From Tokyo, Japan and New Plymouth, New Zealand – this is Down to Business English. With your hosts Skip Montreux and Samantha Vega. Samantha, I must tell you about a fantastic audiobook I have just finished listening to. You listen to audiobooks, Skip? I thought you were more of a reader. I enjoy reading, but when I’m commuting on the subways in Tokyo, I prefer listening to audiobooks. I just find them much easier to consume somehow. So what is this fantastic book you’ve been listening to?
It’s titled Think Faster, Talk Smarter: How to speak successfully when you are put on the spot. Catchy title. So it’s a professional development book? Mm. Professional development, personal development. I would consider it a bit of both. The author is Matt Abrahams who teaches strategic communication at The Stanford Graduate School of Business. Hmm. Impressive credentials. They are. And in Think Faster, Talk Smarter he delves into how you can become a better spontaneous or impromptu speaker.
Mm. It sounds like an interesting read. I will check it out. I highly recommend it. Although, you are a professional voice artist, so somehow I think you employ many of the communication strategies he outlines in the book without even being aware of it. I don’t know about that. Believe it or not, I’m not always comfortable networking in professional situations. I sometimes find myself at a loss for words and I don’t know what to say, or how to engage.
Well definitely check out Think Faster, Talk Smarter. It has practical advice for that. It’s available on Amazon I assume? I’m sure it is. Or, you could just google the title: Think Faster, Talk Smarter. Cool. There’s also a podcast Think Fast, Talk Smart that is dedicated to helping people develop their communication skills. And that is for native English speakers?
It’s aimed at a native English speaking audience, but I am sure intermediate level ESL and EFL students would find it beneficial as well. Think Fast, Talk Smart: the podcast. I’ll give that a listen too. Always looking at ways to build confidence when it comes to impromptu speaking. Confidence is such an important trait to have. It absolutely is. In business, in developing language skills, in almost everything in life confidence is vital.
Building confidence is also somewhat connected to today’s business report. What are we reporting on today? Today on Down to Business English, we are going to report on an industry that is booming in the country of Turkey. A business boom in Turkey that is related to building confidence? What would that be? The hair loss treatment industry. Hair transplants?! That is a thing in Turkey? It is. Huh. How’s that related to confidence? Well, think about it.
Male pattern baldness is very much connected to a man’s self-confidence. It is? I thought height would play a greater role than a full head of hair. I know many bald men who do not lack confidence. Well, height is a thing too. But there isn’t much you can do to increase how tall you are. Hair loss is treatable and it is big business. Is it? It is. So, let’s do it. Let’s get D2B … Down to Business with Roots of Success: Turkey’s Hair Transplant Boom. Hair loss treatments.
This is a little different from the business topics we usually cover on Down to Business English. Perhaps it is on the surface, but if you dig a little deeper, the hair loss treatment industry is not any different from other B2C business models. I suppose not. You have a product that offers a clear solution to a problem many people have. Basic supply and demand principles would apply. Exactly. And hair loss affects millions of people globally.
I’ve never really thought about the scale of baldness. How prevalent is it? I couldn’t really find one global statistic, but the number must be in the tens of millions. I can say that on average, roughly 40% of men in the US and Europe experience some degree of hair loss. From a business perspective, that is quite a large base of potential customers seeking a solution to restore their hair. That is absolutely true.
The hair transplant industry has done nothing but grow in recent years, excuse the pun. That’s a corny pretty pun. So what is contributing to this growth? There are several contributing factors. One factor is apparently male pattern baldness is becoming more widespread, and affecting more and more younger people. Especially young men in their 20s. Really? There’s evidence for that?
It is mostly anecdotal, but there have been some small studies that report increased stress levels, lifestyle changes, and genetic predispositions are contributing to an increase of baldness in men compared to a generation earlier. Mm mm. That’s interesting. Another reason behind the growth of this industry is the stigma attached to hair transplants is quickly disappearing.
I guess that historically, one of the biggest hurdles preventing a person from getting a hair transplant was the social stigma associated with it. I remember in high school, I had a chemistry teacher who was completely bald. Then one year, quite suddenly, after we all came back from summer holidays, he had a full head of hair. I’m not sure if it was a toupee or a hair transplant, but we all had a good laugh at his expense. That’s terrible of you Skip. Poor man.
I’m not very proud of that, but it was a different time. Things have certainly changed though. Elon Musk, Jamie Foxx, Gordon Ramsey, John Travolta, Elton John, Kevin Costner, you just have to google ‘famous people who have had hair transplants’ and you can quickly see how popular hair treatment has become. Sure, the more people who do something, the more socially acceptable it becomes. But the biggest factor behind this growing market, again excuse the corny pun, is improvements in technology.
Transplant surgeons can now mimic how hair grows naturally, using two advanced hair transplantation techniques. FUT, which stands for Follicular Unit Transplantation. And FUE — Follicular Unit Excision. Gone are the days of cheap hair plugs. Long gone. According to a survey conducted by the International Society of Hair Restoration Surgery, or ISHRS, the hair transplant market grew 157% between 2009 and 2019.
In addition to that, the worldwide market for hair restoration generated USD4.6 billion in revenue, pre COVID, in 2019. And Turkey is now a major player in this market? Yes, Turkey has become a leading destination for hair transplants. Annually, there are around 1 million procedures performed in Turkey. And why Turkey? What has made it such a hotspot for hair transplants? There are several reasons. First, the cost factor.
Hair transplants in Turkey are significantly less expensive than in other countries. What does a hair transplant run you in Turkey? Hair transplants range between $1,500 to $4,000, depending on the number of follicle grafts required. Compare that to $5,000 to $20,000 in the US or Europe. What about in Japan? What would it cost there? How would I know? I have a great head of hair. Really?
I think I’ve noticed your hairline receding slightly over the years we’ve known each other a long time after all. What are you talking about?! This hairline hasn’t receded a millimeter since I graduated from high school. Okay, if you say so. But I’m sure you researched the cost of a hair transplant in Japan. I did. In Japan you would be looking at ¥1,000,000 to get started, around USD7500. Turkey is clearly a less expensive option. It is significantly less. But it’s not just about the cost.
Turkey offers high-quality medical services. The country has a large number of specialized clinics and highly skilled surgeons who use those advanced techniques we mentioned earlier. Follicular Unit Extraction and Follicular Unit Excision. Yes. Plus, the Turkish government regulates the industry to ensure high medical standards. So, not only are hairplants low priced in Turkey, they are safe. But wouldn’t getting to Turkey be a bit of a hassle? Well it depends on where you are based of course.
If you are in Europe, it wouldn’t be out of the question to make a trip to Turkey. But If you are coming from North America, Asia, Australia or New Zealand, it’s quite far. You’d have to take that into account when comparing prices. True. However, many clinics in Turkey offer all-inclusive packages that cover everything. From the procedure itself to accommodation, flights, and postoperative care. All of that would make it very convenient for international patients.
Indeed. Traveling to Turkey for a hair transplant has become so popular that the national airline, Turkish Airlines, is now affectionately referred to as Turkish Hairlines. That’s funny. It is. But from a business point of view, this is no laughing matter. There is serious money to be made, not just in hair transplants but in the medical tourism sector as a whole. Is that right? When I think of medical tourism I think Thailand, Mexico, and the Philippines. Turkey’s not on my radar.
In 2022, medical tourism generated $4 billion in Turkey. Half of that was hair transplants, but the other half was cosmetic surgery and dental services. And another $10 billion of revenue was raised in spa tourism, which is closely related to health. Hmm. That doesn’t surprise me. I hear there is nothing more relaxing than a Turkish bath. I wouldn’t know. I’ve never had one. In any case, it sounds like medical tourism in general is growing significantly in Turkey.
It may not be a major part of overall GDP, but the government is certainly supporting it through initiatives like launching the Heal in Turkey internet portal and by providing financial support to health service companies. So, they are trying to encourage it. According to the head of the Turkish Health Tourism Association the immediate target is to reach $20 billion from medical tourism annually. Ooh, and that would be nothing to sneeze at. No, it wouldn’t.
And on that note, I think it’s time for us to get D2V … Down to Vocabulary. First up on Down to Vocabulary today is the phrase ‘the root of something.’ Great choice. That phrase is in the title of today’s episode, ‘Roots of Success: Turkey’s Hair Transplant Boom’. That’s why I chose it. When you talk about the root of something, you’re referring to the fundamental cause or basis of a situation or problem.
So by titling the episode ‘Roots of Success’, we are saying the episode is about the causes or the basis of Turkey’s hair transplant industry’s success. Our title is also a play on words. We’re not just talking about the success of Turkey’s hair transplant industry, we are also talking about hair roots. It is kind of a double meaning. Exactly. And you can use this phrase in many business contexts. You might say, "The root of our company's success lies in our commitment to innovation."
A perfect business example. Here's another one, “In order to solve a problem effectively, you must first understand the root of an issue.” Isn’t that the truth. The next word on D2V today is the phrase ‘to be put on the spot.’ When you are put on the spot, you are suddenly required to do or say something, with little or without any preparation. Like when you have to answer an unexpected question from a colleague or your boss in a meeting. I hate it when that happens. Ugh. Who doesn’t.
In the introduction to today’s report, I was telling Samantha about the audiobook ‘Think Faster, Talk Smarter' I had recently listened to. The subtitle of that book is ‘How to speak successfully when you are put on the spot,’ In other words, ‘Think Faster, Talk Smarter’ is a book that teaches you how to speak well in situations where you have little or no time to prepare. I was put on the spot in a meeting recently. Really? What happened?
My boss asked me to give her an update on a project that one of my colleagues is taking care of. Why was she asking you to give her a report if it isn’t your responsibility? Well, my colleague is out sick and my boss thought I was up to speed on his workload. Anyway, I didn’t have the information she was looking for, so I told her I would get back to her. Hm. That sounds more like you were put in a tough spot. Not really. It happens all the time in my office.
Our next word for D2V today is the noun ‘pun’. A pun is a type of wordplay that takes advantage of words that have multiple meanings, for a humorous effect. We have already pointed out the double meaning of the title of today’s episode, ‘Roots of Success’. That would be an example of a pun. Yes, it would. And later in the episode, Skip made another pun when he said the hair transplant industry had done nothing but grow. On one hand, the industry has grown, but on the other hand hair also grows.
The verb grow fits both the industry, and hair. When you make a pun, it is common to say, ‘excuse the pun’. It communicates that you are aware that you are making one. Puns can be tricky. But they are often used in marketing to catch attention. For example, a book store might use the pun, "Our prices are bound to make you smile". Playing on the double meaning of the verb ‘bound’.
Right — ‘bound’ as in tying something together like the pages of a book, and ‘bound’ as in extremely likely to happen. Yeah, that’s a nice marketing pun. Puns can make your communication more engaging and memorable. Our final item for D2V today is the verb to recede. When something recedes it moves back or diminishes in strength. At one point in our report, Samantha made the comment that she has noticed my hairline receding slightly in the time she has known me.
To which Skip quickly responded that his hairline hasn’t receded even a millimeter. In other words, Samantha thinks my hairline has slowly moved back in the 20 plus years she has known me, and I think my hairline is in the same place it was when I was a high school student. Which … which is hard to believe. I have photographic evidence if you’d like to see it. Someone is in denial.
Anyway, in a broader business context you might say, "As the recession hit the economy, consumer confidence receded." A real world example would be how Tesla’s share of the Electric Vehicle market is receding as they start to face more competition from other EV automakers such BYD, Ford, and General Motors. Would you like to help D2B reach more people wanting to improve their Business English skills?
Be sure to follow D2B on Apple Podcasts, Google Podcasts, Spotify, or any place podcasts are found. While you are there, leave a rating and a review and tell everyone how much you enjoy the show. Interesting report on the hair transplant boom in Turkey Skip. That was something I had no idea about. I thought it was interesting too. It only came to my attention recently and I thought it would make a great Down to Business English topic. What brought it to your attention?
Are you worried about your hairline? No, absolutely not. Someone told me about Turkish Airlines being referred to as Turkish Hairlines, and I thought it was a funny pun. So I looked into the subject a little more. Hmm. It is a good pun. D2B Members, the Bonus vocabulary for today’s episode is in the pipeline and will be released on your Members-only RSS feed very soon.
The words and phrases we will focus on in that Bonus D2V episode will be — to be at a loss for words, on the surface, at one’s expense, a hassle, and nothing to sneeze at. If you are a D2B member and are not already subscribed to your Members-only RSS feed, be sure to go to your Member account on the D2B website and get that feed. All you need to do is copy and paste it into the podcatcher of your choice. But not Spotify.
For some unknown reason, the Spotify app does not let you add private RSS feeds. Which is weird because every other podcatcher lets you do that. Apple Podcast, Overcast, YouTube Music. Yes, it is weird. And if you are not a D2B member, do consider becoming one. As a D2B member, you receive all the bonus content — bonus vocabulary episodes as well as Member-only episodes — not to mention access to our new interactive audio scripts.
Which is a great way to listen to episodes and follow along with the script in real time. They are also a great tool for shadowing practice as well. They are. So, that’s bonus content, interactive audio scripts, and complete access to our entire audio script library of PDFs. Not to mention, D2B Memberships are a great way to support the show and they really do help us to produce more content on a regular basis.
So, to become a D2B member today just go to d2benglish.com/membership and sign up today. That’s d2benglish.com/membership. Thanks for listening everyone. See you next time. Take care. Have a comment or question about today’s show? Don’t be shy… visit the D2B website or Facebook page, and post any comments or questions there. Skip, Dez, or Samantha will be sure to leave a reply. Down to Business English... Business News, to improve your Business English.