The 70-20-10 Rule
Innovation and creativity doesn't just happen, you've got to be intentional! I was reading the other day about the marketing strategy of Coca-Cola and how they apply and leverage their budget and resources. The infographic below gives an overview of how the company proportions and applies different percentages of focus and resources to a certain effort. (By the way, you can read more in depth HERE on Coca-Cola's application and their success of this rule.)
70-20-10 MARKETING BUDGET RULE
As you can see, most of their effort goes to their bread and butter efforts, the things that work and that are tried and true. But they are intentional and willing to risk about 30% of their focus and resources toward innovative and new endeavors. They know that if they don't mark out a proportion of their resources to try, experiment and risk, they won't grow nor will they see high reward.
As a leader, I have to be just as intentional within my own organization. Certainly about 70% of what I do needs to move forward agreed up objectives and programs that have already been initiated and established. But if that's ALL I do, then I'm not leading, I'm simply managing and maintaining. Rather, I need to create space within my role that allows me to lead out in innovation, creativity and development. How can I create that space? Here are a few things that have helped me.
- Close my office door
- Turn off the email
- Change my surroundings - go somewhere else in the building or offsite
- Acquire new experiences
- Network with other creative leaders
- Seek to make new associations
- Journal & capture thoughts
- Dream - Imagine $$ isn't an issue
How do you cultivate creativity and innovation?