FINANCE
Evolving Role of Marketing
G . Kelly O ’ Dea
TP : How would you diagnose the state of marketing today ?
Largely disappointing and wasteful . I would point to three main reasons why :
Failure to understand what marketing is today . Too often , marketing is regarded as simply an advertising / PR function – “ advertise and they will come .” In fact marketing should be about the total approach , founded on strategy and meaningful differentiation , which drives all activities at all points of patient contact .
A vital first step is often missed : Doing your homework on both the market and your practice . Most physician practices don ’ t do sufficient analysis of the market , competition and patient needs to identify how they can successfully fit into the market in a differentiated manner .
Not understanding the new power of customer engagement . Patients have become Customers , armed with unprecedented access to information and the power to make choices . They will bypass you if you don ’ t provide a meaningful reason to be considered .
Most of today ’ s marketing has little meaningful differentiation . Do an experiment I call “ The Wall Test .” Put a representative sample of competitive ads in your market on a blank wall . Now stand back and see how much differentiation you can find . Chances are you won ’ t find much . Now put your ads up against the competition . Chances are you and your brand won ’ t stand out . This means that there is considerable waste and lack of performance .
TP : So , what ’ s the way forward ?
For marketing to work , it must be founded first on analysis and then development of a differentiated brand . Only then can you begin to implement consistently across every point of customer contact . Otherwise you risk disappointment and waste .
Ask yourself a question : What is my brand and how is it differentiated in a meaningful manner that causes engagement with your prospects ? The brand is embodiment of your relationship with the market you serve . It is the cornerstone idea that drives everything you do in marketing yourself or your practice , at every point of contact . If you don ’ t know your brand and how you ’ re different , that ’ s a problem that needs to be corrected . Only then will you see the vital role marketing can play in the success of your practice .
Physician , brand thyself !
TP : How can you tell if your marketing is working ?
First of all , change your viewpoint . Make the transition from marketing as castor oil to marketing as an elixir in viewing marketing ’ s role in your success . Stop looking at marketing as merely an expense . There must be value delivery in the form of improved business and reputation .
Excellent brands are built like birds build nests , the desired outcome is known but it builds in stages . Here are some diagnostic questions to ask to see if your brand is building in the right direction :
Are customer prospect inquiries increasing ?
Where are your inquiries coming from ? Are your word of mouth referrals increasing ? Are new customers increasing ? Do you ask for their feedback ? Why did they choose you ?
51 TODAY ’ S PRACTICE : CHANGING THE BUSINESS OF MEDICINE