Why Don’t Dentists Buy? Q&A Follow UP

1. Why Don’t Dentists Buy?Q&A Follow UP

2. Agenda • Why Dentists Buy • Get Past Gatekeeper Strategies • New Rack Cards • Prospecting Direct Mail • Prospecting Email • Dental Reps • Q&A • Sales Coaching

3. Why do some dentists not see the value to buy innovative products… even when the new products offer distinct improvements over existing ones?

4. It’s because… They irrationally over value benefits they currently possess relative to those they don’t.

5. In Our Case The Benefit They Hold On To Is: Ignorance They Only See This Area & Are Scared Of What They Don’t See

6. A Clash of Perspectives (Your vs Theirs) This bias leads dentists to value the advantages they currently use more than the benefits of the new ones.

7. are basically damned. Their progression is stopped. While we stand in awe of the complete lack of understanding of something that appears so simple to us. Dentists that reject our innovation…

8. Do not assume… That dentists will automatically adopt new products or systems that we offer even when it will deliver more value than their existing one.

9. Creating A Relative Advantage Is Most Critical Driver For A New Product Adoption Understanding Their Perceived Vs Actual Advantage

10. Let’s learn… How dentists make choices,

11. And why dentists deviate from what appears to be rational economic sense.

12. Dentists respond in 4 different ways: Distinct characteristics of human nature. . . . . 1 3 4 2 • Value the attractiveness of the new product not on the actual value, but on its perceived value. • View any improvements as gains and any shortcomings as losses. • Losses have a far greater impact on dentists than similar sized gains. • Value a new product relative to a product they already use.

13. “Loss Aversion” Losses loom larger than gains.

14. The ENDOWMENT Effect Loss aversion leads dentists to value what they already have—that is part of their endowment—morethan that of which they don’t have.

15. Experiment Measure the magnitude of the endowment effect: Group 1: Sellers .25¢ - $9.25

16. Experiment Measure the magnitude of the endowment effect: Group 2: Choosers Money or Mug?

17. Experiment Measure the magnitude of the endowment effect: Group 1: Sellers Priced it at $7.12

18. Experiment Measure the magnitude of the endowment effect: Group 2: Choosers Priced it at $3.12

19. Experiment Measure the magnitude of the endowment effect: Sellers always demanded at least twice as much to give up the mugs as the choosers would pay to get one. $3.12vs. $7.12

20. Studies Show People demand 2-4 times more compensation to give up products that they already possess than they are willing to pay to obtain these items in the first place. Dentists irrationally overvalue their current products/systems over those they don’t have by a factor by three.

21. THE 9x EFFECT Fundamental problem for embracing new products: DENTISTS ARE USUALLY… • Sees the need • Convinced the innovation works best • Dissatisfied with the existing treatment • Set on viewing the innovation as the benchmark HOW WE SEE IT… . . 3 x 3 • Skeptical about a new product’s performance • Unable to see the need for it • Satisfied with the existing tool/technology • Quick to see what they already own as the status quo Dentists under weigh the current technology benefits by a factor of 3. Most reps overweight the new product’s benefits by a factor of 3. 9x

22. Status Quo Bias People tend to stick with what they have even if a better alternative exists. Especially Dentists Remember Their Kolbe

23. CAPTURING VALUE FROM OUR TECHNOLOGY LOW SMASH HITS EASY SELLS Significant product changes and limited behavior changes Limited product changes and behavior changes We can create value through our innovation, but we can capture it most easily by minimizing the need for dentists to change. SURE FAILURES LONG HAULS Degree of behavior change required Limited product changes, significant behavior changes Significant product changes and behavior changes HIGH HIGH LOW Degree of product change involved

24. New Info Card For Staff

29. New Info Card For Doc

32. What Are The Differences? • Staff Card: Highlights Missed Call Text Alert Feature To Recapture Lost Potential New Patients • Staff Card: No Mention Of Recording Their Calls, Analyzing How They Convert NP Telephone Calls • Staff Card: Highlights Bonus/Incentive Program For Front Desk Members • Doc Card: Highlights How Good/Bad Staff Is Converting Potential New Patient Calls • Doc Card: Highlights Guarantee Increase In New Patients

33. Up Coming Webinar Trainings • How To Analyze The Monthly Reports • Spotting Patterns In The Data • Let The Data Justify The Expense • Low Hanging Fruit: How To Close The Doc Who Isn’t Marketing But Desperately Needs To • Challenges To Keeping Docs On Board As Long Term Clients, How To Reinforce Your Value Monthly • Comparing CTROI To The Competition Their Docs May Have Heard Of Or May Already Be Using

34. Dental Rep Strategy •  Find out the areas you want to target • Find out who the Dental reps are for Patterson, Benco (not in WA/OR/ID) and Henry Schein • Try to LinkedIn with them – Could not find any reps on west coast listed – so far • Start pitching them on you, your service, the benefit you could have for their clients • Tele Call to Dental Reps(Cooch setup • See if you can get them to get on a webinar with you and then invite their clients to that webinar

35. Dental Rep Script • Strong Introduction • Hi _______________my name is [NAME].  Just wanted to touch base with you about a system developed by a dentist in NC that increases Dentists NP’s and, of course,  your sales volume to the dentists.  • The system was developed Dr Phelps (Dr. Chris Phelps- Carolina Dental Center in Matthews and Waxhaw, NC) and  allowed him to decrease his advertising budget by 2/3 and yet increase his monthly NPs by 500%!   • Maybe here or maybe at end depending on comments)I would like to send you via email a couple of short videos (3 min and 2 min ) where Dr Phelps discusses the system and the benefits to the dentist.  After you have had time to listen I will call you back to answer questions and discuss how this would be a good fit for both your dental clients and  your business. • DrPhelps Story (as needed) • l  Review Of My Story (Important In Presentation To Other Docs) & How I Developed It • l  Was Spending $36,000/month Marketing, Only 60 NP’s/month, Now Spend Less Than $9,000/month, Get 300 NP’s/month • l  My Staff Only Converted 24% Potential NP Calls, Now They Convert Over 85% • l  Result?  2012 vs 2013 $2,000,000 Increase In Revenue

36. Dental Rep Script • Elevator Speech (as needed) • The average new dental patient is worth at least $1,000 in the first year alone (adjust for your business).   • Did you know that the Average Office lets 40-50 Potential New Patient Calls go to voicemail or get a busy signal every month?  So that’s 50K/month (depending on location) • Did you know that on average, the Staff Members Only Schedule 34% of the New Patient  (NP) Opportunity Calls that they did answer?  [national average] • Dentists are  losing tens of thousands of dollars every month and don’t even know it!“ • We help solve these problems for your dentists.  • The close

37. Get Past Gatekeeper • Review Me Cards (tested) • Upload new PDF’s to Vista print (Marketing Materials) • Print 1000 for $60 • Hand out/Mail 25 to Business to give to customers • Customize for $_____ - now you have a customer! • Dessert & Learn (Testing now) • Present/Call to deliver Telephone Best Practices via Dessert & Learn session on-site or remote • Tell gatekeeper your company helps businesses get more new customers via staff incentive programs and other programs • Rack Card in development • More info May 7th

38. Direct Mail • Will be providing a series of direct mail pieces over next few weeks • Written in Glazer-Kennedy Style • #1 is uploaded to marketing materials • Will highlight all services over time • Mail direct to Decision-Maker • Handwritten envelope or 3D mail (bank bag) • Very effective

39. Direct Mail Letter #1

40. Email • Strategy: • This email is best sent to a decision-maker at their personal email address, but if you don’t have that then send it to the info@____ address • This email would be part of a series of emails we will provide • You should plan on working a list of 200 doctors for 8 weeks through multiple means of communication (direct mail, email, post cards, phone and personal visits if practical) • Subject: • Most new patients would give up after being hung up on… • I tried to call your office to book an appointment • You lost a new patient today

41. Email #1