The emergence of the “Creativity Economy”— an economy based on ideas and innovation rather than knowledge and education—means an increasingly vital role of marketing and communications, according to a new survey by global public relations firm Weber Shandwick and its KRC Research subsidiary. The Changing Face of Marketing and Communications in Today’s Creativity Economy found that marketing and communications are being widely embraced by C-level and senior executives as leading drivers of top-line growth.
In fact, a large 86 percent of executives report that marketing and communications have become more important to company success over the past two years.
“The rise of the Creativity Economy is fundamentally changing how companies need to think about business and more important, forcing them to reevaluate how they reach their key audiences,” says Billee Howard, Weber Shandwick’s executive vice president and managing director of its global strategic media group.
A majority of senior business executives surveyed agree that the Creativity Economy is here to stay. Nearly two-thirds (64 percent) indicate that a creativity and innovation-based economy is permanent compared to less than one quarter (24 percent) who consider it temporary.
Nearly seven out of 10 senior executives (68 percent) report that they have expanded their communications strategies as a result of their company’s focus on ideas and innovation. And more than eight out of 10 (84 percent) acknowledge that their company is likely to revamp advertising, marketing and communications practices over the next five years to adapt to the Creativity Economy.
Says Jennifer Risi, executive vice president of Weber Shandwick’s global strategic media group: “The genesis of the Creativity Economy is relatively easy to trace. The twin forces of globalization and easily accessible information, thanks in large part to the Internet, means that knowledge has become a commodity. Thanks to advances in manufacturing and productivity across virtually every sector, once-vital business factors such as quality, price and product are now easily duplicated across the world. Since product innovation is much harder to achieve, leading companies are coming to view intangibles such as creativity and innovation in business processes as paramount to future success.”