Death of Advertising
An article on the death of advertising was interesting relative to the future of Digital Health and the potential impact it will have to our lives in the coming years.
The perfection of data will eventually give rise to a world in which every consumer can be paired with goods that meet his or her biological, rather than consumptive, tendencies. This world will be devoid of branding, because in a world that relies on perfect information, there will be no need for branded trust. The cheaper of two identical goods will always be purchased, as opposed to what happens now – a consumer pays more for Motrin (the brand), than ibuprofen (the drug), even though they’re the same thing. Once perfect information becomes a reality, there won’t be just a few over-the-counter meds to alleviate pain; there will be hundreds, or even thousands, depending on the specific needs of the niche markets. The purpose of marketing in this world will be to pair niche consumers, whose needs were never profitable enough to be met, with niche products, whose production was never profitable enough to be realized. Advertising as we’ve always known it – large-scale campaigns predicated on instilling subconscious intuition in consumers – will die. What will rise from its ashes will be unlike anything we’ve seen before. Algorithms buried within the walls of companies like Google and Facebook
Digital Health Transformation
Fully expect this to accelerate as people ascend the ladder of Digitalhealth transformation and value creation and seek valuable innovation that delivers better healthcare experiences. We don’t fully know how this will apply or what data (or how) some of it will contribute to better (well)care but it is inevitable
While I don’t subscribe to this dystopian view I do see the continued march to precision medicine and the value of data driven insights that establish increasingly smaller groups of patients to which a specific treatment regimen applies. Delivering on this demands the foundation with well matched organization modes and data governance, and is enabled by technology and data management optimized for use in some of the early exploratory systems and technologies
Start by making small incremental steps:
- Create well-defined internal governance, accountabilities, and decision-making.
- Prioritize budget and focus towards these goals
- Do you understand who owns the data?
- Do I have the right staffing skills mix to undertake the necessary business transformation
We won’t get there without some significant work, but the promise is exciting
