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 .
Research has said pharma had increased its digital spending because of the pandemic. That may be right, but I would suggest that 50% of that spending is wasted because pharma doesn’t have the resources to measure its digital marketing adequately.
There’s quite a debate in the CPG world about the investment in digital marketing. While some are increasing their digital budgets, does a pancake syrup company need to spend much money? However, with pharma brands, online is essential to a successful marketing strategy.
Short on Time?
- Adalytics reported that for nine months, billions of ad auctions for space on Gannett’s USA Today website resulted in brands unknowingly getting stuck with their ads running on other Gannett sites — often remote community sites.
- Ads from who-knows-how-many companies ran in the wrong places for nine months.
- Not a single brand noticed this, and not a single media buyer noticed the fraud.
- Online ad fraud is costing pharma millions
Over 70% of people have been exposed to medical or health-related misinformation. Of those exposed, almost half are not confident in their ability to discriminate between accurate health information and misinformation. Social media is cited as the most common source of misinformation.
It’s time to stop using worthless online ad metrics. Click-through rates are the most used KPI in marketing, but they are useless. Click-through rates don’t correlate with any meaningful brand metrics. Billions of dollars are “optimized” based on nothing but noise. “One impression’ is one web browser making one server request for one advertisement. Human eyeballs have nothing to do with it, so it’s all useless.
An increasing number of headlines amplifying many incomplete data around telehealth have led industry stakeholders to extrapolate discrete data points about telehealth to the entire U.S. population. Using an economic framework to analyze national telehealth data. Only 25.6% of Americans utilized telehealth during the two years of the pandemic. Said another way, investments in the telehealth market have been made on the thesis that telehealth is preferred among most Americans. But the reality is that all these efforts are being dedicated to only a subset of the U.S. population. (Source: Trilliant Health Feb 2022)
Biotech start-ups face challenges in raising money and cutting through the “noise” of other prominent pharma marketers, but their website can provide a wealth of insights into what visitors want to know.