By portraying itself as a company with a heart, not just a lust for profits, McKinsey appeals to younger, idealistic students concerned about global warming, inequality, and racial justice. McKinsey has consulted for at least nineteen pharmaceutical clients — all subject to FDA regulation, but those companies may have paid a HUGE price.
The 21st century brought us marketing technology. And with technology came the promise of science and an enormous appetite for data, measurement, and mathematics. Unfortunately, ad technology is corrupt and deficient. Consumers believe the adtech industry is dangerous, untrustworthy, and incompetent. They are right .
- Winston Churchill once said, “However beautiful the strategy, you should occasionally look at the results.
- Display ads are usually reported to have an overall click rate of about five clicks in ten thousand ads served. If you want to know why the web is so appallingly littered with ads, it’s because to get five clicks you have to run 10,000 ads.
- 60% of the clicks are reported to be mistakes.
- You are more likely to complete Navy Seal training than click on a banner ad. According to research company Lumen, only 9% of banner ads are even noticed for a second.
- Studies show that CTRs have little to no correlation to ad effectiveness, yet it is still the most widely utilized measurement (or Key Performance Indicator, in ad jargon) of online advertising performance.
Source: Bob Hoffman
IN SHORT: Out-of-control health care spending exact an enormous and growing toll on Americans. The scale of the broken US health care system reveals itself in tragic ways. Fraud accounts for about $300 billion of annual US health care spending. Many employers no longer try to contain health care spending, but many more are fighting back. The Future of Health Care is Local, Open, and Independent
QUICK READ: Pharma supply chain issues are a concern for us all but especially patients. The goal of getting a drug to market as fast as possible so they can recoup drug development costs has the potential for mistakes that could cost lives. Coupled with all this is the continued outsourcing of raw materials and other steps in drug development. Patients should be scared.
We keep hearing the term “consumers of health” but the American healthcare system is too profitable to allow people to be consumers of healthcare. “The need for action now is clear. Health care costs are climbing so fast they may soon threaten the quality of care and access to care which Americans enjoy.” Ronald Reagan.
TO THE POINT: When it comes to online advertising the creative is more important than the money you’re spending on media. DTC marketers need to create a “hook point” to lead to action.
QUICK READ: DTC marketing as it is and as you knew it is dead. The pandemic has forever changed the way consumers shop and uses healthcare. Now is the time to prepare for the new era of healthcare marketing and transform your organization into a digital company.