MedTech + Mindset Newsletter #031

newsletter Jan 09, 2023

Happy New Year! and Welcome to the MedTech + Mindset Newsletter!  

 

This week I've been thinking about the difference - and desire - to be a King or a Wizard.

 

1. What's the difference between a king and a wizard?

Insight from Matt Tucker

A lot of people have a dream of being a CEO. And personally, I belive many more people could do it than try. But there are some things to consider.

Being a CEO can be a challenging and stressful role. As the top leader of an organization, a CEO is responsible for setting the overall direction and strategy of the company, as well as making important decisions that can impact the financial performance and success of the business. This level of responsibility can be a burden, and it can be easy for a CEO to get caught up in the details and day-to-day management of the organization.

On top of this, a CEO must also manage a wide range of stakeholders, including employees, customers, shareholders, and board members. They must lead and inspire others, while also navigating complex and often competing interests. This can be a difficult balance to strike, and it can be easy for a CEO to feel overwhelmed and stressed.

In contrast, a strategic advisor, or wizard, can often be seen as the "fun" role in an organization. While they still have a lot of responsibility and are expected to provide valuable insights and guidance, they are typically not as directly involved in the day-to-day management and operations of the company. This can allow them to focus on the more creative and strategic aspects of their work, which can be more fulfilling and enjoyable.

The role of a strategic advisor is often seen as one of mentorship and guidance, rather than direct leadership. They may be brought in to work with a CEO and other leaders to develop and implement strategies, but they do not have the same level of authority as the CEO. This can be a benefit, as it allows the strategic advisor to be more objective and unbiased in their recommendations, and can also give them more flexibility to explore different options and approaches.

One of the main benefits of the role of a strategic advisor is that they are able to work on a variety of projects and challenges. Because they are not tied to the details and operations of a specific area of the business, they can bring a fresh perspective and offer guidance on a wide range of issues. This can be especially valuable in fast-changing industries, where the ability to adapt and think creatively is critical.

At the same time...the CEO usually gets the glory...even if the decisions or determinations came from the work or ideas of another person.

Overall, while the roles of a CEO and a strategic advisor may seem similar, they are actually quite different. A CEO has a high level of burden and responsibility, and must manage a wide range of stakeholders and make tough decisions. A strategic advisor, on the other hand, has the opportunity to focus on the more creative and strategic aspects of their work, and can offer valuable guidance and mentorship to the CEO and other leaders. Both roles are important and can make a significant contribution to the success of an organization, but they require different skill sets and approaches.

There's not a better choice between these two roles. It's personal preference, and personal strengths.

Final note: If you want to become a king or a wizard and don't know how - reply to this email. Our sister community has launched a program called CreateNext to help high performers redefine their professional lives and eliminate the sacrifices most often associated with success.

 

2. Product adoption is a predictable bell curve

Insight from Matt Tucker 

The use of medical devices by clinicians can follow a bell curve pattern, with a small percentage of clinicians at either end of the curve being the most likely to use the device either rarely or frequently, while the majority of clinicians fall somewhere in the middle of the curve and use the device situationally.

There can be several reasons why the use of a medical device may follow this pattern.

  • One reason is that some clinicians may not have a need for the device in their practice, leading them to use it rarely or not at all. For example, a clinician who specializes in pediatric care may not have a need for a device that is primarily used in geriatric care.
  • On the other hand, some clinicians may have a high need for a particular device and use it as often as possible. For example, a clinician who works in a busy emergency department may use a device that is designed to quickly and accurately diagnose a particular condition much more frequently than a clinician in a primary care setting.
  • For the majority of clinicians who fall in the middle of the curve, the use of the device may be situational. These clinicians may use the device when it is appropriate for a particular patient or when it can help them to more effectively diagnose or treat a condition. For example, a clinician may use a device that is designed to measure blood pressure more frequently with patients who have a history of hypertension, but use it less frequently with patients who have normal blood pressure.

Overall, the bell curve of device usage reflects the diverse needs and practices of clinicians, with some having a high need for a particular device and using it frequently, while others may have a lower need and use it less often or not at all.

What's the action from this?

Building a foundation upon the middle of the bell curve - users who use situationally - that will contribute the most units over time is a smart strategic choice.

While it's great to find a whale who will use the product a huge amount, statistically, finding them can be a challenge.

Additionally, there are many potential users who will never adopt consistently and allocating time to them can be costly for a number of reasons.

Using an analytical approach to customer identification and investment is a key skill companies can utilize to gain and encourage adoption in a cost efficient way.


If this resonates our sister site Create Next has officially launched the Create Next Method and Community.

If you're a high performer who feels you are trading your happiness and freedom for a professional life that is making you frustrated or bitter...there's a better option.

We work with high performers who are motivated to increase compensation or revenue and eliminate compromising your happiness, freedom, or health.

Hear my story for more!

Thanks, Matt Tucker

 

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That's it for this week.

 — Your Friends at the M+M Team.

 
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