The Pit - IMI Trust

A trip to the dentist was in order. It has been some time and a cracked tooth made up my mind to visit. I was not that concerned as I already had root canal work done on this culprit.

This was the first time I had been to this dentist. It met the mandatory criteria - looked clean, close to where I live, attractive looking people inside and I had heard some good things from friends of mine.

The girl at reception were very welcoming and asked me to fill out a questionnaire. One of the questions was interesting. “Do you feel nervous when you go to the dentist?” Not being afraid to admit it… I ticked ‘YES’. Not long after my name is called. As we go up the stairs, the dentist gave my form a quick read.

Within seconds of sitting down, he starts stabbing inside my mouth *OWWWWW!!* was my first thought. ‘Thanks for helping me to settle my nerves!’ was my second thought.

After my yelp he decides that it is not able to be fixed and he needs to take out half the tooth to have a look. But just to make sure, he does an x-ray. Red flags and alarm bells. A course of action decided before full information is gathered. Is that usual?

So he then explains that what he can do is…

1) Take out half the tooth and see if it can be fixed. He thinks it is ‘unlikely’ and a ’small possibility’ that it can be fixed. If it can, he will fix it and set a crown on it.

2) “If it cant be fixed, we take the tooth out, shave down the teeth next to them, place caps on them and then put a bridge in.

and the last option, which he didn’t favour at all…

3) Extract the tooth and leave a gap.

I have only been sat in the room 5 minutes. By this stage, I am thinking “what the %$&*?”

I am feeling pain, visualising gaps in my mouth and thinking about eating without a tooth, or the damage it will do to the teeth on either side. Also I am thinking, neither of the ‘preferred’ options sound cheap.

Nerves have turned into flat out fear.

Then he says, ok… now I am going to take out this side of the tooth and see if it can be fixed. I am thinking by this stage I am being rail roaded down a path in which I have minimal information of cost, procedure or other options.

I stop the dentist and ask him can he outline my options and the cost of them. I explain I have meetings today and I need my mouth for those meetings. Not those kind of meetings. He says it’s OK it will only take 30 minutes max.

“I am happy to book another appointment”, I tell him.

The dentist kindly starts outlining the options he was trying to take me down today with no information, very minimal explanation and providing me with the feeling he is selling me and not serving me. In other words, I was getting the feeling it was ‘not’ the best path for ‘me’, but the best path for ‘him’.

The two options were $2,000 and $5,000 for a tooth I had already had root canal on. No information, no explanation, no rapport established and no time to think about different options and a form clearly stating that I am nervous. This hard-selling dentist has turned me right off going to this practice. It certainly didn’t provide any assistance in calming my nerves next time I see a new dentist.

In fact, I will be flying to Sydney next week on business and have booked to see a dentist I do trust.

Maybe dentists are being trained on sales these days. If they are, they should definitely invest time in understanding trust, rapport and ability to explain information in terms normal people can understand. Also, the should become aware, that if someone clearly states they are nervous, railroading them into an expensive path is not the best course of action.

From a business perspective, it highlighted how important trust is, and giving people the time to think. That trust can easily be developed through balanced information, and an understanding of someones personality. If you need to hard sell and railroad people into your product, then get a new product.

Also in listening to my own thoughts, I started to notice how I began generalising an industry because of one persons actions, and by the end of the day 5 other people knew about my experience.

And now I write about this experience in this post which will be read by over 1,000 people. This the impact we can have each day in our business. Positive or negative.

This week the Australian Financial Review reported that 80% of the 96 companies which listed on the ASX this year, had their share price go up in the first day of trading.

Empowernet International (ENI.AX) is not one of those companies. In fact, on their first day of listing, their share price went down nearly 50%. Better yet, after a few days, Empowernet went from its list price of 0.55c to around 0.07c. For IPO investors, this signifies an 80% loss on their holdings to date.

If you do not know who Empowernet International is then you’ll see their main revenue stream derives from onselling Anthony Robbins personal development products and merchandise. Key person/company dependency. Check!

Empowernet International doesn’t have a written contract in place guaranteeing exclusivity either. No owned IP. Check!

Results can also be uncertain if their are changes to the marketplace - Few corporate processes or systems in place. Check!

When a company lists it needs to be able to drive by itself with the management team being custodians of the vehicle. If these continuity issues aren’t resolved then the market loses confidence and share prices fall. Incredibly, the one of the directors of Empowernet had the exact same issues when listing Sales Pursuit.
Our advice to Empowernet to get the share price up is a three step process:

1. Change the company name to Empowernet Resources International.
2. Announce that the company is now actively exploring Western Australia and Queensland for Uranium, Copper, Nickel and Gold.
3. Announce that the company was in negotiation to supply China and India with the new found resources.

If they did this, the share price will be hitting $10 or $20 in no time. Virtual miners are big on the ASX at the moment.

Time to get things off our chest…

It is our experience to steer clear of search engine marketers who boast badges with the Google AdWords Professional qualification.

Let’s be clear.  We, at IMI Trust, love Google and so should you.  It is the reigning champion of search and rightly so…however…

The Google AdWords Professional qualification can be earned if you, as a marketer spend $1,000 per month with Google.  Some people spend much more than this in a day.  Not because they are clever, or skilled in search engine marketing, but because they see the value in this type of advertising.  As they have spent that dollar value they qualify as being a Google AdWords Professional.  Can you begin to see where the issue lies?

There is no qualification in place and people can claim to be an endorsed professional.  This fails in a number of ways.

1. Punters that need help in Search Engine Advertising are looking for reassurance and expertise.  The Google AdWords Professional provides neither, though the name alludes to the fact it does.
2. Professionals who are great at Search Engine Marketing have more trouble finding work because they are competing with thousands of clowns who don’t know their KPI’s from their CPC’s.
3. Google is diluting its brand by offering this nonsense award.  Google do have other qualifications that are far more meaningful but as this is the easiest to achieve because you just have to spend dollars.

We are not against people becoming search engine advertising experts but if they claim to be experts there has to be more to it than that.  Which reminds me…I’ve got an email to answer about claiming my Fijian Medical Degree.

The traditional benchmark companies use for success is financial. Money talks. Now, there seems to be a trend towards ‘Triple Bottom Line’ values. Triple bottom line is to achieve success on three levels - Economic, Social and Environmental.

The more cynical of us would think that it is a ploy from marketers to exploit fears over climate change and the lack of community currently pervading society. However, members of Generation X and Generation Y inherantly have a ‘greener’ social compass and a Triple Bottom Line agenda is effective in speaking directly to these groups.

Investors and consumers alike are actively looking for companies, products and opportunities with that fit within a Triple Bottom Line agenda. The focus is no longer just on achieving solid to spectacular earnings from quarter to quarter, just to keep shareholders and employees happy.

Government, and shadow government, are both using Triple Bottom Line metrics to shape policy. Corporates, such as Westpac Bank, are spending millions on advertising to align their brands with consumers who are socially and environmentally minded.

Countries are looking at carbon offsets, people are looking to be carbon neutral, businesses are looking at sustainable practices. And seemingly, for the first time, profit can be generated too from these scenarios. This is why Triple Bottom Line is an important change to the corporate landscape. Historically, companies have looked at social and environmental initiatives to occur at the expense of profits. Today, there can be success on all three fronts: economic, social and environmental.

For instance, governments are allocating resouces and grants to ideas with a triple bottom line bent, corporates are willing to sponsor these initiatives and investors are passionately seeking companies with triple bottom lines to invest in.

In the last few weeks we have come across two powerful companies with solid triple bottom line structures. Companies from isolated rural areas in Australia, in areas that have had it tough because of drought and natural disasters, in recent years. They have now captured the interests of companies and governments worldwide.

This will be interesting space to watch in the coming months as we lead up to a federal election and over the next few years as the impact of triple bottom line companies is felt by society.