Do physicians need a brand?

The problem

In the US alone there are over 1 million practicing physicians and research shows that over 40% are looking to leave medicine in the next two years. This doesn’t account for the 50% of medical students who say they have no intention of going into clinical practice when they qualify.

Today, we can clearly see the wave of physicians cutting down their hours and diversifying their careers, with 39% already having a side gig.

This is set to become even larger and more competitive over the next few years with an abundance of physicians all looking for the same opportunities.

This competition will make it more difficult to secure the best opportunities and physicians will need a profile and reputation that makes them the “go to” person in their niche.

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The opportunity

According to an article written for McKinsey, it is predicted that the healthcare industry’s profit pool will have a 7% annual growth from $583 billion in 2022 to $819 billion in 2027. This means there will be an even larger financial ability to invest in innovation and acquisitions, thus allowing for expansions to their current offerings.

We don’t know where all this money will go, but we can see large investments going into robotics, AI, prevention and precision healthcare. All of which require physician input, support and guidance to get the best outcomes.

Beyond traditional healthcare, there will also be huge growth in MedTech, Med Device and Pharma industries, giving rise to more opportunities for physicians to get involved in either ad hoc consulting or full career transitions in these areas.

Healthcare and life science startups, especially in the technology space are continuing to gain traction and investments are picking up once again.

This will provide more opportunities for physicians who are interested in this space, either by joining a startup or launching their own. However, they will have to assess their risk tolerance before they decide to jump in. This is a highly volatile area in any industry, with most healthcare startups burning through a huge amount of money before revenue comes in.

To take advantage of the opportunity to join a startup, build their own company or just attract more patients, physicians must have a solid and consistent brand. If nobody can find you or see you through the crowd, then how can they possibly offer your next big opportunity.

Many employers, founders and patients rely on their online research to identify the right physician for their needs. Everybody is a magpie, they are attracted to profiles that look better, have better reviews and are seen as expert and engaging. Many physicians are used to relying on their dictionary of a CV and the 25 letters after their name, but that’s probably not enough in this new world.  

Take a look around social media, there are thousands of physicians out there building brands either through content creation or positioning themselves as thought leaders. All of them trying to get an edge on the competition and making themselves known for something.

They know what is coming down the road and they want a head-start.

However, most physicians don’t know how to get themselves seen, and the very thought of being on display can provoke strong feelings or fear and anxiety. It is no surprise when a career in medicine requires them to relinquish their identity for that of “physician”.

So, when I say to a physician I work with “who are you? where are you going?” it is met with blankness, followed quickly by panic and some sadness that they just don’t know.

It wasn’t what they thought they would be doing as they went through med school, yet here they are queuing up for lessons in how to monetize their knowledge outside of clinical practice because their future looks different to how it used to.

Having a brand has become a need, not a choice or luxury.

For physicians whose reputations are extremely important, this can be daunting, exhausting and frustrating. There are legal risks too as physicians are held to a higher standard than the average person when they produce content, so they need to stick within their regulatory and legal guidelines.

Eeek!

Fret not though because it is possible for physicians to create a brand safely and effectively. They will also see the highest financial rewards and longevity in their careers, there is no doubt about that.

They will see themselves brought into a new era of physicians who use their knowledge and expertise in areas outside of clinical practice, as this will soon become the majority of physicians.

So does building a brand mean you have to be on social media everyday? Not at all.

The illusion is that you must be on social media and glued to it every day, but the reality isn’t that black and white.

Yes, it’s how you can maximize the chances to grow a larger following, however it doesn’t necessarily increase your chances of hitting your target audience and reaching the goals you have set for yourself.

You can have 100k followers and no opportunities coming your way, or 5k high quality followers and have more opportunity and income than you ever dreamed of.

Success isn’t measured by followers alone, it is measured against your specific goals and growth.

Social media may not even be part of your strategic growth at all, yet you still need to have a brand and be known. This can be done through having a website with incredible SEO, or maybe you have a podcast, or you prefer to be a speaker at live events.

This should only be decided based on what it is you want to say, who you want to say it to, where your audience will listen to it, and most of all is this providing real value to that audience.

For physicians to build their brand, they first need to reclaim their identity so they have a solid and authentic foundation to build on. Without this they will succumb to fatigue and burnout, trying to be somebody they’re not, perhaps going down the wrong road and costing them time, money and reputational damage.

It takes on average 2-4 years to create a solid personal brand, providing you with credibility and authority in your chosen area. The reason it is a marathon to build is because it gives your audience time to judge you and know who you are, whilst allowing them time to make you a habit in their life.

I know this can sound terrifying but everyone who wants to be seen, needs to accept that others need to decide what they think of you. Are you a phase? or are you here for long term value, that is the decider for them.

With the exponential growth in opportunities, the exodus of physicians from medicine and the need to stand out from the crowd, it’s essential that you have solid brand to back you up.

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Contact VB if you want to know how to build your personal or business brand with winning strategies for long term success.