Although not a new or complex approach, when it comes to developing a campaign, it is one that deserves much more attention and if implemented correctly, we could see many brands reaping the rewards. The 70/20/10 strategy or ‘The New’ ‘The Now’ and ‘The Next’ is a simple way of allocating marketing budget to ensure innovation and transformation lead the way and are always front of mind. So, what exactly does it look like and how can we implement it to help our clients achieve brand fame?
With this approach, roughly 70% of spend is dedicated to tried and tested channels, with the next 20% put towards ‘immersive’ activations or activities you are pretty confident will be profitable. The final 10% is used for something extra experimental. Let’s take a look at each element in a bit more detail through some real-life examples:
The Now:
These channels are the bread-and-butter marketing activities. They’re low risk, not overly time consuming (as they’re often highly automated) and most importantly they will deliver results. Channels here could include TV advertising, radio, out of home, social media, print.
There’s no denying these channels are extremely important, hence why the majority of spend is allocated to them. However, this approach is all about going above and beyond what we’re used to.
The New:
The new, of the 20% should push the boundaries in terms of creative and include elements from ‘The Now’ of the 70% budget that worked well. This type of content strives to be new, innovative, and deeply engaging with more specific audiences. This could include experiential marketing, special build out of home, events, partnerships, and collaborations etc. Investment here may not see an immediate return, but it lays the groundwork for the future and helps outpace the competition.
A great example of this is from Nutella, a brand who are all about goodness. This campaign featured a comedian behind the scenes who gave out funny compliments to passers-by via a digital panel.
Nutella fans were delighted to get a nice compliment from this unexpected source and were even more pleased when they got a free jar of Nutella!
The Next:
This is where it gets interesting. ‘The Next’ is high-risk, high-reward content and the groundbreaking ideas that haven’t been tested – new ways of connecting with audiences. It’s the portion of your budget that’s meant to see into the future, and when done right, could set you up as a trendsetter in your industry.
Sky Broadband are currently experimenting with ‘The Next’ as part of their more recent marketing campaign for Gigafast, their fastest ever broadband. Raising their creative ambitions, Sky Broadband is making its debut in the Metaverse with a takeover of the infamous ‘200 Level Default Deathrun’ in Fortnite. A virtual race, it incorporates Gigafast branding and ‘Speed Zones’ which give players a huge speed boost and the chance to complete the course faster than ever before. A great way of bringing the speed of the broadband to life.
It’s worth keeping in mind that ‘The Next’ is very much a learning space and it needs to be considered and evaluated as such. It’s also important to remember that this approach isn’t static. We’re constantly innovating and what is ‘The Next’, today could be ‘The New’ by tomorrow and ‘The Now’ the following day. Therefore, it needs to be viewed as a continuous cycle, determining what works effectively within the 10% and have that filter into the 20%, and later into the 70% and so on.
It also not restricted to big companies who have hundreds of thousands to spend on marketing campaigns. This approach can be implemented regardless of budget. For example, it could be something as small as allocating a proportion of your budget to trialling a new radio station or social media channel for example.
So, what can we gain from this method? Well not only will it keep us motivated, engaged and in a growth mindset, it will help us to continue to push boundaries and take marketing campaigns to the next level!
