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It’s one of those things that bug me. I see all these ads on TV by big pharmaceutical companies advertising drugs you can only get by prescription. Why advertise directly to consumers for something they cannot buy?
There must be a reason. Do they believe, or does market research show, that this information will lead to the consumer to request the drug from their doctor that they saw advertised to treat their symptoms or illness?
Maybe, but when I go to the doctor, I trust that he or she knows a lot more about what I need than what is advertised on TV. What does pharma know that I don’t know? (Probably plenty!)
Maybe, Mortgage Lenders and MI Companies can take a page out big pharma’s book. Most consumers get their mortgage lender through a referral from their Realtor or Builder, and MI is something they see as a necessary evil. It is provided through their lender and most don’t even know the provider or the reason for the coverage.
Should MI companies and mortgage lenders do more direct to consumer advertising? Is the investment worth it, or should they remain in the shadows, waiting for handouts from Realtors or Builders, depending on their LO’s, or Account Reps, to generate their business? What is the cost differential?
Quicken Loans jumped out with some pretty aggressive direct consumer marketing and has done quite well. Are they the tip of the iceberg, leading the way for others, or are they just an exception to the rule?
Should the MBA and MI trade group team up to at least provide educational advertising about their products and services? Maybe consumers would have a little better opinion of them once they have a more complete picture of all they do to ensure they get the home of their dreams.
Otherwise, they’ll continue to sit at the back door and wait for others to throw them some scraps. Maybe it’s time to be the lead dog.
Why do those pharmaceutical companies advertise directly to consumers? Maybe, it’s just CYA to announce all the potential side effects of their drugs.
