As someone who has studied the Affordable Care Act and accountable care organizations (I’m hell a parties), I can say with certainty, that we can drive massive cost and fat out of healthcare. We’ve only taken a few steps at this point but we’ve started. A mentor of mine once said “The idea to have an idea is sometimes greater than the idea itself.” (Did I mention, he was the world’s first million dollar a year copywriter and bit of a tippler?)
The whole Medicare thing got me thinking about waste in marketing and advertising. Advertising, the business that celebrates the John Wanamaker quote, “I know half my advertising is working, the problem is, I don’t know which half.”
The fact that marketing programs and advertising are so unscientific is disturbing. So why don’t we do something about it? Who will take up the cause? Not the government, that’s for sure. The AMA? The ANA? They try but their best practices seminars and booklets offer wan counsel. And the nature of the free enterprise business is that once you find a winner you want to keep it to yourself.
So how do we drive cost and fat out of the ad marketing business? Consultants like me offer to do it, but charge for it. Other company’s failings are our opportunities.
There needs to be a big study. And a beginning. It probably should be funded by the top 100 brands. It should take into consideration, digital, mobile, ecommerce, brick and mortar and data science. It should also be global.
Lastly, this effort should have independent leadership. It may take 20 years for good findings, but what’s to lose? Marketers are already pizzling away half their budgets. The Affordable Marketing Act could save hundreds of billions. Peace.