Why is now a good time to consider marketing to physicians? Frankly, because many physicians qualify as high-net-worth investors and have cash to invest; medical practices are among the most profitable businesses nationally and often have excellent growth prospects. Furthermore, the Affordable Care Act means many changes for the health care industry, and physicians are expected to benefit significantly from the inflow of newly insured Americans. They will also need professional advice when adapting to the new regulatory environment.
Taking on just one physician as a client could lead to becoming the adviser to an entire practice, even bringing on employees as clients or managing the practice's retirement plan. Here are seven tips to help you get started:
1. Seek out physician thought leaders who may open doors to other physicians and influencers. Invite these experts to speak at your client events.
2. Think twice about placing an ad in a magazine or journal. Would you choose a surgeon who advertises in a financial publication? Instead, consider getting your message out through a direct mail campaign or creating a physician-specific presentation.
3. Sponsor events such as wine tastings, a golf tournament, or a fun activity for the whole family. Physicians are best approached outside of clinical hours where they are out of “doctor mode.”
4.Give branded gifts. Pharmaceutical sales reps devote nearly half of their marketing budget to gifts because they know that branded gifts will keep their firm in the physician's mind. Here are some gift ideas:
• Well-chosen books on financial health (Or consider having your own book ghostwritten)
• Branded notepads or calendars
• A whiteboard to coordinate a family schedule
• Piggy banks for kids
• Resources for the physician's spouse or children
• A printed budgeting tool to help with household finances
5. Provide educational information that will help physicians tackle financial issues or shift their relationship with money. Physicians are accustomed to being provided with informational materials and prefer to read them on their own time.
6. Attend social events or medical industry meetings where physicians gather. Host a breakfast educational event at the hotel where a conference is being held.
7. Seek out a local or state medical association and ask about speaking to members. An increasing number of medical associations have formed business alliances with financial services firms to help their members get advice from advisers familiar with physicians' needs.
Physicians have unique financial planning needs that advisers should be prepared to address. Many are burdened with heavy student loan debts, struggle with budgeting, and do not have adequate asset protection strategies in place.
One of the defining characteristics of physicians is a lack of time. They frequently seek out ways to save time, meaning advisers may want to consider incorporating additional services like daily financial management and helping children with financial advice into their practice.
Physicians are protective of their time and generally prefer to receive information they can review on their own schedule. According to a recent product marketing survey conducted by HealthLink Dimensions, they are less fond of in-office visits (until a relationship has been established) and generally frown upon phone calls. The same survey found that medical practitioners want to receive materials that are educational in nature and widely prefer e-mail and direct mail to other communication channels.
Physicians can be wary of financial advice and may be difficult to initially approach. Patience and a long-term commitment to the niche are key.
However, as with many affluent clients, once you bring one physician on, word of mouth will soon bring others.
Robert Sofia is the chief operating officer and co-founder of Platinum Advisor Strategies, a web-based marketing and consulting firm to financial advisers.
