Speaking to a group of medical residents

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May 27, 2006 1:37 pm

A good friend of mine has arranged for me to speak to a group of graduating residents at her hospital next week.   I will speaking for about 30 minutes and plan on selling myself and my services as opposed to any specific product pitches.


I have no physicians in my practice to date so I figured this was a good way to get my foot in the door.  I realize most of these graduates will be up to their proverbial eyeballs in debt but they should be earning good incomes very shortly so meeting them will be worth my while.    I'm viewing this in a similar vane as a new sports agent recruiting clients from the minor leagues since it's a much tougher task to recruit established vets.


My friend has mentioned that some of the MD's and other hospital personnel are aware of my visit so there may be a bit additional opportunity to establish some relationships.


For those who have spoken to a similar group any words of advice?


Thank in advance.


Scrim



May 27, 2006 2:51 pm

Scrim,


I would focus on planning.  Forget about product, forget about investments and focus on planning.  Talk about creating a plan to meet their goals, pay off student loans and create a plan for them to retire when they are ready.


Your the expert.  Tell them you have clients in alot of different positions and share examples of how you help them clients acheive their goals a widow with a lump sum and you manage to create an income that will last her lifetime, a business owner who was paying up the wazoo in tax that you help lower his tax bill and on and on.  I would include a couple of medical examples to. 

May 28, 2006 9:58 am
scrim67:

A good friend of mine has arranged for me to speak

to a group of graduating residents at her hospital next week. I will

speaking for about 30 minutes and plan on selling myself and my

services as opposed to any specific product pitches.



I have no physicians in my practice to date so I figured this was a good

way to get my foot in the door. I realize most of these graduates will be

up to their proverbial eyeballs in debt but they should be earning good

incomes very shortly so meeting them will be worth my while.    I'm

viewing this in a similar vane as a new sports agent recruiting clients from

the minor leagues since it's a much tougher task to recruit established

vets.



My friend has mentioned that some of the MD's and other hospital

personnel are aware of my visit so there may be a bit additional

opportunity to establish some relationships.



For those who have spoken to a similar group any words of advice?



Thank in advance.



Scrim









I think it is a mistake to focus on "what you do." Everyone knows that

there are people out there that manage money. So what. You need to

look for the specific services/products (you don't have to go into detail

with these, just let them know there are products that can help them) that

can affect their lives.



You should bring up scenerios like: what happens if you get in a car

accident and can no longer be a doctor and bring in $200k per year? If

they have families, then how will they survive? Product: Disability

Insurance.

What happens if the office gets sued for malpractice, then the insurance

finally covers it, but the office dissolves? Are they prepared financially to

be "out of business" for a while until they find a new practice? Product:

various investments/savings programs that have liquidity, yet earn

income (could be part of IRA).

What happens if they unexpectantly die, and the wife and kids no longer

have the income? Products: Life Insurance (both term AND whole), estate

planning



Scenarios like this get them thinking about the "what ifs" that they don't

normally think about. Doctors deal with real life all the time; they know

that people die unexpectantly, and they know that it could happen to

them. You need to "frighten" them into wanting to talk to you about

these issues. As the great English philsopher said: "Reason is slave to the

passions." You point out things they care about, then they will want to

talk to you. Otherwise, you're just another sales rep they see every day

(pharm. reps, et al.).



Like I said earlier, you don't need to go into detail about products

(although I think it is more effective than just talking about services), but

most Doctors (and other people) don't know the products out there.

Mention that there are products/services that can address these needs,

and be specific.



Hope that helps.

May 28, 2006 11:56 am

I think that you actually have to sell product.  They have no money and don't have the ability to do any real business with you right now.  By the time that they are able to invest, they will be in their practice which means that most of them will no longer be living in your city.


They have to become a client before they get out of their residency or else you have a very slim chance of working with them.


I know several people who have built gigantic practices working with doctors.  The thing that they have in common is that they started working with these doctors almost solely with disability insurance while they were in their residencies.  They became planning clients after they left their residencies, but the key was that they already had a relationship so it was easy to continue to work with them.

May 28, 2006 2:04 pm
scrim67:

A good friend of mine has arranged for me to speak to a group of graduating residents at her hospital next week.   I will speaking for about 30 minutes and plan on selling myself and my services as opposed to any specific product pitches.


I have no physicians in my practice to date so I figured this was a good way to get my foot in the door.  I realize most of these graduates will be up to their proverbial eyeballs in debt but they should be earning good incomes very shortly so meeting them will be worth my while.    I'm viewing this in a similar vane as a new sports agent recruiting clients from the minor leagues since it's a much tougher task to recruit established vets.


My friend has mentioned that some of the MD's and other hospital personnel are aware of my visit so there may be a bit additional opportunity to establish some relationships.


For those who have spoken to a similar group any words of advice?


Thank in advance.


Scrim





Invite them to come in and visit you in your grocery store branch, to add some prestige to the equation.

May 29, 2006 3:51 pm

Scrim, this can be a great opportunity for you. One that can mushroom into various unforeseen opportunities. But you need to get it right the first time. How?


Well, you're speaking before a group of prospects and you have no idea what interests them. (I've been there, done that.) So, how do you find out what interests them? Go to them individually (if there's time), tell them you don't want to waste their time at the meeting and that you want to know what they're interested in. Also, find some of your wholesalers who might have experience with medical residents and quiz them.


However, if there's no time left, go to the head resident and ask him/her the main issues facing the residents. Or go to the head doctor and ask, go to the hospital HR Dept, etc.


Why all this running around? It will get you the info you need to make a good impression as a speaker and it will get you some quality face time in front of qualified prospects. Very good qualified prospects.


Keep in mind, that some of the attendees may have worked 12-24 shifts and; thus, may not be very receptive. I would interject some ER humor in the speech. Weirdest ER cases, etc. Maybe have a door prize like a case of "Red Bull" or some other HIGH caffeine drink.


After making a good impression at the meeting, leverage this opportunity. Maybe other hospitals would like to have you speak to their MD's-in-training. Calling on other doctors? Casually mention your speaking engagement and you should get some credibility. Etc., etc.


Good luck!

May 29, 2006 5:31 pm

remote,


sarcasm noted.


many of my colleagues have the same attitude and don't give there supermarket branches any attention.    I have embraced my supermaket branches and have found some good clients there.   I have coached my bank partners to find opportunities.


Some clients like the convenience.   Don't knock it until ya try it!


I don't let my ego get in the way of where I find my clients.


scrim

May 29, 2006 6:54 pm
scrim67:

remote,


sarcasm noted.


I don't let my ego get in the way of where I find my clients.


scrim



I believe you.