They’re some of the busiest people with the shortest attention spans for marketers. Fortunately, there are ways of marketing financial services to doctors that can be both effective and rewarding.
If you’ve ever tried to get a doctor’s attention for, well, anything, you know how difficult it can be. Most of them are so busy running from patient to patient (not to mention the paperwork) they barely have time to for a lunch break, let alone listen to marketers. As a result, marketing financial services to doctors is very different from other target audiences.
Yet, as highly paid professionals, doctors need financial services more than many other people. It’s important, then, to understand the nuances of marketing financial services to them not merely so that you can gain a client, but so doctors can receive the services they need without interrupting the vital services they provide to others.
To help you achieve that goal, here are six essential tips for marketing financial services to doctors.
Marketing financial services to doctors – tips to find success
Rule #1: Not all doctors are created equal
It’s important to recognize that there are many different kinds of doctors—and they all make different amounts of money. So while these tips are relevant to all segments of medicine, it’s a good idea to know exactly what field of medicine your doctor practices and what the typical income is for that before you create a marketing strategy.
To that same end, be prepared to get brushed off a few times before finally breaking through. As any good salesperson knows, an initial “no” doesn’t necessarily indicate a lack of interest, but sometimes only a lack of time or attention. The reality is that most doctors are too busy with their schedules to give proper attention to financial planning on their own, even if they know what they’re doing. Patience and persistence will pay off with doctors even more than with many other would-be clients.
Rule #2: Customize your approach
In addition to having different salaries and different temperaments, doctors also tend to appreciate being spoken to directly rather than generally. You might have to spend a significant amount of time tailoring your pitch to the specific doctor or doctors you’re pitching, and you’ll certainly want to customize your offering from segment to segment.
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Customization can also include certain benefits, like meeting late at night, early in the morning, or on the weekend to accommodate a doctor’s schedule. Maybe you want to put them at the top of your phone call or e-mail response list so when they have a free moment, they’ll have the answers they’re looking for instead of having to wait for the next precious few minutes they might have to think about financial planning. The more you can customize, the more a doctor will appreciate it.
Rule #3: Go in with facts and figures
Because medicine is science-based, doctors don’t usually have time for subjective material. Go in with numbers and case studies to demonstrate whatever it is you’re trying to get them to understand. (This is a place where rule #1 will come in handy.) Don’t waste their time telling them what could be, rather, focus on what you expect to be the case for them. This not only provides the doctors with the information they need to make an educated decision, but it also shows that you respect their time, which helps build trust.
Rule #4: Trust is key
Speaking of trust, establish yourself as an advisor rather than a salesperson. (Which wouldn’t be wrong.) If they see you as an advisor, they’ll value you more than if they only see you as someone marketing financial services to them. And if they value you, they’re more likely to give some control of their money to you.
Rule #5: Highlight your fiduciary responsibility
This is another step in establishing trust. If a doctor knows that you can be held responsible for the actions you take with their money, they’ll likely be inclined to put down their guards a little bit and listen to what you have to say. Doctors have enough on their minds. Knowing that someone else has some accountability for their investments and savings strategies is one less thing they have to think about.
Rule #6: Understand your audience
The last tip we have for marketing financial services to doctors is to understand them. This is different from knowing them. By understanding your audience, you show them that what they do is important to you. Once you’ve defined your audience, do some research—read trade magazines, talk to colleagues, even just a quick lookup on Wikipedia will help. If you can talk even a little bit of shop with a doctor, they’ll feel more like you’re on their level.
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What kinds of successes have you had marketing financial services to doctors? What tactics would you avoid? Share your experiences in the comments below.