Physicians are extremely well trained in their profession, with years of education and more years in practice. And at some point in their career, it becomes apparent that medicine is a profession, but healthcare is a business.
Often, the doctor is the business…the product…the service provider. He or she is the CEO (Chief Executive Officer), and perhaps the COO (Chief Operating Officer), and ultimately, the CFO (Chief Financial Officer).
And, as the primary resident of the “C-suite,” and as the business success grows (or fails to grow), the MD takes on the role—deliberately or by default—as the Chief Marketing Officer (CMO) of the medical practice.
Thinking like a CMO
In our work with hundreds of growing medical practices, we’ve found that MDs often share management and leadership qualities with the best-of-class marketing executives.
For our purpose here, we’ll assume here that the leader is grounded in solid business principles, and appreciates the fundamentals of branding, marketing and advertising. They have a detailed plan to achieve specific goals that they monitor (and adjust as needed) regularly.
But going deeper, here are a few of the characteristics of the successful MD who thinks like a CMO. (This list is by no means exhaustive, so please tell us what you would add as advice to others.)
For most businesses, the role of marketing is the critical link that brings customers and the product or service together. Effective (and cost efficient) marketing efforts are directly connected to business success. And a marketing-savvy CEO and CMO can assure that the goals are achieved.
Please tell us, what would you add to this list?