WHERE IS YOUR TIME AND EFFORT BEST SPENT IN DIGITAL MARKETING?
THE NEW TIME/EFFORT ALLOCATION MODEL FOR DIGITAL MARKETING
Are you familiar with the traditional 70/20/10 rule that was first created as a learning and leadership model in 1996 and then transformed into a managing innovation model in 2005 by Google? It was then later adopted as a model and applied to various aspects of the business by the marketing industry. A common use of this ratio in terms of digital marketing is the "Time/Effort Allocation Model".
TRADITIONAL TIME/EFFORT ALLOCATION MODEL IN A 8 HOUR WORK DAY
- 70% of your time/effort is put towards doing what works (5.5 Hours)
- 20% of your time/effort is put towards modifying ideas (1.5 Hours)
- 10% of your time/effort is put towards coming up with new ideas (1 Hour)
The problem I see with that is the times are changing at a rapid pace. In order to stay ahead of the game, your time and effort need to be used strategically in accordance to the times. Trends are changing faster than they ever have, social channels are emerging and everyone is on them, you can get news and answers instantly, and for the first time ever humans have the attention span of a goldfish.
How do you stay up-to-date with these changes, the increase daily use of technology, the need to differentiate yourself to stay relevant, and feed the desire of fresh content to consumers and algorithms? With limited time and funds, instead of a few "home runs" when it comes to content and campaigns that work, why not build a solid content plan that works every time?
Here is a different approach to the model, one you may want to consider for your marketing strategy.
WHAT ARE THE BENEFITS OF THIS MODEL?
- Allows you to Try, Test, Measure, and Optimize (TTMO) at a faster pace by modifying ideas and coming up with new ones.
- You find content that actually works, meaning you're getting the right things done instead of taking a shot in the dark.
- Allows you to identify, adapt and optimize strategies with the rapid changing times.
- Removes silos within and helps improve collaboration, communication and puts the big picture in perspective for everyone.
- Forces you to make a decision and identify KPI's and goals. How do you know your efforts are successful? Your approach may need a minor adjustment or it has to be replaced with a completely different strategy. (That is another blog post for another time)