I recently saw the documentary Hitsville: The Making of Motown. It addresses the question: How was the legacy of Motown created?
I found myself taking out a notepad, because I wanted to capture Berry Gordy’s pearls of wisdom. The business lessons he shared are as relevant today as they were in 1958.
Here are 7 ideas that might be helpful as you position yourself for success.
1. It begins with a vision. Gordy knew that he wanted to make a big impact, and his love was music. What is your vision of business success? Are you dreaming big?
2. Hustling helps. As a child, Gordy sold an African-American newspapers. Gordy, thought, “Why not sell it in white neighborhoods?” He did, and he broke sales records. How well do you hustle? Could you get your ideas in front of even more potential buyers that you may be overlooking?
3. Don’t fear failure. Gordy said that a big part of his success was a series of events that knocked him down. The big failure right before his Motown success was opening a record store that failed, forcing him to declare bankruptcy. Are you willing to fail? Do you look for failures’ lessons?
4. Look around for great ideas. Once Gordy lost his business, he went to work on the Ford assembly line. He liked the idea of breaking a process down into separate parts to create the whole. This is a model he used when he created Hitsville. The activities of writing, producing, movement training and even “charm school” took place in different physical locations. Are you looking outside of your industry for great ideas you can apply in your own business?
5. Seek and mentor talent. How did Gordy meet his lifelong friend and collaborator Smokey Robinson? Smokey and his band were in the audition hallway making a plan after they found out they didn’t get the gig. Gordy approached Smokey and told him that he liked his performance. He asked Smokey, “Do you have any other songs?” Smokey happened to have about 100 with him. Gordy saw raw talent and mentored Smokey. Do you mentor others? Do you groom leaders? Who mentors you?
6. Make it POP. Two weeks after Motown released a song Smokey recorded, Smokey got a call at 3 AM from Gordy. Gordy wanted to re-record the song to make it POP. Right then. They went into the studio in the middle of the night and created a huge hit. Are you willing to see how you can make a service or a product sparkle?
7. Competition breeds champions. Gordy set up friendly competition between the writers and musicians. Everyone got better. Even if you are a solopreneur, how can you be just a little better than you were yesterday?
I highly recommend the documentary. Let me know what you think!
Happy Memorial Day!
Every year I tell the story of a friend who honors Fallen Heroes every day.
Michael Reagan is an internationally recognized artist who has assisted charities such as Seattle's Children's Hospital raise more than $10 million through his drawn and donated autographed celebrity portraits.
One day Michael got a request from a grieving widow. Her husband felt called to serve in the military shortly after 9/11. He died on the battlefield fighting the war on terrorism. She said she did not know if she could afford it, but would Michael consider drawing a portrait of her husband?
Michael said yes. Further, he told her that there would be no charge.
He says that as he drew this portrait, he knew that he would draw the portraits of every hero who lost his or her life fighting the war on terror.
To date he has sent more than 6,250 portraits to the families of Fallen Heroes-- all free of charge.
As I visited Michael in his studio, he shared that he draws two portraits a day. He says it's all about love and respect.
Michael Reagan will never forget the Fallen Heroes. Every day is Memorial Day for Michael.
Today we as a nation remember.
Click here to learn more about the Fallen Heroes Project. If you feel inspired, please consider making a donation to support Michael's work.
Gardeners know that weeding promotes the health and growth of the desired plants.
How can you weed your practice to optimize the chances that you achieve your business goals this year? Here are twenty questions you might want to ask.
I read that Spencer Silver, the inventor of the glue that made Post-it Notes possible, died this week.
According to his NYT obituary, "Dr. Silver worked in 3M's central research laboratory developing adhesives. In 1968 he was trying to create one that was so strong it could be used in aircraft construction. He failed in that goal. But during his experimentation he invented something entirely different: an adhesive that that stuck to surfaces, but could be easily peeled off."
The article continues, "It was a solution to a problem that did not appear to exist, but Dr. Silver was certain it was a breakthrough."
Dr. Silver tried to find an application within 3M for years, but was not successful.
One day, while on the corporate golf course, another 3M employee Mr. Fry heard about Dr. Silver's invention. He, too, started looking for an application within 3M . Then, while at church choir, the slips of paper bookmarking songs in his hymnal kept falling out. The rest, as they say, is history.
What are the lessons here?
If you love golf, you might say, "Spend more time golfing!"
If you're an entrepreneur, you might say, "Notice things around you. The extraordinary idea is often hidden in plain sight in the form of an ordinary problem."
If you want to achieve higher levels of business success, you might ask yourself, "One a deeper level, what are the problems my products/services could solve?"
July 1st is a red-letter day in the world of medicine.
It's because medical/dental school begins July 1st. That means that doctors advance a step at the end of June. They graduate from medical school at the end of June and begin residency July 1st. They end their residency or fellowship training in late June and begin their jobs around July 1st.
Since most doctors sign annual employment contracts, job shifts are usually made around July 1st.
That means that there are new doctors arriving in your town around July 1st. And the first few months a doctor joins a new practice, they actually have time for you to take them out for coffee or breakfast or lunch.
Want to learn more about how to engage thesis doctors? Join us for a webinar Tuesday, July 18th at 11 AM Central to learn how. Click here to register to join live and get the replay link.
It was one of those rare evenings when my husband and I were home having dinner together. We looked out the kitchen window to see someone back into the driveway, leave the car running and come to ring the doorbell. My husband answered, and the man asked for Dr. Rackner. When I arrived, the man handed me an envelope and said, "You've been served." Then he rushed back to his car.
My husband and I went back up to the kitchen table and I opened the envelope. I was shocked. One of my patients I worked so hard to help was suing me! Further, I was not the only named defendant. "My marital community" was also being sued. My husband was in a state of panic. We had just purchased our first house, and suddenly he wondered if we could lose it.
This proved to be what most physicians would describe as a frivolous lawsuit. Still the anguish I experienced was very real. When the judge ruled in our favor years later, my lawyer said to me, "When it comes to lawsuits, even when you win you lose."
Would you like to learn more about doctors' experience with lawsuits? Join us Thursday April 29th at 11 AM Central to see the numbers, learn the human experience and see how you can deliver value. You can do things to make a huge difference. Click here to register to join live and to get a replay link.
You may have been there yourself. You're engaged in a conversation with a physician prospect. He seems interested. Then suddenly, he vanishes.
When a doctor vanishes, it usually has nothing to do with you. Priorities have simply shifted for that doctor. The physician may be treating a patient who had a complication. A patient could have died. The doctor could have been sued. There might be a family emergency.
What do you do when doctors disappear? Your actions can make things better —or worse.
Consider sending a hand-written note saying something like, "We've had several conversations about a goal that brings a smile to your face: moving up retirement by 5 to 10 years. I've left several phone messages, and have not connected with you yet. I know that you juggle many demands, and patient care takes priority. My years of experience demonstrate that financial planning is really life planning. If there is anything I can do to help you with either short-term or long-term issues, feel welcome to reach out."
A note like this:
If doctors disappear on a regular basis, consider these questions:
Yes, it's frustrating when your relationships are not progressing on your time scale. However, you want to avoid things that could make things worse. Don’t become a stalker. Your prospects can "smell" urgency and desperation and it will scare them away.
The reality is that a single client won't make or break you. Take that frustration and redirect it. Double down exploring ways you can deliver even more value.
This morning I saw something you don't see every day. A strong wind blew through the area last night, separating a dock from its mooring.
What a perfect metaphor for the impact of COVID on the lives of doctors--or docs! Many physicians and dentists are disconnected from the dream that attracted then to a career in medicine.
As I help these doctors reconnect with the dream, I tell them that building a strong financial foundation is the place to begin. How much money do they wanted need for today and tomorrow?
That's where you come in.
If you are interested in attracting, engaging and serving more doctor clients, you might be interested in enrolling in my upcoming Get More Doctor Clients live virtual bootcamp coming up April 7th, 8th and 9th, 2021. You will leave with a blueprint and concrete plan to accelerate your growth in the medical market.
Have you ever wondered, “How do I overcome fee objections?”
My short answer is, “Begin at hello.”
From the very beginning of the relationship, understand why money is important to your prospect. What are their goals and dreams and aspirations? You now know what they value. Then organize the conversation around your commitment to helping them achieve these goals.
When you get to the fee conversation, you can ask, “What is the value of replacing late-night worries with certainty that you are moving closer to your goals?”
Wealth-building information is ubiquitous. However, judgment and discernment are hard to find. if you are the person addressing the question, “What does this information mean for ME?” you now have value in today's market.
When a prospect objects to your fee, they are really saying that they do not see the value you deliver.
I was catching up with a friend who was telling me how the COVID pandemic is impacting her life. She said, “And I lost my doctor.” I asked, “What happened?” She said, “He left the clinic to join a concierge practice.”
I pointed out that he had not moved across the country; she could still see him. She said, “I’m not going to pay $20K to join his practice. That’s just too much money!”
Let me interrupt this story to say that this woman inherited tremendous wealth. While she is frugal, she easily spends $20K on the weekend travel adventures she hopes to resume in the near future.
Further, she’s been in the painful situation in which she's gone from doctor to doctor solving loved ones' medical mysteries.
So, why wouldn’t she sign up to be part of her doctor’s concierge panel?
My guess is that no one laid out the value of being a patient in his concierge practice.
What if someone asked her, “What would you pay to have your doctor’s private cell phone number you could call day or night for any health concerns that may arise?” Or, “What is the value of being able to spend more than 10 minutes with your doctor if you need it?” Or, “How much would you pay to have access to a doctor who will identify and vet the best medical treatments?” My guess is that she would have happily paid the fee to join the concierge practice, because now she sees how this doctor would make her life better and easier.
Focus on how YOU can make your clients’ lives better and easier. The clients you want will see your value and never question your fees.
I made a bold decision.
I am changing the name of this decade-old business from Targeting Doctors to Engaging Doctors.
I started this business with a vision of helping financial services professionals attract, engage and serve doctor clients. I chose the company name because I thought the name “Targeting Doctors” described the value my company delivers.
However, I have a second brand Thriving Doctors helping doctors achieve the personal, professional and financial rewards that attracted them to a career in medicine. That means that if doctors Google me, they find the Targeting Doctors brand.
No doctor wants to be targeted; they want to be served.
Years ago I considered renaming the business. However, I regularly create content, so Google knew Targeting Doctors. Youtube knew Targeting Doctors. It seemed that the cost of making the change was high.
So why make a change now?
It has to do with the balance between cost and benefit, the power of words and my commitment to meeting the moment.
Words have the ability to build bridges —or walls. I want to be a bridge-builder.
Are there things that used to work for you that might not be working so well any more? Is it time for YOU to make a big or small change?