Like the pace of the moving car, one needs not worry about the heart rate until it’s not absurd i.e. it is not too fast, not too slow, and not too erratic. One is more likely to be completely unaware of the regular activities of the heart rate unless something unusual happens.
Heart Rate indicates the functioning of the Heart and this is why it’s so important. Throughout the body oxygen and nutrient-rich blood is circulated with the help of the heart. Almost everything is affected when the heart starts dysfunctioning. Heart Rate is the key element as the function of the heart or the cardiac output is directly related to heart rate and the amount of blood pumped out with each beat).
The deaths caused by cardiovascular diseases have been on the rise to become the leading cause of death in India. While in US the cardiac diseases caused death rate has declined significantly in the last 15 years. It’s the point where India needs to take the cue to understand the need to adopt population-level strategies to reduce risk factors.
The ratio of the distribution of the 30 million heart patients in India, in urban areas to that in rural areas, is 7:8. And if go by the trends the year 2020 will be the year to mark the surpassing of the burden of atherothrombotic cardiovascular diseases that of any other country in the world.
The product ZAP Band not only keeps the record of your heart rate but also gives you a warning when there are abnormalities noticed in your heart rate. Moreover, it is also useful for those youngsters and mangers that have to wake up early or have an important meeting scheduled but always miss the alarm. This band with mild electric shock (vibration) feature tends to give an unavoidable reminder for your scheduled tasks.
Zap band is a health band that provides multiple utilities to its customers, ranging from Heart rate monitor, Physical activity mapping, Time, Alarm with additional vibration (Tickling effect) notification. As against most of the health band available in the market, it is unique in its notification way and also the use of Artificial Intelligence (AI) inaccurate mapping of your heart rate and giving you notification on the erratic pattern.
We have multiple value propositions or USP
Affordable – Zap band is a low priced product that focuses on rural markets where the customers are of low-income category. From our study, it was found that the number of patients in rural India is increasing more rapidly against in urban India so there is an urgent need to bring low priced and affordable products of this kind.
Electric Tickling – It is one of the most unique features of our product that tickles you like your partner and wakes you up in good humor. It’s also a kind of notification which cannot go unattended however busy you may be. None of our Competitors has such features so as long as there is no substitute this will be our USP.
Based on AI –With the advent of Artificial Intelligence (AI) in the health sector, it was relevant to put its application in it too. In such a busy life it is not possible to take care of even one’s own health and to take note of minor changes happening in our body pattern which might be indicating some upcoming major setbacks. But this AI-based Band will help an individual by recording the activities of heart and heart rate patterns to analyze them and notify any abnormalities to the person.
The potential customers of the ZAP band have been segmented into two major groups based on their geographical locations and two subgroups based on their demographics. The first categorization consists of heart patients based in rural India and others based in Urban India.
The chart below shows the trend that a number of heart disease patients in rural India is surpassing the numbers of urban India. Most of the rural population is not capable enough to afford costly Health Bands that are available in the market ranging between RS 2000 to RS 3500.
The other categorization has been done of people who are not heart patients but want to keep track of their heart rate pattern as it is an important indicator for a healthy lifestyle. These consist of a youngster age between 25 to 30 and people above 34 years of age.
Most professionals will also be our target customers as the band has utility for them as well. It works as an alarm that cannot be avoided or can go unnoticed. Thus the market size roughly consists of a large number of potential customers, to which we need to give knowledge and usefulness of the product. We can reach these customers only through mass media and thus need a different channels and different media.
Number of heart patients in India = 30 Million (Economic Times article quoted by Health Minister of India in 2015)
Number of Youth in the country
The core target segment of potential customers includes the patients of population of 30 Million. We will try to target them through collaboration with the doctors and other medical attendees. This segment will help us to get immediate customers that are in real need of such affordable bands to keep a check on their heart rate.
The second group of target customers that include youngsters and professional, which is a large market segment need to be fragmented further on their geographical bases. This will help us to approach this segment strategically and economically as we will have to make them aware of the product
The industry we will be operating in is the Health sector and the product will fall under the health equipment. The health sector is one of the fastest-growing industries in India with an increase in per capita income in rural and urban India. Recently launched Ayushman Bharat or PMJAY that gives Rs 5 Lakh of insurance to bottom 40% of the population is also a big boost to the health sector.
Porter’s Five Forces
Competitive rivalry – There are many competitors such as Fastrack, Apple, FitBit, Lenovo and others which create high rivalry in the market. Almost similar features but our product has USP of Mild Electric shock to create a warning or notification. The product can be easily imitated.
Bargaining power of suppliers – The product as lower supplier power as it has moderate switching cost and manufacturing is generally outsourced and have a lot of substitutes. There is no threat of forwarding integration.
Bargaining power of customers– The product has high bargaining power as a wide price range and options are available. People demand more and more feature at a lower rate and have low switching cost that makes it more vulnerable.
The threat of new entrants – There is a moderate risk of the new entrant but we can have a first-mover advantage with the feature of mild electric shock as a notification. The market has huge potential as there is a lack of awareness among people in rural as well as urban India regarding heart disease and threats related to the heart.
The threat of substitute products or services–There is a large number of competitors in the market and hence high substitution option but as mentioned our band will give strong notification for anything that will be mapped signaling. People have low brand loyalty as an upcoming new features keep luring customers from one brand to other.
The product will be a success if it is able to do accurate and on-time signaling about symptoms of heart disease that can be mapped by the erratic pattern of heart rate and leading to an early diagnosis of disease. The Artificial Intelligence-based feature helps customers and patients to get a warning about their health issues and meet doctor on time to avoid unnoticed major problems. People using the ZAP band in our clinical test found that they are 80% more prompt to meet doctors and take consultation to avoid any major setback. The vigilance among the users regarding their overall health also increased.
Our Direct competitors
FastTrack – The best way to reap the benefits of a healthy diet is to combine it with a physically active lifestyle. Jog a little, run a mile, walk up a flight of stairs or get a good workout, this Fastrack smart band records every move you make. One can set goals and keep track of his progress using this smart band. It also comes with a sleep monitor which measures the amount of sleep you get.
Lenovo – From setting alarms to tracking your fitness activities – keep an eye on everything as you adorn your wrist with this smart band from Lenovo. It lets you adopt a healthy lifestyle by helping you to monitor your sleep and heart rate. This device can be charged directly via a USB port. It is compatible with Android and iOS devices.
Apple – Monitoring of heart rate Real-time monitoring and recording, scientific planning exercise, Automatic sleep monitoring analyzes your sleep quality. Monitor your activity levels, track walking distance and calculate calories burned. Achieve the daily exercise targets you set and with the app to analyze your fitness and sleep activities to help you improve your lifestyle.
Fitbit – Of all the things that one should do to give up the sedentary lifestyle, keeping a track of the calories that he/she is burning is really important. And, you can do that using the Fitbit Charge 2 smart band. Boasting an OLED Display and Interchangeable Bands, this smart band uses the PurePulse Heart Rate feature to track your heart rate and the calories that you burned, so you get the physique that you’ve been striving so hard to achieve.
Coffee – Coffee may cause mild increases in blood pressure, which usually diminish over time. Coffee drinkers do not have an increased risk of heart disease and have a slightly lower risk of stroke. Moreover, it helps us to start an energetic day.
Alarm Clock – Alarm clock helps us to get up early morning but most of the time we fail because we switch off the alarm and get back to our bed. Our product provides you mild electric shock that helps you to refresh by vibrating your nervous system with a tickling effect.
In terms of competitive advantage, we have lowest and affordable price with the additional features of mild electric shock notification. This helps us to not only penetrate the market but also to reach the lower segment of society who are still not able to afford high-end, health bands.
Competitors such as Apple, Fasttrack and Lenovo have a brand image that they enjoy already among the masses because of their other market product. But as their products are highly-priced, they focus on the premium segment of the market.
Awareness and price cut by the competitor are two major threats we can face in the market. As most of the products in this category are highly-priced, there is a good chance that competitors can cut their price to gain the market share as they are known brands in the market. Awareness is also a big challenge. In rural India where we will be focusing more have low-income people and the awareness among them about heart disease, preventive measure is minimal. Thus to educate them about such products and their usefulness will be a big challenge. We can collaborate with the local rural doctors and dispensary attendants to promote and push the product to rural customers who are in need of it and also motivate youngsters to remain healthy by the use of the ZAP band.