It’s easy to succumb to “don’t miss a single opportunity” syndrome. This is the mindset that keeps advisors dismissive of carving out a niche for themselves while attempting to appeal to anybody and everybody.
You’ve heard it before: “If you try to target everyone, you target no one.” Rather than go on at length about the importance of niche marketing in general, let’s dive into a specific niche you should be considering right now.
Start thinking about marketing to physicians.
Here are some reasons why:
Changes & Concerns
Physicians have quite a bit to be concerned about. This Medical Economics article cites a 2013 health survey showing that “9 out of 10 physicians cited shifting reimbursement models and the financial management of practices as their top challenges.”
Many physicians are uncertain about their financial future. Now would be a great time for you to step in and help.
Medical offices are among the most profitable types of businesses in the US and have excellent growth prospects. This recently updated list from Sageworks (which conducts financial analysis of privately held companies) shows the offices of physicians among the top 15 industries with the highest net profit margin.
Need For Experts
Paul Sullivan, Wealth Matters columnist for The New York Times, writes: “While doctors are certainly smart, their medical ability does not necessarily translate to financial acumen.”
Even if advanced medical knowledge translated to financial abilities, there is still a big factor that needs to be addressed: Time.
This is something many advisors understand: The return on time and money can be much greater if you defer to professionals and experts. If you divide a portion of your attention and energy to areas outside of your specialty, it takes away from what you are truly great at.
Think about taxes. The case for intelligent tax preparation could not be highlighted any better than in 6 Tax Essentials Physicians Need to Know. The authors explain: “Since 2001, the tax code has undergone 4,680 changes–an average of more than one change per day. Even worse, physicians are paying more in taxes. Because of these trends, intelligent tax preparation has become essential, not optional.”
The need physicians have isn’t just for experts who know what they’re doing; it’s for providers who can assuage concerns and make life easier. This could be you.
Free Download: Marketing to Physicians
Physicians need your help, but how are you going to get their attention, and maintain it long enough to establish an ongoing relationship?
Reach your next profitable niche with this guide to marketing to physicians. Download your copy today.