Jay Abraham Money Secrets Revealed Uncover Your Hidden Assets May 20, 2006 2006
My information is about being…. • Real world • F ast P aced • Non Non – The Theoretical • S timu imulatin lating g • E xciting • Outcom come focu focused sed & Did I mention PROFITABLE !!!!!
Who I am am. What I’m all all about about.. Why I’m here.
• Business Growth Expert • Marketing Strategist • Profit Generator • Performance Enhancer • Accountability Officer • Possibility Compass • Bar Setter • A Result Multiplier
Finder of hidden assets, overlooked opportunities, underperforming activities, undervalued relationships, under-utilized distribution channels.
Making the Money Connection
Seeing correlations, combinations, implications and tangible meaning no one else comprehends.
Getting you/your business more profit performance/productivity from …. • • • •
The same same efforts or less ss!! The same same time or less! The same same in investm estment ent or less less!! The same same opp opport ortunit ity y or less less!!
It’s t’ s all abo about ut leve levera rage ge:: work w orkin ing g on on the “ geome geometry try”” of your you r busine bus iness ss
Two Two kinds, good and bad (like cholesterol) Costs you the same no matter what the result
How do I do it?
Funnel Vision vs. Tunnel Vision
An approach that’s as common as dirt in one industry can have the impact of an atom bomb in yours, if . . . .
…you’re the first and only company in your industry using it.
The difference between mediocrity and millions is marketing/strategy.
I’m All About Leveraging
Great marketers aren’t born … they are made!
Same for great strategists.
Marketing and strategy are sciences, not art. They can be taught, learned, mastered by YOU!
Our Focus/The Seven Sciences of Masterful Marketing • Hidden Assets • Overlooked Opportunities • Underperforming Activities • Undervalued Relationships • Underutilized Distribution Channels • Untapped Selling Systems • Little Known Marketing Approaches
The System of Breakthroughs I Use (and the foundations they are based upon)
• • • •
Marketing Strategy Innovation Management
Strategy vs. Tactics • The difference between Strategy (planning) and Tactics (doing). • Strategy is the science of planning and directing large scale operations. This is distinguished from tactics which involve skillful methods and arrangements of the forces used to gain an end.
Learning To Become Unbeatable •Make Irresistible Propositions And Offers •Out Advantage/Benefit Competition
Irresistible vs. resistible Unbeatable vs. beatable
Five Ways To Create Business Wealth 1. 2. 3. 4. 5.
Current Income Future Income Windfall Income Psychic/Emotional Wealth Asset Wealth
1. Current Income – Constantly increasing current income and profits is the first determinate of business wealth creation.
2. Future Income: If your business doesn’t have highly predictable, strategic, long term revenuegenerating programming in place, that assures continuous flow of profits and sales well into the upcoming years --- you DON’T have a business at all.
3. Windfall Income – There is no business out there I know that cannot uncover a five to seven figure profit windfall within six months.
4. Psychic/Emotional Wealth – Unless you have the certainty, confidence, peace of mind, vision, low stress, control, power, persistence, perceptiveness, high ethical standards and unstoppable drive, you can’t possibly pilot the strata of unstoppable business growth and income you’re after.
5. Asset Wealth – Few business owners ever build a business they can sell for a lot more money than they take out of it in a year. Yet a business’ asset value should be one of the major wealth creations you achieve from your business efforts.
The Strategy of Preeminence • Most trusted advisor • Client vs. customer • See better approaches • Hopefulness, my wish for you
The Strategy of Preeminence • You’re not getting the full story • The World According to ______________ • You deserve the highest and best outcome • Hopefulness for a greater/richer tomorrow
The Strategy of Preeminence • Moral obligation • - Not to sell more or less than you need • - Not to sell less quality, quantity components • Fall in love with . . . . • Future pacing – transactional value of result • Put words into feelings • Only viable solution
Items we will be leveraging and maximizing for you
Ads You Run
Promotions You Do
Sales Efforts You Make
Leads You Generate
Sales Communication/ System You Use
Influences You Gain/ Have Access To
Success Stories Yo Y ou Create
Skill Sets You Possess
Marketing Activities You Use
Yellow Page Ads You Run
Direct Mail/ Sales Letters/Mail Drops
Website/E-mail/Search Engines
PR
Catalog/Brochure
Seminars/Tradeshows
Sales Force
Endorsers
Referrals/Word of Mouth
Brand Repositioning
Distribution Channels
Selling Systems
Prospecting
Seven Ways To Out Think, Out Perform, And Out Earn Your Competition
1. Maximize what you already do
2. Multiply the opportunities available to you
3. Monetize unprofitable areas of your business
4. Create new products/services
5. Profit from your competition
6. Reclaim past expenditures
7. Become strategic instead of tactical
8. Penetrate new markets
7 Marketing Concepts They Won’t Teach You at Harvard
1. People are silently begging to be led
2. Tell people what specific action to take
3. Marketing is the ultimate leverage
4. Advertising is nothing more than salesmanship
5. People don’t appreciate what you’ve done for them, or will do for the, unless you educate them to the facts
6. Bonuses can make a profound contribution to your overall sales proposition
7. Turn the table on the risk factor when making a sales proposition
21 Power Principles
1. Don’t Keep Your Clients From Buying
2. Use Test Marketing to Maximize Your Sales Results
3. Build and Profit From a “USP”
4. Grow Through Endorsements (The Power of Others) Tom Sawyer School of Business
5. Reverse Risk to Put Your Sales in Forward Drive
6. Make Top “Quality” A Top Priority (Know what it and “value” mean to your client.)
7. Link Your Business to a Strong Partner
8. Pay Only For Results
9. Manage Your Assets Wisely
10. Borrowing Winning Strategies
11.Be Proactive to Outsell the Reactive
12. Use Non-Ad Ads
13. Turn One-Time Customers Into Life-time Buyers
14.Find and Use Your Hidden Assets
15. Seven Ways to a Winning Sales Pitch
15b. Seven Keys To A Winning Sales Pitch First, say something that gets the
prospect’s attention. Second, tell the reader/listener/viewer
why he or she should be interested in what you have to say.
Third, tell them why they should
believe that what you say is true. Fourth, prove that it’s true.
Fifth, list all the benefits of your
product or service.
Sixth, tell the reader/listener/viewer
how to order. Seventh, ask them to order right
away.
16.Preemptive Advantage (Only viable solution)
17.Work With Other People’s Money, OPE, OPI, OPR
18. Get Twice as Much Done in Half the Time (J ohn Dudeck)
19. Use Direct Mail/Sequential Marketing – But Use It Right
20.Develop Multiple Income Sources
21. Know Your Niche
The Power of Testing to Multiply Results Testing Factors
Headlines
E-mails From: Lines
Creatives
Proposition/Positioning
Proof •Testimonials •Endorsements, contrast, compare, quantify
Future Pacing
Risk Reversal
Bonus
Call To Action
The P.S.
Risk Reversal
Four Types Of Risk Reversal 1. Complete money back guarantee 2. Better-than-money back guarantee
3. Partial money back guarantee 4. Pay after product/service performs (pay after you profit)
Three Facets of Reverse Risk
• Money-back guarantee • Complete refund plus Bonus Incentive • Emotional risk reversal, i.e. increase prospect’s confidence in their purchase
Risk Reversal - A Simple Five Step Formula
Risk Reversal – Step #1 What in dollars and cents, is the best reported either testimonial or case study, measurable, quantifiable feedback you have gotten from a satisfied client, buyer?
Risk Reversal – Step #2 What is the penalty to your client or prospect of staying where they are right now?
Risk Reversal – Step #3 What is your competitors’ most powerful and superior guarantee? (How can you favorably outperform it?)
Risk Reversal – Step #4 What is the minimum based barebones expectation you can guarantee somebody they can get from favoring your business and starting to deal with you? (Be as specific as you can.)
Risk Reversal – Step #5 What is the biggest tangible, MINIMUM guarantee that you would be willing to warrant to somebody?
Three Types Of Entrepreneurs 1) The people who are constantly making things happen 2) The ones who watch things happen….and 3) The people things keep happening to
Five Keys To Winning Business Around The World
1. Skills and Mindset
2. Process, Structure and Commitment
3. Quarterly Review And Improvement, Reassessment And Restructuring
Monetizing, Measuring, Improvement -- Optimization
4. Motivation And Authentification
5. Mentoring And Masterminding
Force Multiplier Effect It’s a military term. It’s a capability that, when added to and employed by a combat force, significantly increases the combat potential of that force and thus enhances the probability of successful mission accomplishments.
It’s a proven process of dominating and preeminently owning your market in commercial, in entrepreneurial, in business terms, and it all ties together. It’s letting the full force of lots of different factors carry you to greatness without you having to lug it and push it.
The Power Parthenon Strategy of Geometric Business Growth
Three ways to grow a business •
Increase the number of clients ( 15 ways to do it )
•
Increase the size of the transaction / purchase ( 8 ways to do it )
•
Increase the frequency of purchase and the monetary value of each client ( 6 powerful ways to do it )
Increase the # of Clients
1000
Increase the Average Pounds Per Sale
*
100
Increase the Repurc hase Frequency
*
2
Total
=
$200,000 $200,000
OPTIMIZATION
OPTIMIZATION OPTIMIZATION Increase the # of Clients
1,000
Increase the Average Pounds Per Sale
Increase the Repurchase Frequency
100
2
*
10% Increase
1,100
*
10% Increase
*
110
Total
=
$200,000 $200,000
10% Increase
*
2.2
33.1% Increase
=
$266,200 $266,200
A 10% Increase in Each of the Three Areas Equals a 33.1% Increase in Revenue.
OPTIMIZATION OPTIMIZATION Increase the # of Clients
1,000
Increase the Average Pounds Per Sale
Increase the Repurchase Frequency
100
2
*
10% Increase
1,100
*
33% Increase
1,333
*
10% Increase
10% Increase
110
2.2
*
25% Increase
*
125
Total
=
$200,000 $200,000 33% Increase
=
$266,200 $266,200 250%
50% Increase
*
3
=
$499,875 $499,875
Look What Happens Now. The Results Are Exponential
To Grow Your Client Base, You Can Focus On: Increasing your lead generation through:
Increasing your client retention rate by:
•
Referral systems
•
Delivering higher-than-expected levels of service
•
Acquiring clients at breakeven up front and make a profit on the back end
•
Communicating frequently with your clients to nurture them
•
Guaranteeing purchases through risk reversal
•
Host-beneficiary relationships
Increasing your conversion from inquiry to sale by:
•
Advertising
•
Increasing sales skills levels of your staff
•
Using direct mail
•
•
Using telemarketing
Acquiring clients at breakeven up front and make a profit on the back end
•
Running special events or information nights
•
Guaranteeing purchases through risk reversal
•
Acquiring qualified lists
•
Host-beneficiary relationships
•
Develop a Unique Selling Proposition
•
Advertising
•
Increasing the perceived value of your product/service through better client education
•
Using public relations
This and the next two accompanying pages show you 28 totally proven, frequently unrecognized, and almost totally underutilized ways to grow your business. Do you see how many exciting and powerful options and opportunities you have available to you — right under your nose?!
To Increase the Average Transaction Value, You Can Focus On: •
Improving your teams’ selling techniques to up-sell and cross-sell
•
Using point-of-sale promotions
•
Packaging complementary products and services together
•
Increasing your pricing and hence your margins
•
Changing the profile of your products or services to be more “up market”
•
Offering greater/larger units of purchase
To Increase Transaction Frequency, You Can Focus On: •
Developing a back end of products that you can go back to your clients with
•
•
•
Running special events such as “closed door sales,” limited pre-release and so on
Communicating personally with your clients (by telephone, letter) to maintain a positive relationship
•
Programming clients
Endorsing other people’s products to your list
•
Price inducements for frequency
3 Advanced ways to grow your business even faster, safer, easier • Penetrating new markets ( 7 ways to do this ) • Adding new products / services ( 10 ways to do it ) • Purchasing your competitors’ business or assets ( 5 ways to do it )
Revenue D ir e c t S a l e s
Most businesses continuously rely on one marketing approach to grow and sustain their business… (The Diving Board Philosophy)
Revenue D ir e c t S a l e s
What happens when that one approach becomes less effective? Your business stream diminishes and you begin to lose market share.
Revenue D ir e c t S a l e s
J o i n t V e n t u r e s
All it takes is ONE BIG IDEA Which one will you pick for this?!
What would happen to the stability of your business as you begin the process of formalizing your marketing profit centers?
D ir e c t S a l e s
T e el m a r k e ti n g
Revenue R e f e r r a l S y s t e m s
J o i n t V e n t u r e s
D
ir e
c t M
a il
A d v e r t i s i n g
D e v e l o p i n g a B a c k E n d
E n d o r s e m e n t s
What would happen to your revenue level and profitability if you combined a wide array of marketing approaches? (The Parthenon Philosophy)
H o s t / B e n e f i c i a r y R e l a t i o n s h i p s
Revenue
List the marketing pillars that your business is currently on.
Calculating Lifetime Value, Marginal Net Worth, Allowable Cost
What’s the Marginal Net Worth of a Client?
Copywriting Formulas
AIDA
•A - Get Attention •I - Arouse Interest •D - Stimulate Desire •A - Ask For Action
Robert Collier Formula
• Attention • Interest • Description • Persuasion • Proof • Close
Victor Schwab’s AAPPA Formula
• A - Get Attention • A - Show People An Advantage • P - Prove It • P - Persuade People To Grasp This Advantage • A - Ask For Action
Bob Bly’s Formula According to Bob, all persuasive copy contains these eight elements: •1. Gains attention •2. Focuses on the customer •3. Stresses benefits
• 4. Differentiates you from the competition • 5. Proves its case • 6. Established credibility • 7. Builds value • 8. Closes with a call to action
Bob Stone’s Formula • 1. Promise a benefit in your headline or first paragraph – your most important benefit. • 2. Immediately enlarge upon your most important benefit. • 3. Tell the reader specifically what he is going to get.
• 4. Back up your statements with proof and testimonials. • 5. Tell the reader what he might lose if he doesn’t act. • 6. Rephrase your prominent benefits in your closing offer.
7. Incite Action – NOW!!
Orville Reed • Benefits – Tell your reader from the very beginning how your product or service will benefit them. • Believability - Back up your statements of benefits with believable evidence.
• Bounce - Write with enthusiasm, keep your copy moving. Keep the prospect interested. Transfer your enthusiasm for the benefit to the prospect.
RS Template
Attention
1. 2. 3. 4.
Superscript – teaser Headline – attention of desired Subhead Salutation
Interest
5. Opening hook – if you...then 6. Your story – credibility 7. Here’s what this is all about
Desire
8. USP 9. Appeal 10. Benefits, Benefits, Benefits 11. Bullets
Action
12. 13. 14. 15. 16. 17.
audience
Bonuses Don’t Decide Now – you can’t lose Price dropdown - justification Risk Reversal - Guarantee close the deal – buy now PS
The 12 Pillars of Strategic Business Growth
1. Continuously identifying and discovering hidden assets and over-looked opportunities in your business
2. Mining cash windfalls each and every month of your business
3. Engineering success into every action you take or decision you make
4. Building your business on multiple profit sources instead of depending on one single revenue generating source
5. Being different, special and advantageous in the eyes of your customers and clients
6. Creating real value for your clients and employees for maximum loyalty and results
7. Gaining the maximum personal leverage from every action, investment, time or energy commitment you ever make
8. Networking, Masterminding, Brain-Storming with like minded, success driven people who share real like experiences and shortcuts with you
9. Turning yourself into an idea generator and recognized innovator within your industry, field or market
10. Turning yourself into an idea generator and a recognized innovator within your industry or market.
11. Reversing the risk for both you and your customers in everything you do (so the downside is almost zero, and the upside potential nearly infinite).