Drug companies spend enormous amounts of money on advertising their products. From TV commercials to print ads to bulk mail advertisements, they cover the entire spectrum of marketing techniques. However, change is afoot and most drug companies are reevaluating their advertising strategies and how they spend their money. According to a recent Business Week article (“Drugmakers are Changing Channels”, http: web 33/b 3947055 mz 011. htm), the companies have done considerable market research and as a result of the findings they have made significant changes to their marketing strategies. Ad campaigns that blanketed the airwaves aimed at the end consumer are no longer as effective as they once were.
Citing the strategy of Sepracor in marketing their new insomnia drug, they noted that they spent nearly $70 M on the initial campaign. However, a rival maker was committing no money to TV ads. Their market research had determined that the market wasn’t growing and the money would be better spent targeting the doctors who prescribe the drugs. While a pitch to the individual may result in a request at the doctor’s office for a particular drug, the doctor has final say in the process, so this new strategy on the surface appears to make sense. Only time will tell if it is effective. Another major factor in the realignment of advertising dollars is the absence of a major new drug offering that targets a major segment of the population like Lipitor or Viagra.
The Essay on National Drug Control Strategy
“Each year the President develops the National Drug Control Strategy, which is the Nation's plan for combating the use and availability of illicit drugs. The National Drug Control Strategy—Budget Summary identifies resources that support the three key elements of the Strategy: (1) Stopping Use Before it starts; (2) Intervening and Healing America's Drug Users; and, (3) Disrupting the Market. The ...
Spending massive amounts of money for a shotgun-style advertising campaign doesn’t provide as much bang for the buck with the over saturated market that exists. Another concern is the negative feedback from the recent revelations that some highly popular drugs that were the subject of a huge advertising campaign – Vioxx and Celebrex – had some significant risk factors that were not well advertised. Since market research has shown the broad campaigns of the past are no longer effective, companies are now focusing their campaigns at specific market segments with targeted ad buys. The article cites the example of a company trying to reach the female market segment by buying ad time on channels such as Lifetime and Oxygen…
channels specifically focused on airing programming that appeals to women. Targeted ad campaigns are more effective and cheaper, providing a greater return on investment. A major untapped medium that most companies are now starting to exploit is the Internet. There is some concern about this venue due to the recent history of unscrupulous businesses, however companies are trying new methods of attracting market share.
Pharmaceutical companies are teaming with web-based companies to help steer potential customers their way. As an example cited, Pfizer has coordinated with WebMD so that when an individual searches for information on migraines they are referred to a Pfizer-sponsored site. Most companies are just now starting to explore the marketing options a targeted Internet campaign can provide. Significantly, Congressional interest in drug advertising has also driven some of the change in strategy. Due to the highly negative public reaction to the news that companies were being less than forthcoming on potential side-effects of their products, companies are paying much more attention to a fair representation of their product in an effort to head off potential Congressional regulation. The industry’s trade group is fully supportive of these efforts and is revising their advertising guidelines.
The Essay on Internet Dating Ideas Advertising Target Product
Advertising Term Project Internet dating has become the "in" thing for modern dating. Internet dating has become the new blind-dating. Usually, when an individual meets someone on the internet they know little or nothing about the other person and the farthest thing on their mind is where to go to meet that person. Obviously, you would think a huge public place with lots of people around but, if ...
Since marketing depends on presenting the best aspects of a product, these new restraints are going to make the advertiser’s job much more difficult. Drug companies are facing a new era in advertising their product. Faced with the prospect of additional government regulation, a considerably more savvy buying public, and diminishing effectiveness of previous marketing strategies, they are being forced to reevaluate the market and develop new strategies that overcome these handicaps. The blanket campaigns of old are out and a new paradigm of targeted ads using new venues such as the Internet appear to be the direction of future successes. Reference (“Drugmakers are Changing Channels”, http: web 33/b 3947055.
