New Medical Trends and Practices

1. Gene Testing

2. Percision Oncology

3. Greater Reliance on Robotics

4. Stem Cell Therapy

5. Bio-absorbable  Stent

6. E-ICU's

7.Cloud Based Point of Care Devices and Diagnostics for Remote Location

8. Heart valve replacement with minimal invasive surgery procedure.

9. Use of AI and Advance AI like image recognition and voice recognition.

10. Digital Therapeutics. 

Net Promoter Score (NPS) : Simple but powerful tool to measure customer experience of your brand

Just like revenue and profit, Customer loyalty can be systematically measured, managed, and improved. As we know that loyalty is directly proportional to word of mouth.

To compute NPS for your organization, select a random sample of one hundred customers and ask them "On a scale of 1-10","How likely is it that you would recommend (Brand) to a friend or colleague?"   After you receive the responses,divide them into three buckets. In the first bucket,place the responses that are a 9 or 10,and label that bucket "Promoters". In the second bucket,place the responses that are either a 7 or 8,and label it "Passives". In the third bucket,place the responses that are 0 through 6, and label it "Detractors". 

Once done,focus only on the Promoters and Detractors. NPS = Promoters - Detractors. For example responses are 50/20/30 for Promoters/Passives/Detractors respectively them, NPS= 50-30= +20. If it is 20/10/70, NPS= 20-70= -50. So NPS above 0 means that majority of your customers are happy and willing to give you strong referrals for free. 

Promoters are customers who love your organization so much that you might as well think of them as your sales ambassadors. They spread positive word of mouth. 

Detractor are their exact opposite. They are your unsatisfied customers,who had bad experience with your organization. 

The Passives are neither excited nor disillusioned, they are neutral, they do not spread any word of mouth. 

So, NPS quantitatively captures the net word of mouth power of your organization. 

Every companies/ Leaders must do introspection of following 4 things to get success.

Kaal (Time): Do you take right action at right time? Are you launching new products/services at the right time? Is your market is ready for your product/services? Are you able to meet project time? Etc…

Gun (Character): Are your intention of doing business is right? What is your purpose of doing business? Are your company is in the path of mission and vision statement? Etc...

Karam (Action): Are your company taking every possible step which leads toward success? Are your employees goals and company goals are same? Have you taken needed right action to correct past mistakes? Your each every action shows how you and your company serious about the Goal/Aim/Objective. Etc...

Swabhava (Nature): How do you treat your clients and employees? Are you fulfilling your commitments which are made during contracts with client? Are your customer care team/front teams treating correctly as per company standard procedure? Etc... 

Management Gyan : Mythologically

These parameters helps you in indentifying who is Ram, who is Ravan, who is Duryodhan , and who is Krishna in your team , organization and social circle.

Rama (Up holds values and justice)	Ravan (Believes in his own law)
Duryodhan (does not break the law but intent is wrong)	Krishna (follows no rule, works for everyone's betterment )

The most dangerous person in the organization is Duryodhan; he doesn’t wrong the law but his intent is wrong. 

source: corporate dossier,ET.

Brand “Religion”

Have you ever thought? Which is first brand name in the world? Most probably it would be any oldest Religion. This Brand Religion is deeply rooted in human brain. Story of this brand transfer from one generation to another generation like no other brand can ever did, probably not will not be able to do in future. Here is what can we learn from brand Religion?

1. It spread awareness by hiring celebrities (Godmen) and media houses (religious institution)

2. It generated interest by giving a product benefit (promise of heaven, resolution of difficulties etc.)

3. It evoked desire by making example of people who did not join and suffered.

4. It generated action by making it easier to join. It had an amazing distribution network reaching grassroots villages, with service outlets manned by well trained staff.

Feature centric Vs Benefit centric

Features are something external, characteristic of product and services, appearance, its components and its capabilities. Benefits are value which you are offering along with your product and services.

Features are descriptive but Benefits are emotional. Many business owners talk about their work in the term of features it offers, but it`s much more power to talk about the benefits customers receive. Feature is tangible but Benefit is intangible in nature. Benefits add values to your product. What is Value, exactly? Here’s the basic definition.

val-ue: something desirable and of worth, created through exchange or effort. Value means helping people.

A feature satisfies the need of customers, but Benefits goes satisfies the hidden need. For example: You go to for horse riding to one of the ranch outside city which offer riding, lodging, food and thousand acres of riding facility, but these are things which they are offering, yes they are satisfying you needs but what benefits are you getting is Freedom to escape and be someone else. After hectic weekdays in office now you want to enjoy fullest it is not food and lodging which are satisfying you its benefit which gives customer a Freedom kind of sense which something beyond the basic needs. 

One day you daughter went to shopping and bought one wedding dress along with others accessories but not this feature attracts your daughter instead a emotional benefits that gives sense of special feeling on wearing dress. 

May be your product is full of features that you thinks is innovative and extra to what your competitors are offering but what is they are not give any benefits to your customers, What is they not feeing emotionally satisfied.

What about the new recipe book you have bought from the market, which has lots of simple recipes to make at home and those are easy too but exactly benefits you are getting from this book is that you are able to spend quality time with your family.

Decoy Effect

(The decoy effect is the phenomenon whereby consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated. An option is asymmetrically dominated when it is inferior in all respects to one option; but, in comparison to the other option, it is inferior in some respects and superior in others.)

Decoy effect plays an important role in pricing. Every day we come across such kind of product and service pricing where simply use of additional option create confusion in the mind of buyers. Human mind is always give preference to such option where one can compare the price of product and service with other available option. For example: You are searching for magazine for annual subscription and you find out following pricing:

1.Online subscription:  $75

2.Print subscription: $125

If you have to make a decision you simply go with option 1^st. Here no option for comparison so you directly make a decision. But, here is another option.

1. Online subscription:  $75

2. Print subscription:  $125 (Decoy)

3. Online and print subscription: $125 

So, now what would you do, yes you think  option 2, is not applicable because now at the same price you are getting both kind of subscription Online as well as Print, your mind directly choose option 3. Just use of additional option (Decoy) change you buying decision and you make a purchase as company need. What happened here human brain start comparing with other option which relatively less beneficial.

This kind of pricing strategy being used is all product and services.  

Second Example:  You are planning to go on vacation to and you approach to travel agent he gave you following option.

       1.   Rome:  4 places with breakfast and snacks including.

       2.   Paris: 4 places with breakfast and snacks.

Here, both the places are equally important as travel and tourist point of view, and you will not compare with the price and you directly choose any option according to your choice where you actually would like to go.   But,

What if one more option given to you?

1. Rome:  4 places with breakfast and snacks including.

2. Rome:  4 places without breakfast and snacks including.(decoy)

3. Paris: 4 places with breakfast and snacks.

Now, your mind starts comparing price with less attractive option. And you buy exactly same option what that travel agent wants you to buy.