Hopkins was possibly the highest salaried copywriter in history — he pulled down today’s equivalent of $4.5 million a year.
There was a reason his boss, Albert Lasker, paid him so much. He brought in more revenue for his agency and their clients than any ad writer had ever done before.
Here’s how “$100 Million Wasted On Ads That Never Pay” starts out:
“We estimate that every year is wasted $100,000,000 on ads that should never run.
That $125,000,000 is being spent annually to accomplish what $25,000,000 should do.
If such ads were put to comparative test, they would all be discarded. And each would teach a lesson which one never could forget.”
In 2013 dollars, $100 million translates to $2.5 billion dollars.
For all the waste circulation in advertising today, $2.5 billion seems improbably low. Keep in mind that print advertising was largely the only game in town back then. [Read more…] about The “Billionaire Bonehead” of Direct Mail Marketing