Duke’s Dan Ariely on the Adam & Eve Problem

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Dan Ariely, a professor of Psychology and Behavioral Economics at Duke University and the author of the NY Times best-selling book, Predictably Irrational, spoke to a packed room at the most recent Marketing Mondays.  His topic was the Adam & Eve problem, otherwise known as the problem of self-control.  Dan learned first-hand about the problem of self-control when he had to figure out a way to force himself take a shot that made him violently ill for 15 hours with the hope of preventing liver sclerosis 30 years down the road.

Dan Ariely also gave the audience a few additional examples:

  • Medication compliance
  • Self-control of rats & pigeons
  • How to get people to show up on time for a colonoscopy
  • The Denver Drug Program
  • The correlation between kids’ abilities to resist cookies and their college grades

Watch the video below to learn about how each of the above anecdotes relate to the problem of self-control.

httpv://www.youtube.com/watch?v=-ElggrUbhac

Marketing Mondays: Lessons in Commercialization

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At Marketing Mondays on June 20, Jarrod Hamilton of CMG Partners presented on Marketing Strategy in New Product Planning.

Did you know that approximately half of the products that Apple has launched have failed?  Did you know that the iPhone was Apple’s third attempt at a smartphone? Ever heard of the Apple Newton, Pippin or Quick Take?  These products all failed.  Even good products introduced by credible brands can fail in the marketplace.  Credibility, awareness and perception of the company are all driving factors in the success or failure of a product.  Continue reading

POZEN’ a threat to outdated pharma marketing

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For 25 years, Liz Cermak worked for Johnson & Johnson, one the biggest names in the pharmaceutical business. Now, she works for one of the smallest. And she says in terms of marketing, it’s giving the Goliaths a run for their money.

Liz Pozen, Executive VP of POZEN, Inc.

Cermak is the executive vice president of POZEN, Inc., a Chapel Hill-based pharma developer/manufacturer with no more than 30 employees. Since coming onboard in 2009, she has overseen the company attain FDA approval on two authentic combination drugs: Treximet and VIMOVO—for migraines and osteoarthritis, respectively. No small feat, even by J&J standards.

But what Cermak is most excited about is POZEN’s fresh and unique approach to pharmaceutical marketing.

Instead of sending sales representatives to hospitals and doctors’ offices to promote their products, Cermak and her team pitch most their medicines online.

“The reality is that the current sales rep model of traditional pharma is obsolete,” Cermak said to a packed house at the Marketing Mondays series held at The Research Triangle Park HQ earlier this week. “Eighty-six percent of US doctors go online for product info now, and 82 percent are on smart phones.”

In-person sales pitching can be inefficient, she said, because all health care workers are overbooked and overbusy, and representatives must endure a costly wait just to get two minutes in with the doctor.

Two minutes. That’s the average rep-doc face time. But online, the average time spent by a physician on a single ePromotion activity is eighteen minutes.

Cermak has three rules for digital pharma marketing:

1. Develop products that deliver real value to customers.

Be relevant and learn from your customers. Understand their needs and study their e-behavior. Most pharmaceutical companies need to broaden their apertures here, she said.

2. Make them affordable and accessible.

Sermo.com helps physicians connect and share medical findings

POZEN recognizes the strains today’s pharmaceutical pricing puts on doctors and patients today alike. As should go without saying, costs must be kept low to compete and to demonstrate a respect for your consumers.

3. Engage with customers in a meaningful but highly efficient way.

This means using social media and online public networks like Facebook and LinkedIn, but also more exclusive, MD-only communities like Sermo or CogNet. Use push and pull marketing tactics; see what works and what doesn’t.

Cermak calls this “Pharma 3.0”.

“The change isn’t coming,” she said. “It’s here.”

We’ve seen this before with other industries, as well. Amazon now sells more books for the Kindle than it does in print, and Netflix’s superior, customer-based business model has Blockbusters closing up shop around the country. The global economy is now decidedly digitalized and will only continue to shift that way.

Treximet combines sumatriptan and naproxen sodium to relieve acute migraines.

Now, as POZEN enters the final testing and approval phase for its latest development, an ulcer-reducing aspirin compound dubbed PA32540, a viral campaign is already underway to spread the word.

Cermak stressed there is still utility in face-to-face interaction, though. Sending sales reps is important to explaining drug principles to doctors, learning about clinic demographics, and building a personal rapport with primary care physicians. However, there are not enough reps to go around as it is now, and focusing sales online will drastically cut down their jampacked schedules.

The biggest advice Cermak has for pharma companies looking to try this new approach is to not be afraid to experiment. To take risks. And to lose.

“Be ready to try and fail,” she said. “Absolute ROI of a given digital initiative cannot be accomplished with a high degree of certainty.”

No one expected it to work out for POZEN. But no one expected 30 people from Chapel Hill to get two drugs FDA-approved in two years, either.

Swimming in “brand” new water at Marketing Mondays

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“Advertising is the folklore of a commodity culture,” remarked Bruce Bendinger last week at February’s Marketing Mondays event. Indeed, advertising serves as a way to not only sell a product, but as a medium that documents cultural trends, incorporates advancements in technology, and marks moments in time.

Bruce is one of the very first creative consultants, with a nationwide client list that included Apple Computer, Popeyes Fried Chicken, and a President of the United States. His work helped build major brands, including Pizza Hut, LensCrafters, and Sunkist Orange Soda. Bruce wrote a book – The Copy Workshop Workbook – which became the #1 book for beginning copywriters. He formed a publishing company – The Book of Gossage was named one of the ten best advertising books ever. He also formed a non-profit – the Czech Legion Project, to help restore a country’s history. Bruce Bendinger is a creative guru, ad genius, author, and a multi-product brand wrapped up in himself. This month’s Marketing Mondays program highlighted Bruce’s deep knowledge and expertise on the art of making great ads. Bruce left the crowd with ten key lessons to create impactful, memorable advertisements:

  1. Branding as Cultural Context – People are the ones who become loyal to brands and it’s the fact that we simply enjoy consuming goods as a society that caused the Industrial Revolution. Media evolution = media revolution.
  2. The Rise of Post-Modernism – Design goes beyond appearances, design is also how a product works.
  3. From B School to D School – Business driven design is becoming a best practice.
  4. The Marcom Matrix – Build the brand messaging architecture, and it will drive all other aspects of your advertising campaign. Get a copy of this must-have worksheet here.
  5. The Journalistic Approach – Brands need to tell a story. Use product narrative integration and make your target market relate and care about the story.
  6. 5,000 Acres of Hollyhocks – Blend together things that don’t make sense at all for something that stands out.
  7. The Crispin and Porter Brief – The Story Behind the Truth and Alex Bogusky’s Fearless Revolution on wiki leaks changes the way consumers think. http://www.alexbogusky.com/about.html
  8. Extra-Environment Perspective – McDonalds has  launched a new interactive screen where passers-by can interact with images on a huge LED screen, creating viral videos and media created around their product.
  9. Pay Attention to Message Windows – Invest in your employee’s service training and to make customers aware of product offerings.
  10. Quaternary Economic Activity – Engage in economic activities that don’t need to occur near critical resources and consist of intellectual activities (education and government, for example).

 

For me, the list above illuminates great advertising:

The entire Absolut campaign

 

 

 

 

 

 

 

 

 

 

 

 

“Skittles” website turning into real-time Twitter search results

 

 

 

 

 

 

 

 

The BMW M5 portrayed as a speeding rocket

 

 

 

 

 

 

 

 

What are the images that come to mind when you think about great advertising?

 

 

Video of February’s Marketing Mondays

Marketing Mondays November Event to Focus on the Brand Called You

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The Research Triangle Park (RTP) and Quarry Integrated Communications will host Chuck Hester, Communications Director at iContact – and a well-known social media maven – at the next RTP Marketing Monday on Nov. 8 from 4:00-5:30 p.m. at RTP Headquarters.

Hester is author of “Linking in to Pay it Forward: Changing the Value Proposition in Social Media.” He will share his personal story of how he developed a personal and professional brand using social media marketing, and the importance of being consistent, trustworthy and memorable.

Marketing Mondays is a monthly speaker series focused on helping business people in the Park (and across the Research Triangle region) market their products, services and technologies more effectively. Other Marketing Mondays proud partners include CED (formerly The Council for Entrepreneurial Development), the largest entrepreneurial support organization of its kind in the United States.

A LinkedIn Power User and a believer in paying it forward, Chuck has built a brand that is recognized not only in the Research Triangle Region, but throughout the country. He has secured high profile media coverage for iContact in The New York Times, Techcrunch, Fast Company and The Wall Street Journal by using social media to build lasting and meaningful relationships both online and in person. Chuck will also discuss LinkedIn Live Raleigh – the centerpiece of his Pay it Forward work – and his use of social media to help others.

Marketing Mondays are hosted at the RTP Headquarters at 12 Davis Drive in The Research Triangle Park. A networking reception will follow each program. Admission is free. For more information, please visit www.marketingmondays.com or send an email to marketingmondays@quarry.com. Marketing Mondays will also feature remarks by Alan Quarry, Chairman and CEO of Quarry Integrated Communications.

Marketing Mondays Brings the BlackBerry Success Story to RTP

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The Research Triangle Park (RTP) and Quarry Integrated Communications will host Paul Kalbfleisch, Vice President of Brand Creativity at Research in Motion (RIM), designer and manufacturer of the award-winning BlackBerry® smartphone, on Mon., Oct. 18 from 4-5:30 p.m. Kalbfleisch will discuss how culture influences brands, and how brands influence culture.

Marketing Mondays is a monthly speaker series focused on helping business people in the Park (and across the Research Triangle region) market their products, services and technologies more effectively. Other Marketing Mondays proud partners include CED (formerly The Council for Entrepreneurial Development), the largest entrepreneurial support organization of its kind in the United States.

“Smartphones have been one of the most important cultural influences of the past 10 years, and the BlackBerry smartphone has been a leader in this cultural revolution,” says Cara Rousseau, RTP Director of Partnership Initiatives. “We are honored to host Paul Kalbfleisch, who will discuss the relationship between brands and popular culture and what marketers can learn from the BlackBerry experience.”

Marketing Mondays are hosted at the RTP Headquarters at 12 Davis Drive in The Research Triangle Park. A networking reception will follow each program. Admission is free, and attendees will have the opportunity to win a BlackBerry Torch. For more information, please visit www.marketingmondays.com or send an email to marketingmondays@quarry.com. Future speakers will include Chuck Hester, Communications Director at iContact and LinkedIn Power Connector. Marketing Mondays will also feature remarks by Alan Quarry, Chairman and CEO of Quarry Integrated Communications.

New RTP speaker series: ‘Marketing Mondays’

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The Research Triangle Park and Quarry Integrated Communications are introducing Marketing Mondays, a monthly speaker series focused on helping business people in the Park (and across the Research Triangle region) market their products, services and technologies more effectively. Other Marketing Mondays proud partners include CED (formerly The Council for Entrepreneurial Development), the largest entrepreneurial support organization of its kind in the United States.

TriOut's iPhone app

The inaugural Marketing Monday will be held on Monday, Aug. 9 from 4:00 to 5:30 p.m. and will feature location-based marketing experts Wayne Sutton and Lawrence Ingraham of  Tri-Out. Location-based marketing is the interaction with customers based on their location, offering value-based opportunities to increase customer loyalty and social sharing.

Alan Quarry

Future speakers will include: Paul Kalbfleisch, Vice President of Brand Creativity at BlackBerry; and Robert F. Lauterborn, author, consultant, and retired professor of advertising from the University of North Carolina. Marketing Mondays will also feature remarks by Alan Quarry, Chairman and CEO of Quarry Integrated Communications.

“Marketing has entered a new era with the emergence of innovative technologies and practices,” says Cara Rousseau, RTP Director of Partnership Initiatives. “Our goal is to help anyone with an interest in engaging with their customers and target communities to re-think and re-search how to successfully build their business in today’s economic and technology climate.”

Marketing Mondays will be hosted at the RTP Headquarters at 12 Davis Drive in The Research Triangle Park. A networking reception will follow each program. Admission is free. However, attendees are asked to RSVP at www.marketingmondays.org, or send an email to marketingmondays@quarry.com.

Wayne Sutton

Hashtag: #mktgmondays

Wayne Sutton’s Blog

Lawrence Ingraham’s Blog

Lawrence Ingraham