Not really. I’m just poking fun at the advertisers and agencies who on a weekly basis seem to claim ownership and invention of the 70:20:10 principle. It’s the new Paid, Earned & Owned.
Let’s all be honest and admit it is Google’s ‘principle’ that to my mind Millward Brown have intelligently spread with aplomb. See the MB article ‘planning by numbers’.
So for those that don’t know, what is it?. Very simply it’s a media investment framework that helps bake in some form of innovation to your plans and ensure even the most risk averse advertiser is testing & future proofing their plans.
The advice of the principle is 70% of your investment should go on proven activity (media, messaging), 20% should go on evolution of the 70% and 10% should be genuine tests where you are taking risks likely to fail but from which you will learn. The point being that executed successfully, overtime successful tests in the 10 percent will move to the 20, and successful executing in the 20 to the 70. Thereby future proofing & optimizing your plans in this crazy media world. And that’s the point. in the chaotic media landscape we can’t afford not to experiment.
The reason it has captured the imagination of the advertising and marketing community is not just because it’s a googlism. Rather, and having applied it ona lot of our clients over the last few years, it’s really useful and works. Don’t worry about the actual percentages (for some clients the 70 would be much bigger) but rather focus on a plan that has one part proven, one part evolution and one part revolution.
So today’s idea of the day is apply the 70:20:10 principle to your plans.
Laters
Walshy