What Was This Session All About?
Many people talk about digital marketing and the many ways to continue to improve your use of the tool. But sometimes, even in the digital world, our business leaders prefer to focus on other aspects because they have different strengths.
Jay Abraham sat with the attendees of T&C 2020 and discussed many of his success stories over the years. But he wanted his audience to learn one primary skill: To think differently. He had many suggestions for how to get started, too.
So, pull up a seat, and keep reading as we explore Jay’s presentation and what he had to teach the business world.
Who is Jay Abraham?
- Founder and CEO of the Abraham Group
- Not a digital marketer, but a business builder
- He started at the age of 18 with nothing. He had a family to support, and he was thrown in a chair and a phone to create business opportunities. He was paid on performance. After working with about ten industries, he realized people in one industry don’t have a clue how the next business does things. What is commonplace in one industry can drastically help another. By introducing valuable items to other companies, he helped a variety of businesses thrive.
What We Learned
On Thinking Differently
We will be showing you how to gain a ct scan perspective on facets of your business you’ve never looked at
Challenge: See your business aspects in a whole new light.
Where do significant breakthroughs come from? They usually come from outside the industry, as opposed to the inside. Incremental gains come from the industry.
He developed Funnel Vision, helped many industries, and gained hundreds and thousands of ways to outperform everyone else. He learned from many businesses of different kinds along the way.
He created over 30 different categories for creating geometric profit growth inside the business with no extra investment or risk.
Risk and Reward
You are a human hedge fund. These are investment funds that take their capital and invest in a portfolio of assets, and the assets are allocated for some kind of strategic reason. Then the assets are conditioned on both yield and reward.
A friend of his came to town with no money once, looking for the opportunity to flip. He went to the county to secure the rights to do flea markets on county property. He didn’t know anything about flea markets. He gave the county a percentage and brought in a partner. Once he had the contract, he found the top company in flea market management. He flipped it to them; he got half a million upfront. He made $10 million a year just by owning the assets.
There are more options in the business you are running if you think differently. You need to look at connections and possibilities to learn more. The ultimate ROI to leverage is the ability to make your business work harder and harder for you and use it as an asset base and wealth creation. It’s not just about lifestyle, because when you get older, you need the assets. It’s not hard to do; it just requires you to think differently.
Taking Your Business Performance Beyond Exponential
- Most business owners aren’t entrepreneurs. A true entrepreneur experiences everything in the eyes of the audience. They are advocates and champions for the market, and it’s expressed in their belief systems. They are two-dimensional thinkers. They think Revenue - Expense = Profit.
- A business builder is a three-dimensional thinker. They think in terms of yield. What will they get from this investment over and over again? If it stops, how can they regenerate yield out of it?
- There’s more money in repurposing than in the front end. Jay has made millions of dollars repurposing people’s unsold leads in a strategic way that Jay’s business well thought out.
How to Get Better at What You Do
If you want to elevate yourself above the maddening crowd, you need to express yourself to people in words that affect them deeply: What people want, what they’re trying to get away from, etc.
Take the category of business you’re in, go to Amazon.com, find as many books in your field (3 years of bestsellers), look at their titles and subtitles, look at the information and then go to the reviews. Go to the 0’s, which are the worst, and the top ones. You will learn what people are tired of; you will know what the top desire is, know what the biggest turn-off is, and much more. Then, you will have valuable information about everything you find.
Amazon tells you so much, and most people don’t know it.
Why You Should Compete Against Yourself
- Whatever market you are in, if you look at it, you are not the only person. So why try to make yours the only one? If you compete against yourself, you can double or triple the market.
- Compete against yourself in alternative universes. For example, let’s say you sell a supplement for weight loss. Anyone in this business knows that 90% of the people do other things. They don’t lose weight or gain it back. These same people might be buying another related item, like exercise equipment. There’s no reason why you need to be one thing. It’s a waste. Branch out and do other things in the market, you know. You will make more money.
Jay’s Business Model
Affiliate marketing is a powerful tool today for businesses. But it's the outer periphery of what is possible. When Jay was in the business of generating relations, endorsements, power partnering, etc., they never did anything static. They understood strategy vs. tactics. They wanted ownership roles in the relationships.
For instance, he had a client that was a large brokerage firm. He wanted access to dozens of newsletters. Instead of going to the newsletter and asking for one promotion or advertisement, he would become an integrated part of their business.
The first thing they wanted to do was to become part of a welcome package that goes to each new subscriber. Then, he asked to become a part of a quarterly section of the newsletter four times a year. He also asked to become part of a live event four times a year. He would bring in people to speak and let the newsletter have the profit from it. Jay’s business simply wanted the relationships.
If the newsletter went to the point where they weren’t making money anymore, Jay’s company would go in and fund the newsletter. They would change different parts of the agreement and gain a joint tenancy of the name. When it stopped working, because most newsletters are built on bonuses, they would change it and use it as a lead generator for their company. Then, they’d give a royalty to the newsletter. This method was cheaper than placing an ad in a prominent publication.
Three Ways to Grow Your Business
- Increase the number of clients
- Increase the size of the transaction
- Increase the frequency of the sales
Advanced Ways to Grow Your Business
- Penetrate a new market every year
- Add one new product or service every year
- You acquire a business every year on an earn-out with no fixed expense or risk.
What Do You Think?
If you watched this presentation or are familiar with Jay’s work, I want to know what you think. Leave a comment or tell a story below.