Entrepreneurial physicians must acquire sales expertise
Thursday, October 13, 2011 at 03:31PM 
I can feel the collective shudder from all you physician entrepreneur wannabes at the mere mention of the word "sales". Personal experience has taught me just how uncomfortable marketing and sales are for physicians, and for most professionals in general. And yet, if you want to succeed in business as an entrepreneurial physician, you must learn to sell!
There, I've said that dirty word.
Rule 8 of Bill Murphy Jr's "The Intelligent Entrepreneur: How 3 Harvard Business School graduates learned the 10 rules of successful entrepreneurship" is Learn To Sell.
In fact, Murphy feels so strongly about this, he writes:
"… I thought about making it the 2nd rule, right after 'Make the Commitment'. As soon as you decide to become an entrepreneur, you become a salesperson. Even before you decided which problem you're going to solve – and thus which business you're going to launch – you've got to sell yourself as someone who can innovate, lead and execute. If you can't or won't do that, sorry, but your venture will simply never get off the ground. So get used to it: sell today, sell tomorrow sell all the damn time. First and last, you're an entrepreneur. But in between you're all about selling."
What does this kind of selling look like?
- convincing others on your team that your controversial idea or solution to a problem is the best way to go
- pitching your story powerfully in a way that excites potential investors
- persuading your bank manager to give you that loan
- inducing your target market to open their wallets and purchase your offering
- inspiring your employees to follow your vision
- swaying your audience with your electric presentation
- getting acceptance for your unconventional point of view
At its core, selling involves gathering reliable data, excellent listening skills, instinct, informed and intuitive insight into your marketplace, storytelling, and the ability to persuade convincingly, with your argument built around your data and insights.
Effective selling is driven by passion, credibility and integrity ( per Murphy, Credibility = Competence + Integrity).
Remember, at heart, you're already an effective salesperson as a practicing physician. You are successful at convincing patients why they need certain therapies, or surgeries -- and you do this with a combination of education, conviction and passion. You are a person of influence – now get out there and sell yourself, your ideas for business, and your offerings!
Here are the 7 earlier rules:
Reader Comments (3)
As a medical consulting firm, our clients ask us this question frequently http://www.MedicalExecutivePost.com In fact, many modern Health 2.0 practice, economics, financial, accounting and business management principles have been codified in our new textbook: http://BusinessofMedicalPractice.com
Nevertheless, the short answer may be summed up as follows:
Marketing = What the doctor knows, or does, differently? How s/he is unique and what is his/her strategic competitive advantage in the marketplace. Is the advantage real, perceived and sustainable?
Advertising = How your marketing advantage is disseminated to your target audience; TV, radio, signs, websites, blogs, coupons, billboards, insurance booklets, brochures, etc. These are known has media channels of communication and information distribution. And, the marketing message and media must be kept fresh, be credible and repeated, and contain an option for feedback. A marketing campaign must also have clear goals and objectives, and a method of determining success or failure [usually, but not always, ROI].
Public Relations = Generally, PR is deemed to be more credible than marketing or advertising endeavors. Doctors must earn clinical marketing uniqueness, and purchase advertising, but they hope for positive public relations. Media coverage is probably most synonymous with PR since reporters or editors will cover a story if it seems newsworthy, timely or important to their constituency. It is usually in the form of press releases, feature articles, announcements, seminars, charities, alliances and endorsements, testimonial and other referrals.
Sales = Closing the deal on your marketing, advertising and/or PR efforts. Treating the patient, achieving the expected outcome, and receiving payment for services rendered.
Now, how much does a typical medical practice marketing and advertising campaign cost:
Link: http://medicalexecutivepost.com/2011/09/23/how-much-money-should-a-medical-practice-spend-on-a-marketing-campaign/
Best.
Dr. David Edward Marcinko MBA, CMP™
Prof. Hope Rachel Hetico RN MHA, CMP™
http://www.MedicalBusinessAdvisors.com
I am currently a second year medical student and I am seriously considering going for an MBA in addition to my MD after my third year. I agree with everything that you have written in your post. I was wondering what you think are the benefits to a doctor of getting an MBA? Is it worth it? Thanks for any help.
You might find this related link on Physician-MBAs interesting food for thought:
http://medicalexecutivepost.com/2011/06/26/is-an-mba-worth-it/
Just remember, regardless of your decision, you must commit to staying current in both disciplines; a not so easy task.
Dr. David Edward Marcinko MBA
[Editor-in-Chief]
http://www.BusinessofMedicalPractice.com