GTG to launch U.S. Customer Digital Media Sales Campaign
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Insights
The launch of Genetic Technologies Limited's digital advertising campaign in the United States is a strategic move to capture a portion of the burgeoning wellness testing market. The U.S. market for wellness testing is experiencing a significant growth trajectory, with projections indicating a rise from $878.9 million in 2022 to $4.9 billion by 2032. This represents a compound annual growth rate of 18.86%, which far exceeds the average for many other sectors. The company's targeted approach through Consumer Initiated Testing (CIT) for its geneType Risk Assessment Tests positions it to leverage consumer trends towards personalized healthcare and proactive wellness management.
From a market research perspective, the decision to scale up the campaign throughout the year aligns with the need to build brand awareness and consumer trust in a market that is becoming increasingly competitive. The focus on digital advertising is apt, considering the high internet penetration rates and the growing trend of consumers seeking health-related information online. The appointment of Dr. Malcolm Bohm, with his expertise in customer marketing and disruptive technologies in women's health, suggests a tailored approach that could resonate well with a demographic that is typically more proactive about health screenings and personalized medicine.
Investors should note the potential financial implications of Genetic Technologies Limited's digital advertising campaign. The allocation of resources towards this campaign indicates a significant investment in marketing, which could affect the company's short-term operating expenses. However, if the campaign is successful, it could lead to increased revenue streams from the geneType Risk Assessment Tests. The effectiveness of the campaign will be a critical factor to monitor, as it will determine the return on investment and the impact on the company's profitability.
Additionally, the aggressive growth rate in the wellness testing market provides a favorable backdrop for the company's expansion efforts. The financial performance of GTG will be contingent on how well it can penetrate the market and capture market share. Given the long-term growth potential, investors might expect this initiative to contribute positively to shareholder value, provided that the company maintains cost-effective strategies and achieves a high conversion rate from its advertising efforts.
Understanding the nuances of marketing within the healthcare sector, particularly for genetic testing and risk assessment, is critical. The initiative by Genetic Technologies Limited to launch a customer-targeted digital campaign indicates an awareness of the importance of direct-to-consumer marketing in healthcare. This approach can be particularly effective for genetic testing services, as it empowers consumers to take initiative in their health management, potentially leading to earlier detection and prevention strategies.
Dr. Malcolm Bohm's background in launching disruptive technologies and his focus on women's health may provide the campaign with an edge, as he can apply his expertise to ensure the messaging is both scientifically accurate and consumer-friendly. The success of such campaigns often hinges on the ability to translate complex medical information into clear, actionable insights for the consumer. This can lead to increased consumer engagement and trust, which are essential for the adoption of new medical technologies and services.
MELBOURNE, Australia, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Genetic Technologies Limited (NASDAQ: GENE, “Company”, “GTG”), is pleased to announce the launch of a wide-reaching customer – targeted digital advertising campaign in the United States. This comprehensive program will drive Consumer Initiated Testing (CIT) for the company’s geneType Risk Assessment Tests. The campaign will commence end of March 2024 and will scale up throughout the remainder of the year. The U.S. wellness testing market is projected to reach
The initiative is being led by Dr. Malcolm Bohm, who has recently been appointed strategic advisor. Dr Bohm, who is based in Southern California, has deep experience in customer marketing in the pharmaceuticals, diagnostics, and medical devices sector. He has built unique expertise in launching disruptive technologies, with a focus on women’s health.
“I'm excited to join the team. I strongly believe in informing consumers about health risks, and Genetype tests offer unique insights. Currently, people are more motivated to prioritize wellness over facing preventable deadly diseases. This aligns with the campaigns I've led throughout my career.” Malcolm commented.
GTG’s geneType brand offers integrated risk testing for a range of serious conditions. Predicting a person’s risk of developing one or more of these diseases allow for the implementation of personalised preventive health plans to manage risk, increasing the chance of early detection and intervention, significantly improving patient outcomes and ultimately saving lives.
“If you knew you are at moderate to high risk of up to seven potentially fatal cancers, coronary artery disease, atrial fibrillation or diabetes you should be very highly motivated to find ways to reduce your risk and prevent disease.” Said GTG’s CEO Simon Morriss.
The customer - targeted campaign will launch across multiple digital channels initially in the United States and will include a mix of earned organic content, paid media, and creator content. A contemporary specialist team has been assembled to roll out the campaign.
Morriss added “We believe driving awareness of our testing via the digital channels and using the creator economy will accelerate adoption of our tests. Using platforms like Meta, YouTube, and TikTok where customers are naturally engaging in healthcare content will be an important accelerator of our messaging and will help us communicate with more people quickly.”
GTG believes the more customers are aware of genetic based risk testing for serious diseases the more they will be empowered to take positive control of their health.
GTG continues to market geneType to Healthcare Professionals (HCP) and Healthcare Systems (HCS) in Australia and the U.S.
Enquiries
Investor Relations
Adrian Mulcahy
Automic Markets
M: +61 438 630 411
E: adrian.mulcahy@automicgroup.com.au
About Genetic Technologies Limited
Genetic Technologies Limited (ASX: GTG; Nasdaq: GENE) is a diversified molecular diagnostics company. A global leader in genomics-based tests in health, wellness and serious disease through its geneType and EasyDNA brands. GTG offers cancer predictive testing and assessment tools to help physicians to improve health outcomes for people around the world. The company has a proprietary risk stratification platform that has been developed over the past decade and integrates clinical and genetic risk to deliver actionable outcomes to physicians and individuals. Leading the world in risk prediction in oncology, cardiovascular and metabolic diseases, Genetic Technologies continues to develop risk assessment products. For more information, please visit www.genetype.com
Forward Looking Statements
This announcement may contain forward-looking statements about the Company's expectations, beliefs or intentions regarding, among other things, statements regarding the expected use of proceeds. In addition, from time to time, the Company or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by the Company with the U.S. Securities and Exchange Commission, press releases or oral statements made by or with the approval of one of the Company's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. As forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause the Company's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause the Company's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements as detailed in the Company's filings with the Securities and Exchange Commission and in its periodic filings with the ASX in Australia and the risks and risk factors included therein. In addition, the Company operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. The Company does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
1 https://www.businesswire.com/news/home/20230308005478/en/United-States-DTC-Direct-to-Consumer-Wellness-Testing-Market-Report-2023-A-4.946-Billion-Market-by-2032---The-Shift-from-Physician-Focused-to-a-Consumer-Focused-Healthcare-Industry-Bodes-Well---ResearchAndMarkets.com
2 GTG is committed to adhering to all regulations associated with the promotion and reporting of Laboratory Developed Tests (LDTs)
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