October 27, 2022
How the Sunk Cost Fallacy Can Sink Your Marketing
Did you ever buy a meal in a restaurant, and it wasn't great, but you ate it anyway because you're paying for it, and it wasn't cheap? Yeah, us too. Or what about that pair of shoes that you bought? They look great but pinch your toes like a couple of angry lobsters, but hey, they were expensive, so darn it, you're wearing them anyway.
This is the sunk cost fallacy. You've spent money (or time or energy) on something, so regardless of whether it's working, you're standing by it.
The same danger exists in marketing campaigns. You go through the process of developing what you think is a kick-ass healthcare marketing campaign. You sink loads of time, effort, and money into it, only to find it falls flat. But you've invested so much up to this point that you loathe the idea of scrapping it and starting over. And so, you invest more time, effort, and energy into it, hoping it will resonate with your market. And it doesn't. So, you invest more time … well, you get the idea.
Sometimes you need to cut bait, return to the drawing board, and start again.
Tips for when you start over.
Do some market research. Find out what resonates with your target audience. The bigwigs in your company may want to tout the bells and whistles of your new medical device, but what problems does it solve for the end user? Stress those benefits in your healthcare marketing.
Be bold. The marketplace is full of companies stuck in the middle of the marketing peloton. Be the breakaway. Differentiate yourself from everyone else. If you've ever been to a medical device trade show (or most trade shows, for that matter), you'll see a sea of blue banners. Be orange when everyone else is blue.
Analyze. Watch how your medical marketing campaign is performing. Set key markers and goals. Adjust as necessary.
If you need an assist with your medical device marketing campaign or your healthcare marketing, we can help. Drop us a line!
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