A 70-20-10 Rule From "Coca-Cola" Will Help You Align Your Social Media Strategy
Atnaujinta: 2020 m. gegužės 26 d.
The article first appeared on Delfi.lt, by Kornelija Jasiūnaitė
Most marketers agree on the rising importance of social media and the rest of digital communication. The main question remains: how to distribute attention, energy and costs across the vast variety of media channels.
According to the WARC 2020 toolkit, 81 percent of agencies and their clients believe this year market will face an increase in social media budgets.
Back in 2011 Coca-Cola revealed their strategic rule for efficient resource distribution among multiple social media channels. It’s best described as 70 percent NOW, 20 percent NEW, 10 percent NEXT. I shared how to use this rule in my presentation during Digital Marketing Update '20 event held by Lithuanian Marketing Association and will now share it with you.
The major share of NOW covers the areas of already accumulated expertise and includes channels that have already been used before. There are several social media tendencies in this category:
1. Humane approach, authenticity, virtues. Humane approach stands for communication through real examples and people rather than artificial images. Authenticity comes in the form of brands’ willingness to talk about topics that were previously considered sensitive. And last, but not least - company virtues that should be communicated on social by every company.
2. Influencers. Many companies have communicated through influencers and it has led to a drop in confidence in them according to multiple studies.
3. Ephemeral content or simply put - Stories. Some notable brands are still afraid of investing into content that will disappear in 24 hours. At the same time, ordinary users upload more in this format than traditional content. Brands which tend to use disappearing content on Instagram post on average 2.5 times a week. This doesn’t correlate with the advertising spend for the same format which only makes 10% of all advertising costs.
4. Organic and Paid reach. The numbers on social networks display a telling dynamic. The organic reach and engagement are dropping while the amount of users, content tools and ad formats are on the rise. One-third of brands in Lithuania do not use advertising. It’s a surprising statistic because CPM (cost per 1000 impressions) in Lithuania is often below €1 and it’s among the cheapest countries to reach a customer. Considering the investment in content production the lack of advertising is completely counter-intuitive.
5. A/B testing. One should never believe in a single truth and get caught up in personal beliefs. It is worth letting go and testing your assumptions before making a decision. A great example of this is one recent A/B test on Facebook. People are often convinced that ads and posts on social networks should have as little text as possible. However, a quick test revealed that a six-paragraph ad copy was much cheaper to run than one with a single sentence.
New includes channels that may work for competitors or other social media users. You may have tried a particular channel before and gotten lucky, but weren’t entirely sure what conclusions to make of it.
Among the new are the following: branding through personal LinkedIn, TikTok, Snapchat, diminishing importance of vanity metrics (no more like numbers), AR filters (augmented reality filters), dark web.
1. Branding through personal LinkedIn. A Lidl representative’s story of just one inspiring event at the store reached 107K people, around a quarter of Lithuania’s LinkedIn users. Other big names (TELE2, BIOK, Lietuvos paštas) have also started having representatives who speak for them.
2. TikTok. A channel where organic reach is more far-fetching compared with other social networks. For instance, the Prienai basketball club uploaded its first video and reached 23K people organically. No other social networking platform can offer such numbers in the first stages of account’s existence.
TikTok is also superior in terms of influencers. If we compared the most popular Lithuanians on social networks it’s clear that both the Lithuania’s biggest Facebook star Monika Šalčiūtė and Instagram giant Žydrūnas Savickas lag far behind the most popular Lithuanian on TikTok.
3. Snapchat. Last year this app was downloaded by almost the same number of people as Instagram. We recently did a study with teens between 12 and 18 and found out that nearly all of the teens use it. Snapchat is a powerful channel that marketers should consider.
4. The diminishing importance of vanity metrics. Instagram has already been hiding like counts for some time. The platform also considers making follower metrics less visible. Facebook has similar plans regarding like count as well, while the head of Twitter even admitted he regrets introducing the likes in the first place.
The consequences of these changes have already hit the influencers on Instagram. The first countries to abolish likes experienced a visible drop in likes. It shows that we are social beings and often click on like just to be seen by others. The same leads to a lowering engagement as a whole.
5. AR filters. Three years ago, they cost hundreds of thousands of dollars to make an AR filter. Now it’s a matter of four digits. Thus, almost everyone, not just the major brands are now able to use AR filters in their campaigns.
6. Dark web. The concept represents corners of the internet that are not easily discoverable such as Facebook groups, personal chats, Instagram close friends’ function. Mr Zuckerberg himself believes this is the fastest growing category of social networking.
You may not yet know where will it lead or how to do it, but you know it is the future. Those 10 to 20 percent can one day become the 70 percent of NOW. Effort-wise, new things will require a lot more of your time than those you are well-versed in.
1. In terms of apps, there is an endless amount of them and you can’t try everything. But looking at some of the most popular apps in Lithuania in recent years, we tend to ignore Pinterest and Snapchat far too often. You should not be afraid to experiment with channels you haven’t tried before. Who knows, everyone may remember you as the pioneer when the day comes.
2. Shopping on Instagram is rapidly gaining popularity. The financial market is rapidly evolving: contactless cards have emerged in the blink of an eye and spread further to payments with phones and smartwatches. Shopping through social is also moving forward. Soon you won’t have to leave your home at all and just buy while scrolling your social feeds.
3. Voice functionality. Few brands take advantage of this opportunity in social networking. Private messaging has already become the norm for individuals, but businesses forget they can participate in this as well. You can already reply to people’s voice messages on Instagram. This can take your communication to a whole new level.
4. Trend tracing and rapid response to current events. Spend time following the news to spice up your business’ communication. Remember the famous piece by Maurizio Cattelan - a banana stuck to a wall worth as an art piece worth $120K. Brands rushed to take advantage of this. Those who reacted and posted quickly - enjoyed the best results and reach.
Want to create a 70-20-10 strategy yourself?