In 2013 we invested multiple 6-figures to upgrade our stem cell clinic's equipment.
Our idea was to double down on our goal of becoming the premiere stem cell destination in the Americas. We were convinced this investment was the way to do it. After all, the best product wins, right?
Yeah, about that…
The best product is worthless without marketing.
As doctors we believe as long as we invest time –and money!– in improving our craft, business will take care of itself.
We think patients will recognize our years of experience, the school we went to, the value of our multiple fellowships, or the tech behind our new investments. And what do we do when our practice is struggling? We buy yet another piece of equipment or sign up for another certification!
If that's not the definition of insanity, I don't know what is…
The good news is, this vicious cycle is one you can break. All you need to do is stop thinking like a craftsman and start thinking like a business owner.
And here are the 2 most important things to keep in mind:
- Patients don't choose the best doctor – they choose the one they perceive as the best.
- You can only engineer this perception through marketing – not by buying new equipment or getting another degree…