You have all heard about capitalism and very often its negative connotation. But have you ever heard about ‘Stakeholder Capitalism’?
‘Stakeholder capitalism’ is the buzzword around the globe for good business practices.
‘Stakeholder capitalism’ strives to achieve much more than mere profits. It is about benefiting all the stakeholders. The SPICE Model is built on ‘Stakeholder capitalism’.
And who are those stakeholders?
1. Our Society at large
2. The partners of the firm
3. Investors in the firm
4. Customers meaning both the patients and the doctors for the pharma industry
5. Employees of the firm, especially the sales force who are in contact with patients and doctors, day in and day out.
And it is a waste of marketing efforts if the firm itself does not get benefitted.
A firm that is beloved by all the stakeholders is a Firm of Endearment. Love should be the business strategy of your firm in contrast to the often found toxic culture – The toxic culture of command and control.
At its core, love as a business strategy means putting people at the center of every business decision. Empower your employees, and give them an environment where they can succeed. And what is the natural fallout?
They would love patients and doctors. Doctors will keep on prescribing the firm’s brands more and more. The culture of love you create will help the firms’ sales grow exponentially. Everyone will treat patients, doctors, and colleagues with more empathy and care. They will learn how to win as a team.
The Firm of Endearment will ultimately be beneficial to all stakeholders. Firms of endearment are always more profitable.
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