There are lots of astringents that will help dry the sore, as well. My favorite is NeoPredef powder because it dries the sore, has an antibiotic that acts locally and a corticosteroid to control the itching and inflammation. Other vets and pet owners have their own favorites. Personally, I think rubbing alcohol is too irritating. Antiseptic solutions can also be helpful, especially if they are also a little astringent.
Betadine solution is a good antiseptic.
If the hot spot doesn't respond very quickly to efforts to keep it dry, then you should seek help from your vet. Small areas of acute moist pyoderma can become large area quickly. Some dogs will continue to dig and scratch until they really damage their own skin. Your vet can help make your dog comfortable pretty quickly in most cases. Inc. Opinions expressed are those of Dr. Richards.