Few of us are working with unlimited budgets. Still, marketers are often too conservative in how they use the resources they have. With that in mind, let’s consider the 70-20-10 rule, an approach to divvying up your budget to keep your marketing efforts moving forward.
Spend 70% on low-risk, no-brainer efforts.
These are the basics, the things you know you must do and everyone expects you to do. No question about it.
Spend 20% on what’s new.
Here you invest in what has just gone mainstream or is just about to. These efforts help you stay ahead of your competition and abreast of innovation.
Spend 10% on what looks scary or crazy.
This isn’t about ROI. It’s about testing ideas and exploring directions that may be important for the future. This is where you make breakthroughs, and where you learn the most.
Are you perpetually playing it safe, never venturing into the unknown? Remember this well-known adage commonly misattributed to Einstein:
“The definition of insanity is doing the same thing over and over and expecting different results.”
With the world moving as fast as it is and competition for people’s time and attention more intense than ever, standing out and gaining ground requires creative thinking and the courage to try things you have not tried before. Carve out some time and money for that effort. Do it faithfully.
What is the 30% of marketing that you’re not doing? How might it impact your business to be a bit more brave with your budget?
If you’d like to talk it over with someone who can help you move forward, give us a call or drop us a line at Imbue.