If you haven’t heard, Coca-Cola recently revealed its secret formula.
No, not that secret formula.
I mean the formula for how the global soft drink giant plans to invest in content going forward.
You can see and hear Coke’s intellectually aggressive “Content 2020” vision and strategy described here, in two YouTube videos.
The videos are well worth watching, in part, because they’re presented as remarkably intricate and playful animated drawings, the work of UK animation firm Cognitive Media.
But what corporate content marketers might find most interesting is the section in which Coke lays out its 70-20-10 formula for content investment and innovation.
A Fortune 500’s Content Recipe
If you’re looking for a rationale — a recipe — for how much of your budget and time should be spent on which types of content, it could be that Coke’s formula can serve as a model for your organization. Here’s a summary:
- 70 percent
Coke’s formula allocates 70 percent of content development investment to what it calls “low-risk, bread-and-butter, pays-the-rent” content. Coke estimates that proportionally less “time resource,” only about 50 percent, should be devoted to this type of content.
- 20 percent
Coke plans to invest 20 percent of its content development resources to “innovate off what works” from within the 70 percent bucket. Take what works, according to the formula, and “Engage more deeply with a more specific audience, but still with broad scale.” Coke’s recipe calls for spending 25 percent of time resource on this content type.
- 10 percent
Coke calls this its “high-risk content” category. Commit 10 percent of your investment, but as much as 25 percent of your time, to test “brand new ideas.” Coke says this effort will eventually produce “tomorrow’s 20 or 70.” And it describes this portion of its content formula as pure, daring experimentation. “Declare learning intent up front,” the video narrator says. “Be prepared to fail. And celebrate both failure and success.”
Clearly there’s a lot about Coke’s content strategy that can’t be intuited from viewing two animated videos. But at first glance, a 70-20-10 investment formula seems to make a lot of sense.
Agree? Disagree? Comments, and your own favorite recipes for investing in content, are welcome below.