Perhaps the most difficult concept for a physician to grasp is the role of Public Relations in building a successful practice/business. The common perception has been that P.R. was anathema. And that belief was not unique to the health profession. Not long ago, bankers, attorneys and others were taught that all forms of advertising, marketing and promotion were wrong. It was a moral issue. Being good at what one does was enough. Calling attention to it was unseemly.

In the health care world, apart from being perceived as vulgar, marketing was considered unnecessary. It was assumed that patients would automatically and miraculously come forever. As a result, physicians erroneously believed they were sheltered from the demands placed on other businesses.

Health professionals also have a tendency to view marketing as hawking – much like a barker at a carnival or a crass used-car salesman trying to lure unsuspecting victims.

It’s the thought of the coarse, smoke-and-mirror, hit-them-over-the-head style of publicity that understandably terrifies many in the medical field.

It is, therefore, difficult for physicians to view public relations as an integral part of a successful practice. But just as the image of a physician giving a patient a stiff drink and a bullet to bite before performing surgery is archaic, those P.R. stereotypes have nothing to do with the reality of an intelligent, effective media campaign that educates and informs the media and the public. Used effectively, P.R. can usher in new concepts and perspectives, and shape the ideas of a community and a nation.

Our PR firm has represented hospitals, medical centers and individual physicians.

We have placed medical-oriented stories in a wide range of media outlets including Time magazine, USA Today, CNN, the Today Show, the Wall Street Journal, NPR and several other media outlets. The media we have placed has ranged from breakthroughs in cancer therapy, to new orthopedic surgeries, to the latest in plastic surgery. These stories help our clients reach their target markets and position them as experts in their field, but they also educate the public.

To reach that end, physicians need to view themselves as educators. After all, we live in the information age and no profession, field or practice can avoid its effects. Professionals who understand the process and actively take control of the information are the ones who will succeed.

Today, savvy hospitals and physicians view public relations as an integral component of their business strategy. They are learning that they must change their perceptions to remain competitive. But few have really come to terms with the process. It’s not enough to simply hire a professional and continue as before; a change in attitude and outlook is required.

For example, when it comes to communicating, doctors are used to presenting scientific data to their peers. They are trained to think in terms of studies and statistics, whereas the public and media both understand and respond more favorably to anecdotal stories.

Of course, this does not apply only to those in the health care field. Many professionals can speak the jargon of their particular field, but this makes for a very insular form of communication. This is why media training can be integral to an effective PR campaign. All business professionals can benefit from learning to speak the public’s language and honing their ability to communicate.

Is the fact that medicine must come of age as a business necessarily a bad thing? Considering the fact that information control and distribution is the new currency, learning to effectively manage one’s image and message will soon be viewed as Business 101. Even for physicians.

Building a Successful Practice: It is estimated that 70-80% of investors who deal with a stockbroker, financial planner or advisor will change advisors before retirement. Some will make the change while in their fifties, others will wait until their early or mid-sixties. The reason for the change is simple: Investors view their financial person as being “growth oriented,” an accumulator who is not an expert when it comes to structuring income. When the change is made, a retirement specialist is sought.

Clients Change Advisors: Over the past couple of years, the brokerage industry has begun to promote retirement income, but the campaign has been limited and met with skepticism by investors. After all, advisory account compensation is based on assets under management–distributions only erode the advisor/broker base. The retirement benefit specialist has a very different agenda: maximizing periodic distributions at an acceptable risk level.

Investors are generally loyal to their broker or advisor, but such a relationship usually ends once the investor gets serious about retirement planning. It is not that they no longer like their advisor, they simply view this person as not having the expertise to help them with the income phase of their life. Enter the retirement plan specialist.

Retirement Specialist: The vast majority of your peers and competitors promote themselves as being able to do everything for the investor. This makes it difficult for any advisor to differentiate themselves. It is always the specialist we seek out when a problem arises (e.g., car mechanics who specialize in foreign cars, the doctor who only does a certain type of eye surgery, etc.). This is a lesson brokers, planners and advisors have still not learned. For example, how often do you see an advisor who advertises as a “retirement plan specialist” or simply a “retirement specialist?”

The specialist makes the most money and has the least complicated life. A retirement benefit specialist can hone his skills by concentrating on a very narrow aspect of the financial services industry, thereby differentiating himself and minimizing concerns.

Even though it appears the retirement specialist is “leaving money on the table,” the reality is quite different. A portion of a client’s portfolio may be in CDs, government securities and fixed-rate annuities, but another part may be in growth-oriented mutual funds that include a systematic withdrawal plan. And, just because someone is in an income mode does not mean she no longer needs insurance or no longer desires to fund a grandchild’s college fund.

Competitive Edge: During a brokerage firm’s annual meeting in a big conference hall, someone from Harley Davidson rides down the aisle in a motorcycle towards the podium. He parks the bike, steps up to the podium, looks at the audience of surprised advisors and says, “What’s your sound?” Harley’s have a special sound but how many brokers do you know have their own “sound?” No one can distinguish the sound between a Honda, Suzuki, BMW or other bike–except a Harley. This is why the company has trademarked their sound.

What makes you different? Why would someone want you to manage their money instead of a neighbor, friend or golfing buddy who does the same thing? Investment products have largely become “commoditized” and offered by everyone. Ed Slott has made a fortune by becoming the IRA-go-to-guy; he is frequently quoted in publications and is considered an expert. Ed has a lucrative practice of advising brokers, and fee-based seminars and referrals. Someone else could have filled such a position, but Ed was first and will probably not be replaced. You could become the retirement plan specialist in your county or the retirement specialist that is referred by accountants and lawyers.

Understand Your Customers and Prospects: People seek out and feel comfortable with a specialist. The first step to becoming an income specialist or retirement specialist is to obtain certification marks that distinguish you from others. Being a designee shows everyone that you have the specialized training necessary to handle their income needs.

Copyright (c) 2010 Cory Bowman