In previous articles we discussed physician career change, who’s doing it, some of the reasons why, and steps you can follow to prepare yourself for a career transition. In this, our final installment, we’re going to discuss the “doing.” That is, now that you have decided what you want to do and why… start a business, consulting, be a jazz pianist…it's time to look at how to rebrand yourself using the traditional 4 P’s of marketing:
The product is you. That means, in addition to your skills, experience and attitudes, your reputation and what people think about you. And your challenge is redefining yourself based on a different or additional set of qualities from those of a physician. Scott Martin, MD, knew he wanted to reenter the business world, but didn’t know the right role. While he’d been a successful valuation consultant prior to medical school and practice, he was concerned the methods and processes he’d used may be outdated. Based on a critical assessment of his past accomplishments, both in medicine and before, he identified strategic planning and analysis as the better focus of his next career step.
If from our last article, you conducted a SWOT analysis of yourself, you’re off to a good product definition start. Your list of strengths and opportunities should contain a number of your products. It was just such a process that led to Martin’s new focus. Further you may find an objective career assessment or a coach worthwhile in helping you more clearly define your skills and abilities that will translate into your “product.”
After you know what you’re going to be doing, you need to know its market value. Pricing is either what you’re worth or what your product/service is worth. If you’re seeking a job, that is a “corner office” outcome, then pricing is your value in the marketplace that will be based on standard incomes for the same or similar jobs. Comprehensive salary information is readily obtained on the Web, so do some research to know what to expect before any major decisions. Further, if you’re considering non-clinical employment for the first time, you may be surprised by some components of standard corporate income packages. For example, some common benefits packages whose value you’ll need to know include:
If you’re headed down the consultants’ path, then you must price yourself competitively. You should consider an hourly rate, time-based retained rate and project rates. Ask around to find out what’s standard in your market, but expect your hourly rate to be in the $150 to $300 range depending on your expertise and the financial return or value of your services.
Finally, if you have decided to be an entrepreneur, follow this simple rule: don’t do anything that you are not prepared to do for free. Start-ups usually take a long time to generate enough cash flow that can justify salaries for the founders. You will need to have a personal cash reserve to sustain you until your venture is successful. Remember, over 90 percent of the 30,000 yearly new product introductions will fail.
What will be the “place” of your product? That is, what is your distribution channel? If your objective is to be a direct hire in a corporation, then your place of employment will be either designated or negotiated. However, if you’re a consultant, will you restrict your service based on your locale, will you travel, will you distribute goods or services via the Internet, will you use multiple channels? Place also isn’t just convenience or opportunity, it's part of your competitive strategy.
Promotion at the individual level most often begins with a resume. Whether you’re pitching your consulting services, applying to be a vice president, or starting a product-based business, people (vendors, lenders, customers) are going to want to know who you are. However, your resume isn’t your CV. Your resume tells what you’ve accomplished, but more importantly, the value of your accomplishments.
For example, your CV states that you’ve been in private practice for five years. Your resume states that during five years in private practice you increased your revenues annually by an average of 17 percent. For your resume, you want to
Web sites are almost ubiquitous to businesses today. With a Web site, you can promote your business, engage in conversations with customers, display your products or showcase accomplishments, and package “you” in the most favorable and appropriate terms. Remember, you have total control on your Web, so if it doesn’t represent you well, change it.
Web development can be pricy. While user friendly Web development software abounds, if you’re not computer-oriented you should expect to pay $5,000 to $10,000 for a basic Web site. How many clients or how much product will you need to sell to make that a worthwhile investment?
Other promotional materials to consider include PowerPoint presentations, printed leave-behind material, product sheets, business cards and stationery.
Finally, promotion is going to actively involve you. You need to be able to sell yourself, to verbally present who you are and what you want (want from people, want in terms of funding, want in a job, etc.). Prepare for this most active level of marketing as you would prepare your Web site or your resume.
Lastly, the 4 P’s are called the marketing “mix” because they are both interrelated and interdependent. The definition of your product helps define your pricing and your promotion. Place affects pricing, and on and on. But the marketing mix also follows an order for a reason. Begin with your product, then move to price and end with promotion. Using the marketing mix to drive your implementation strategy will put you on solid footing with a proven process for success.
Arlen D. Meyers, MD, MBA is a professor of otolaryngology at the University of Colorado School of Medicine and an ACPE faculty member. He can be reached at Arlen.Meyers@UCHSC.edu
Robert Priddy is executive director of Physicians Career Practice, LLC. He can be reached at bob@pcpllc.org