Why Don’t Dentists Buy?

Q&A Follow UP

AgendaWhy Dentists BuyGet Past Gatekeeper StrategiesNew Rack CardsProspecting Direct MailProspecting EmailDental RepsQ&ASales Coaching

Why do some dentists not see the value to buy innovative products…

even when the new products offer distinct improvements over existing ones?

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

In Our Case The Benefit They Hold On To Is: Ignorance

They Only See This Area & Are Scared Of What They Don’t See

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.

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…

That dentists will automatically adopt new products or systems that we offer even when it will deliver more value than their existing one.

Do not assume…

Creating A Relative Advantage Is Most Critical Driver For A New Product Adoption

Understanding Their Perceived Vs Actual Advantage

How dentists make choices,Let’s learn…

And why dentists deviate from what

appears to be rational economic sense.

Dentists respond in 4 different ways:

1 Value the attractiveness of the new product not on the actual value, but on its perceived value.

Distinct characteristics of human nature.

. 2. Value a new product relative to a product they already use.

3. View any improvements as gains and any shortcomings as losses.

4. Losses have a far greater impact on dentists than similar sized gains.

“Loss Aversion”Losses loom larger than gains.

The ENDOWMENT EffectLoss aversion leads dentists to value

what they already have—that is part of their endowment—more than that of

which they don’t have.

Measure the magnitude of the endowment effect:

.25¢ - $9.25

Group 1: Sellers

Experiment

Measure the magnitude of the endowment effect:

Money or Mug?

Group 2: Choosers

Experiment

Measure the magnitude of the endowment effect:

Priced it at $7.12

Group 1: Sellers

Experiment

Measure the magnitude of the endowment effect:

Group 2: Choosers

Priced it at $3.12

Experiment

ExperimentMeasure 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.$3.12 vs. $7.12

Studies ShowPeople 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.

..

THE 9x EFFECT

DENTISTSARE USUALLY…

HOW WE SEE IT…

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

Sees the need

Convinced the innovation works best

Dissatisfied with the existing treatment

Set on viewing the innovation as the benchmark

3 x 3

9x

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.

Fundamental problem for embracing new products:

Status Quo BiasPeople tend to stick with what they have even if a better alternative exists.

Especially DentistsRemember Their Kolbe

CAPTURING VALUE FROM OUR TECHNOLOGY

EASY SELLSLOWLimited 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.

HIGH

LOW HIGH

SURE FAILURESLONG HAULS

SMASH HITS

Limited product

changes, significant behavior changes

Significant product changes

and behavior changes

Significant product changes

and limited

behavior changes

Degree of

behavior

change require

d

Degree of product change involved

New Info Card For Staff

New Info Card For Doc

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

Up Coming Webinar Trainings

How To Analyze The Monthly ReportsSpotting Patterns In The DataLet The Data Justify The ExpenseLow Hanging Fruit: How To Close The Doc Who

Isn’t Marketing But Desperately Needs ToChallenges To Keeping Docs On Board As Long

Term Clients, How To Reinforce Your Value MonthlyComparing CTROI To The Competition Their Docs

May Have Heard Of Or May Already Be Using

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      

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.

Dr Phelps 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

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

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

Direct MailWill be providing a series of direct mail pieces

over next few weeksWritten in Glazer-Kennedy Style#1 is uploaded to marketing materialsWill highlight all services over timeMail direct to Decision-MakerHandwritten envelope or 3D mail (bank bag)Very effective

Direct Mail Letter #1

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

Email #1