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E-Folder - How To Waste Money Advertising
They say that fifty percent of your Ad budget is wasted. The only problem is, nobody knows which fifty!
Well it's your lucky day, because over the years, I've uncovered many key areas where advertising dollars are squandered, misspent, misdirected and misused.
But first, I think it's important to define which advertisers are likely to be the most wasteful
Well it's your lucky day, because over the years, I've uncovered many key areas where advertising dollars are squandered, misspent, misdirected and misused.
But first, I think it's important to define which advertisers are likely to be the most wasteful
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
.
1. Companies that don't use professional media-buying services.
2. Companies with in-house agencies that lack the expertise to buy media correctly. They save the standard 15% agency fees, but waste way more in weak creative, poor media planning and overbuying (it impresses the boss to hear or see his company name every 3 minutes).
3. Businesses that si
1. Companies that don't use professional media-buying services.
2. Companies with in-house agencies that lack the expertise to buy media correctly. They save the standard 15% agency fees, but waste way more in weak creative, poor media planning and overbuying (it impresses the boss to hear or see his company name every 3 minutes).
3. Businesses that si
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
mply don't use the proper media to reach their target market.
4. Businesses that rely solely on their Agency. Although Agencies are usually very adept, honest and have the company's interests at heart, they may not be quite as frugal with their client's money. It is wise to hire an inside marketing professional to be your liaison.
5. Companies that lack a
4. Businesses that rely solely on their Agency. Although Agencies are usually very adept, honest and have the company's interests at heart, they may not be quite as frugal with their client's money. It is wise to hire an inside marketing professional to be your liaison.
5. Companies that lack a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
leadership approach in their creative and simply follow the same old - same old.
These are just a few examples of the kind of companies that are wasteful when starting up an advertising campaign. Let me say that we are talking about wasteful - no successful.
In fact, many of these companies are major players as well as spenders. That being said, I only w
These are just a few examples of the kind of companies that are wasteful when starting up an advertising campaign. Let me say that we are talking about wasteful - no successful.
In fact, many of these companies are major players as well as spenders. That being said, I only w
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ish I had the money they wasted.
So, what are the most wasteful advertising practices that go on day after day?
Let's start with Print.
1. BUYING FULL COLOUR, FULL PAGE ADS
They're simply not necessary unless the colour of the product is integral to making a sale. ie: fashion collections, paint, wallpaper etc. The fact is, when you take
So, what are the most wasteful advertising practices that go on day after day?
Let's start with Print.
1. BUYING FULL COLOUR, FULL PAGE ADS
They're simply not necessary unless the colour of the product is integral to making a sale. ie: fashion collections, paint, wallpaper etc. The fact is, when you take
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
a full page ad, there is no competition. You dominate. Your message is absolutely getting through. Colour ads will serve you much better when you want your ad to stand out on a page filled with ads. Don't get me wrong, I think full page ads say something very important - THIS IS BIG, DON'T MISS OUT! But I believe spending extra money for full colour is gen
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
erally unwarranted. And really, newsprint colour rarely does justice to the product.
2. BILLBOARDS WITH MORE THAN 7 WORDS
Here's a real money waster. People are driving by at a fair clip, and some companies actually expect them to read sentences, paragraphs and even instructions. Can you believe?
And what's with the 5 point type? Yes,
2. BILLBOARDS WITH MORE THAN 7 WORDS
Here's a real money waster. People are driving by at a fair clip, and some companies actually expect them to read sentences, paragraphs and even instructions. Can you believe?
And what's with the 5 point type? Yes,
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
we know it's big when you stand on it, but from the ground....
3. ADS DESIGNED FOR FREE BY THE NEWSPAPER
There may be plenty of talent in the graphic departments of the nation's newspapers, but truth be told, they'll never give you cutting edge creative with font finesse, eye-catching headline and motivating body copy. Why? They simply do
3. ADS DESIGNED FOR FREE BY THE NEWSPAPER
There may be plenty of talent in the graphic departments of the nation's newspapers, but truth be told, they'll never give you cutting edge creative with font finesse, eye-catching headline and motivating body copy. Why? They simply do
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
n't have the time. It's a sausage mill environment typical of most media that offer up free production services. Bottom line - it wastes your money because it lacks impact. It may even lower your customer's perception of your business if the design qualities lack taste.
4. BAD LOGOS
When it comes to branding, your logo is key! Nothing irk
4. BAD LOGOS
When it comes to branding, your logo is key! Nothing irk
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
s me more than a poorly designed logo. If you plan to be in business a while, invest in a properly designed logo that will inevitably define who you are. If you're looking to build trust, consider a consumer's perspective. Shoddy design = shoddy company.
5. IN-DIRECT MAIL
I say in-direct because that's exactly what it is! Unless it's got
5. IN-DIRECT MAIL
I say in-direct because that's exactly what it is! Unless it's got
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the recipient's name and address on the envelope it will more often than not, end up with the dozens of other flyers it is grouped with...in the trash.
When you tally up the cost of designing, printing, and distributing your "in-direct mail" piece into the marketplace, the return on investment is just too low. Always remember. TARGET - TARGET - TARGET your
When you tally up the cost of designing, printing, and distributing your "in-direct mail" piece into the marketplace, the return on investment is just too low. Always remember. TARGET - TARGET - TARGET your
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
market, otherwise you might as well just throw your money to the wind.
Let's look at money wasters in the RADIO media.
Radio happens to be one of my favorite ways to advertise and for many reasons. But there are companies that just don't understand it well enough to buy it responsibly. And that leads to an inefficient campaign. There are
Let's look at money wasters in the RADIO media.
Radio happens to be one of my favorite ways to advertise and for many reasons. But there are companies that just don't understand it well enough to buy it responsibly. And that leads to an inefficient campaign. There are
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
a number of reasons to use radio, but I'll focus on the 2 main reasons.
1. You are introducing yourself or a new product and you want to do some brand building.
2. You are well known and have a fabulous promotion you need to advertise.
Each demands a totally different approach in how you plan to schedule your spots and the number of spots needed. Unfort
1. You are introducing yourself or a new product and you want to do some brand building.
2. You are well known and have a fabulous promotion you need to advertise.
Each demands a totally different approach in how you plan to schedule your spots and the number of spots needed. Unfort
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
unately, it can be rather lengthy to explain the many variables in this article so I will site just a few examples.
1. OVER-BUYING
Building a brand takes time. It makes no sense to buy radio spots every half hour. Slow and easy is the rule here. Several spots spread out over the long term.
My favorite approach is to double my radio budge
1. OVER-BUYING
Building a brand takes time. It makes no sense to buy radio spots every half hour. Slow and easy is the rule here. Several spots spread out over the long term.
My favorite approach is to double my radio budge
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
t by buying alternate weeks. You can actually buy 26 weeks of airtime and leave the listener with the impression that you advertise ALL THE TIME - 52 weeks a year! This happens because there is a roll-over effect of your message from week to week and the listener does not have a sense of that time frame. Why buy 52 weeks when you don't need it?
2.
2.
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
UNDER-BUYING
Radio is powerful, but don't expect much action with 1 spot a day. The power is in the frequency. I mean this in reference to planning a large promotion. If you don't get the job done right, you will have wasted your money. 1 spot a day isn't right.
If your budget is limited, what I usually do, is to group my spots over a three day p
Radio is powerful, but don't expect much action with 1 spot a day. The power is in the frequency. I mean this in reference to planning a large promotion. If you don't get the job done right, you will have wasted your money. 1 spot a day isn't right.
If your budget is limited, what I usually do, is to group my spots over a three day p
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
eriod in the week. This concentration is very effective and the spill-over effect is enhanced if you run a print ad at the same time.
3. NOT USING 10 AND 15 SECOND SPOTS
There was a time when 60 second spots dominated the air. As rates rose, 30 seconds became the norm. But today, it may surprise you, but you can get a fabulous response wi
3. NOT USING 10 AND 15 SECOND SPOTS
There was a time when 60 second spots dominated the air. As rates rose, 30 seconds became the norm. But today, it may surprise you, but you can get a fabulous response wi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
th just 10 and 15 second spots. This approach works even better if you've already run 30 seconds beforehand. The secret here? Listeners who have heard the 30 seconds previously, hear the same global message when they hear the 10 second message. A great way to save money and make a more efficient and effective radio buy.
4. BUYING ONLY MORNING AND D
4. BUYING ONLY MORNING AND D
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
RIVE SPOTS
You may think your radio dollars are reaching your audience in the prime time slots, but here's a surprise for you. You're reaching the same people every day. Now, at first glance that seems like a plan, but think of all the people who never hear your message. If you don't have some exposure between the hours of 10am - 4pm, or 7pm - mid
You may think your radio dollars are reaching your audience in the prime time slots, but here's a surprise for you. You're reaching the same people every day. Now, at first glance that seems like a plan, but think of all the people who never hear your message. If you don't have some exposure between the hours of 10am - 4pm, or 7pm - mid
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
night, you're missing out on 6 hours of audience that may not necessarily be prime time listeners. They could be watching TV, reading the paper, surfing the web or asleep!
Spread your radio spots out. The rates are cheaper, and in many ways more effective.
Being a big believer in brevity, I'll take up more wasteful advertising practices in my next article
Spread your radio spots out. The rates are cheaper, and in many ways more effective.
Being a big believer in brevity, I'll take up more wasteful advertising practices in my next article
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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