptual age, as we evolve from the third to the fourth industrial economy, as we continue to grapple with the impact of Covid-19, globalisation and climate change, creativity is making a run for the leaderboard. This should come as no surprise. A chorus of leading business voices have been touting its benefits for years. But have we been listening?
A New Demand For Creativity
In 2015, The World Economic Forum placed creativity as the tenth most important skill for future business success. By 2018, creativity was or was related to 9 of the top 10 skills global executives say are essential for 2020 and beyond. And last year, LinkedIn scraped the data from over 20+ million job listings posted on their site. Creativity came in as the number one soft skill employers will look for in the next decade.
From Soft Skill To Hard Returns
In 2016, Adobe found that creative companies enjoy 1.5 times the market share. And the brands that put creativity at the heart of their strategy outperformed the S&P Index by 219 per cent over 10 years. In 2019, Forrester ran a study entitled ‘The Cost of Losing Creativity’, and found that investing in creativity will achieve significantly higher returns over a six-year period. McKinsey developed a ‘Creativity Index’ whereby they measured the creative capability of a company. Companies that score high on their index outperform their competitors in two key metrics:
- an appetite and aptitude for innovation (growth)
- shareholder return (profit).
It seems we’ve finally found a way to measure the ROI of our imagination and the best part is, it’s not limited to shareholders.
Company Stock To Your Back Pocket
As part of their global benchmark study, called ‘State of Create’, Adobe found that respondents who identify as ‘someone who creates for a living’ enjoyed 17 per cent higher household income than non-creators. This was backed up by the Foundation for Young Australians in their ‘The New Basics’ report. Over three years, they looked at the data of over 4.2 million job listings and found that any job that listed creativity as an attribute had an average annual salary boost of $3129 pa.
Take a minute now to update your LinkedIn profile. Put ‘creative’ in it. Go on, you deserve some of that extra cash. Humour aside, the affect creativity has on the bottom line, of both a company and an individual, and the urgency with which both entities should be making it a priority are obvious. So why aren’t we hearing more about it?
Set Fire To Outdated Stereotypes
We’ve still got some baggage to work through. Until recently, creativity always seemed to be at odds with business. Organisations could get behind innovation. With a nudge, they might even experiment with design thinking. But on its own, creativity seemed to lack a certain hardness.
Too fluffy and inconsequential for the boardroom. Missing the credibility most leaders look for in a mindset or skillset to make tough, strategic decisions. Better left to artists, kids, or those wacky types in colourful shirts in the marketing team.
But as the world continues to throw more ‘unprecedented events’ our way (and you can be sure it will), our ability to find and form new value, that is both original and useful is paramount to our success. If we want to stay relevant in the eyes of our customers, colleagues or company, we need to make creativity a priority. And it starts with you.
Please login with linkedin to comment
Mykel DixonLatest News
TV Market Ad Revenue Dives As It Records $3.4B In FY19-20, Down 13.7%
TV ad revenues plummet 13.7%. Still, it could be worse, they could be in the airline business or flogging cruises.
Times Are A Changin’: Now Is The Time For A Marketing Rethink
This headline does pay a nod to the 1964 Bob Dylan song. Which, admittedly, is far better than nodding to Shannon Noll.
Roger Federer Surprises Two Girls In Rooftop Tennis Match In Absolute Thriller From Barilla
If you didn't already love Roger, you'll adore him after this. Unless you find tennis a bore & have no idea who he is.
Publicis Executive Tom Goodwin Exits Following Controversial COVID Tweet
Tom Goodwin's exit is further confirmation why mixing a second bottle of vino & social media make for ill-bedfellows.
Impact Releases Tactical Guide For Optimising Revenue From Partnership Automation Programmes
Did you wake up today thinking "I need a tactical guide for optimising revenue"? Let your premonition come true here.
Design Studio Nightjar Launches Publisher Platform For Sneaker Freaker
Sydney-based design and technology studio Nightjar have launched a new website for Sneaker Freaker. Founded in 2002, the street culture magazine is the first and only international footwear magazine. From its roots as a DIY-style fanzine to today’s global coverage, its print pages and online platforms document every colab, custom, limited edition, retro reissue, Quickstrike, Hyperstrike […]
Former Haystac Head Of Strategy Launches PR Toolkit For Small Businesses
Haystac’s former National Head of Strategy, Haylie Marchant (pictured) has launched The PR Toolkit – an online resource and DIY PR platform educating and empowering small and medium sized businesses to do their own PR. Offering a mix of free resources and easy-to-use how to guides, the one-stop-shop for DIY PR covers media relations, media […]
China Moves To Block Microsoft’s Acquisition Of TikTok
Forget the 5G network, is TikTok spreading the coronavirus? Yes, that's a baseless conspiracy theory B&T just concocted.
Aussie Journalist Jonathan Swan Goes Viral Following Truly Chaotic Donald Trump Interview
Aussie journo's Trump interview becomes instant viral hit, displacing dancing cats & man hit in balls with baseball bat.
Study Finds Kids Are Eating Mac & Cheese For Breakfast, So Kraft Rebrands It As A Brekkie Food
There's no finer breakfast than leftover pizza, so despite B&T's pithy hand-wringing here, we've really got no right to.
PubMatic And LiveRamp Combine Forces For Cookieless Solution
Despite B&T's image choice here, by "cookies" we mean the internet browser thing, not the tasty girl guide's version.
Tuesday TV Wrap: Anh’s Brush With Fame Series Return Paints A Pretty Picture For ABC
Lisa Wilkinson was the star on Anh last night & thankfully didn't shitcan Karl or mention that dreadful husband of hers.
Snapchat Debuts First-Ever B2B Marketing Campaign
Be the very first to see Snapchat's first-ever B2B campaign right here. Unless you already saw it on AdNews, that is.
Malcolm Turnbull & Janine Allis Elevate BIPOC Voices In Australia With New Series
One Love Australia has launched a new social change initiative that will see a raft of high profile individuals, including former Australian Prime Minister Malcolm Turnbull and Boost Juice’s founder, Janine Allis, take part in a video interview series set to turn racism on its head. The initiative – titled #ShareThePlatform – will see these […]
Asics Australia Launches First Women’s Cricket Shoe
Female cricketers no longer forced to wear shoes constructed from sap & matted vine leaves following Asics launch.
Tourism Tropical North Queensland Appoints Marketing Manager
As this press photo reveals, being a Tropical North Queensland marketer doesn't require a hibiscus-print muumuu & lay.
Omnicom’s Resolution Digital Named As Google Honours Agency Of The Quarter
Resolution Digital has been awarded the Australia’s Agency of the Quarter award in the prestigious Google Honours program. The Honours program for 2020 recognises the achievements of the very best performance marketing agencies and providers across Australia and New Zealand. The program consists of 3 quarters, 43 agencies and over 500 individuals; measured on account […]
SCA Launches New Media Research & Insights Division
SCA launches new media research and insights division. Still wheeling out 'Run To Paradise', however.
Audi Pulls Ad, Apologises For Dangerous, “Phallic” Campaign
Proving the Germans are fallible comes this f@ck-up from Audi. Had Milli Vanilli and the zungenwurst not confirmed it.
Audiences Are Coming Back, Says Global Out Of Home Industry Leaders
"Audiences are back" declares global OOH leaders. Arguably that's not the case in Victoria, but definitely elsewhere.
Perth Agency Firefly Adds Six New Accounts & Launches New Media Arm
Firefly has brought on six major new clients as it continues to expand, adding new media planning and buying arm to its business. Managing Director Andrew Mathwin (pictured) said the independent agency, known for clients such as Air New Zealand, Buy West Eat Best, West Coast Eagles and Mrs Mac’s Pies, had a strong year […]
Media33 Announces Two Senior Promotions
Sadly, B&T had to axe our "beard of the week" competition amid claims of sexism. Yet how appropriate would it be here?
Independent Brewer Wingman Cancels All Sales For A Month In Support Of Dry July
B&T always happy to lend support to an independent brewer such is our dependancy on their brewing.
AAP Sale Formalised, Confirms Name To Be Retained
AAP sale has been formalised amid reports one of the i's didn't get dotted and a t didn't get crossed.
Aussie Success Story Afterpay Unveils New Brand Identity
Afterpay unveils new brand identity it insists it didn't pinch from the Freemason's secret handshake.
Women in Media’s Doris Li: “Listen To Your Heart And Go For It, Then Settle For Extraordinary”
If this headline is anything to go by here, it'll be an entirely "new you" by the time you get through the rest of it.
Study: New Business Wins Still Resilient, But Creative Finding It Tougher Going Than Media
Always thought that media was a far cushier lark than hacking around in creative? Confirm your fears with this news.
I’m Not Loving ‘Karens’, For What They Highlight About Our Society
The wonderful irony of people hating on 'Karens' is they can often sound very Karen-esque while doing it.
Telstra Calls In ABC Comic Mark Humphries To Hilariously Debunk 5G Conspiracy Theories
B&T finds the 5G conspiracy theories truly laughable, except Bill Gates wanting to microchip us all. That appears legit.
The Mint Partners Wins Pernod Ricard, Cemoy & Little National
Independent communications consultancy The Mint Partners has bolstered its integrated client roster and signed a number of premium lifestyle brands to kick start the new financial year. With an array of new products, services, and a focus on insight-led and creative integrated communications, MINT has enjoyed recent success with an expanded portfolio across new categories including fintech, […]
