The Often Forgotten 10% Rule of Innovation

Since we started making our dream of Hueya Consulting come true, I have frequently heard from our clients, those responsible for marketing and communication of big brands like Sony, Disney or ESPN, about the term "innovation" as something highly necessary in their strategies. Yet the concept of innovation is increasingly becoming complicated for their teams to understand or apply well, fast enough to be effective, slow enough not to take too much risk.

And so it is that innovation, from my point of view, morphs into something ephemeral. This is because what today is innovative, tomorrow, is no longer.

Innovation is understood, in most cases, as the action of slightly modifying or transforming a product or service in order to introduce it to the market in the form of something new. I like to say that the best way to apply something that is considered innovative is with the 70:20:10 rule: 70% distribution of investment in communication over previously experienced actions that have worked, a 20 % in relatively new actions where others that have previously tried have been successful and 10% in last-minute disruptive actions. It is what I call, a "no rush but do it,"because it has a more controlled component of risk to success and allows trial and error.

In the 70% of the most conservative digital marketing activities, we find for example, Google Adwords, YouTube Trueview, Facebook Ads in their more traditional formats or remarketing and email marketing segmentations. In the 20%, more innovative, others such as Tik Tok ads, SnapChat geofilters or Chatbots and finally, among the most disruptive, activities such as Voice Marketing or Blokchain Marketing. And it is in these two, in which I would like to leave you a few lines so you can think about “innovation:”

1. PUT VOICE MARKETING IN YOUR 10%

Voice Marketing are the strategies and tactics used to reach your target audience through voice-enabled devices powered by AI assistants such as Amazon Alexa and Google Assistant.

This is a trend that despite not being equally exploitable in all markets due to the consumer's need to own the technology, it is important to take it into account, because consumers are moving from text interfaces to those of voice, everywhere and exponentially. As the saying goes: “The writing is on the wall”, and it belongs there. Today, to connect more emotionally with brands, can be done through sound.

Hands-free control of music, news, search and shopping, are common use cases for smart speakers with voice assistant. This means that an increasing amount of interaction with technology is shifting from typing on screens to talking to voice assistants. Voice interactions are taking place on smart devices, smartphones, wearable devices, audio devices, and smart appliances, from televisions to thermostats.

Among the voice marketing formats available are options such as the generation of audio content through podcasts and Flash Briefing (audio pieces that are usually topical and ephemeral, and almost always short. They range from news to inspirational quotes) or voice search optimization (VSO), where brands optimize their content to be found through spoken searches.

2. LEVEL UP YOUR INNOVATION WITH BLOCK CHAIN MARKETING

Imagine a completely new advertising and marketing environment, in which consumers can own and sell their data directly to marketers and advertisers.This is what Blockchain in digital marketing does. It provides transparency, security and accessibility of monetary and data flows. It can improve digital marketing for the consumer, benefiting companies not to spend large amounts of money on digital advertising campaigns.

Data drives the market these days. Blockchain technology has the potential to return data control to data owners targeting digital advertising. I believe that in the coming years, Blockchain will help small businesses compete with larger enterprises by reducing costs and increasing transparency and trust with consumers. With Blockchain, brands will target who they intend to, no wasted money!

AND THERE’S MORE

Of course, today there are other innovative marketing trends to pay attention to, such as new hyper-personalization techniques, taking advantage of artificial intelligence and real-time data to offer more relevant products and services to each user, or the real possibilities of offline/online integration, with for example, a virtual fitting room, wifi tracking or geolocation, allowing to understand how an e-commerce coexists with the physical store. My advice is read, investigate, analyze, and do not take long to try new trends, because surely tomorrow when we wake up from Hueya Consulting, we will already be talking about new ones.

ABOUT HUEYA

At Hueya, we are committed to preparing marketing, communications, and sales teams for the evolving digital marketing environment, while building the sales, leadership and data analytics necessary to achieve digital success in today’s virtual landscape. Contact us to learn more about how we can help your organization thrive in the digital NOW. info@hueyaconsulting.com

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