It’s not a joke.
Jay Abraham has documented growth, of his client’s companies in excess of 9.4 billion dollars.
Every single achievement starts with a thought. If you can learn how to think like Jay Abraham wouldn’t it be great?
Who is Jay Abraham?
Jay Abraham is one of the most sought after business experts in the world. In 2000, Forbes listed him as one of the top five executive coaches in the US.
Even though I have never met Jay Abraham I consider him one of my virtual mentors. His content has influenced my business more than any other person.
He has worked in over 465 different industries and this makes him unique for a ‘marketing guru’. His unique advantage is that he’s been exposed to many different industries and is always learning from his clients.
He would never call himself a genius but there are many who do.
Here are 30 lessons from Jay that will help you think like the 9.4 billion dollar man.
#1 There are only 3 ways to grow a business
- Increase the number of clients.
- Increase the average size of the sale per client.
- Increase the number of times clients return and buy again.
There a lot of vanity numbers that don’t mean squat when growing a business. Jay reminds us to keep things simple. If you want to grow a business you have to develop a strategic plan to increase these three numbers. That’s it.
#2 The Difference between a customer and a client
Customer: A person who purchases a commodity or service. Client: A person who is under the protection of another.
You are a business that loves working and helping your clients. Even if your industry calls them customers call them clients. Adopt an empathetic mindset when dealing with your clients and you’ll stand out in a unique way.
#3 On Client Protection
You must understand and appreciate exactly what your clients need when they do business with you—even if they are unable to articulate that exact result themselves. Once you know what final outcome they need, you lead them to that outcome—you become a trusted adviser who protects them. And they have reason to remain your client for a lifetime.
You have to think deeply and know exactly what your clients are looking for. Advise them and tell them what’s best for them even if they don’t want to hear it. You are their protector and trusted advisor.
#4 Offering a Money-back guarantee
Aggressively let your clients know that if they are dissatisfied, you will give them their money back, redo the job at no charge, or whatever else it takes to demonstrate your total, passionate commitment to their satisfaction.
This is one of the best ways to increase the conversion rates on your offer. A lot of businesses fear that people will take advantage of this. It’s okay to feel that way but you must understand that in the long run, you are better off not working with these people anyways.
#5 The Strategy of Preeminence
The first step you have to take is to view your business as the market’s most trusted, valued, and prized provider, advisor, and source.
My strategy is simply to get businesses to demand maximum performance from anything they or their teams do.
Within your niche market, you are seen as the only viable solution. You understand and articulate the market’s needs, hopes, dreams, and problems better than anyone else, and you offer clear-cut solutions that your market will prize and desire exclusively from you.
Jay Abraham’s most powerful lesson. The strategy of preeminence also serves as his life’s philosophy. You must always demand maximum and supreme performance on all aspects of your business. You must develop a deep love for your marketplace. You must serve and protect your clients and advise what’s best for them.
Here’s a video where Jay describes the strategy of preeminence.
#6 On Being a commodity
There are two forces that want to turn us into commodities. The first one is the competition. They want to marginalize our advantage, our distinction, and our differentiation. The second is the consumer who wants to do the same thing. If we accept this we wave the white flag and succumb to being a commodity.
Refuse to allow yourself to become a commodity. Instead, focus on your contribution to your clients’ lives or business and the ultimate impact that results
Most businesses are commodities. The day your business accepts this is the day you become a “me too” business that rides the momentum of the marketplace.
Even if you sell a commodity your positioning must not be marginalized.
#7 On the value of knowing your average lifetime value of a client
The most profitable thing you’ll ever do for your business or career is to understand and ethically exploit the marginal net worth of a client.
Whether you are a doctor or an E-commerce business knowing this number allows you to understand how much you can spend on marketing. For example, if you know that the average lifetime value of a client is worth $10,000 you should be able to spend under this number to acquire a client. It’s amazing how many businesses don’t understand this simple concept.
#8 Do you have a “me too” business?
Most of them have no USP, only a “me too,” rudderless, nondescript business that feeds solely upon the momentum of the marketplace
You must clearly articulate the value of your message or you will become commoditized. Creating a powerful unique selling proposition can help crystallize your message. You and all of your employees should live and breath your unique selling proposition. This is what will separate you from having a ‘me too’ business.
# 9 How to deal with common objections
Make a complete list of every obstacle to your clients or employers that might prevent them from purchasing, dealing with, or choosing you over your competition.
The three most common objections are financial, emotional, and measurability reasons. List every objection and find ways to overcome them. You can do this with consultative selling strategies and with your marketing copy.
#10 On the importance of up-selling
These two functions, up-selling and cross-selling, are the vehicles you have available to your company or your
profession to render substantially greater benefit and service to your client. And in the process greatly enrich
A lot of businesses don’t like the idea of up-selling because they feel that it’s not ethical. This is the wrong mindset. It’s about adding value to your client’s lives. Each up-sell should serve them with a greater benefit.
A lot of industries are having to adopt this strategy in order to be profitable. For example, dentists are an extremely competitive market and if they don’t implement up-selling strategies to their business they risk being marginalized.
#11 On Always being a service to your clients
Anyone can perform nobly when things are going great. But how you perform when you seemingly have nothing to gain impacts people a lot more.
What if your strategy fails? You should always strive to be of service to your clients no matter the results. If something is not working then it’s time to adjust and adopt new strategies.
#12 On watching business transactions
Whenever I’m anywhere shopping or watching my wife or family buy anything, I observe what is transpiring— and how it might profitably apply to my own or any of my clients’ activities.
Always be a student. Watch and learn from other businesses and see how their strategies can be applied to your business.
#13 His business and life philosophy
What’s this mean? It means that you must refuse to get less out of an effort, less out of an opportunity, less out of a day, less out of a dollar, less out of a relationship, than the maximum that activity or action has the capacity to give you.
You must always strive to get maximum, effort on everything you do. Strive for excellence.
#14 Questions on business growth
Answer this: Today, is your business designed specifically to acquire new clients? Is it designed to keep those clients for a very long time? You need a core product or flagship service that defines your unique positioning
A lot of lessons can be learned by simply asking the right questions. Think. What are the most important things you need to ask for your business to grow? Once you have the answers you’ll understand what to do next.
#15 On Problems
There are three categories of problems: your own problems, your competitor’s problems, and your market’s problems
You must have a strategy for each one. Learn to deal with your own problems first, which comes with reflection. Find your competitors problems and learn to ethically exploit them. And, find exactly what problems your marketplace is facing and learn to solve them.
#16 Failure to reach goals
I’m going to share an extraordinary statistic with you: According to my research, 95 percent of all small- and medium-sized businesses and start-ups do not reach their goals. A whopping 95 percent
There are many reasons why most businesses never reach their goals. Jay Abraham would tell you that the primary reason is that most businesses don’t have a strategic marketing plan.
#17 On being an entrepreneur and starting a business
When you invest energy, time, and money in your business, you are creating not just income but real wealth. Why? Because you can sell your business for anywhere from five to fifteen times earnings, depending on your field. Nothing else can possibly touch that level of return. And by relieving yourself of all the stress you feel, you’ll be loved even more by your family, too!
I quit my job to start my own business. I wanted freedom, wealth, and influence and the best way do that was by carving out my own path. I’ve talked to hundreds of entrepreneurs and most have the same motivations. The ups and downs of being an entrepreneur can be nerve racking but, in the end, I am building my dreams and not building someone else’s.
# 18 On Optimization
If you were to keep a diary of all of your business activities for a month, you might discover that 80 percent of those activities are nonproductive and nonstrategic.
Most businesses waste time on things that don’t matter. Cut off the things that don’t matter and focus on the things that do.
An exercise that I recommend is writing down how you spend your time in a diary every 15 minutes for a week. You’ll hate doing it, but it’s one the most important exercises you can do. You’ll know exactly how much time you waste.
#19 On the Mindset behind Business Expenses
Everything you do should be measured in terms of either an investment or a profit center, as opposed to just a cost expense.
When you look at your costs as investments your mindset will change. Invest in yourself and in your business and you’ll reap the rewards for years to come.
#20 On the importance of marketing
Most entrepreneurs fail to understand that the difference between mediocrity and making millions has more to do with effective marketing than with any other single factor.
Take a look at the leaders in your field. Chances are, they are not the best at what they do but are the best marketers. For example, Dr. Phil is probably not the best psychologist but he’s definitely the highest paid. Do you think Dr. Phil has trouble selling his products/services? Good marketing will make selling superfluous.
#21 The Definition of marketing
My definition of marketing is simple: It’s all about “teaching” the folks in a given marketplace that your particular business can solve their problems, fill their voids, or achieve opportunities, hopes, and goals the way no other business can.
Marketing is all about education and positioning. It’s about demonstrating that your product/service can solve your prospects problems.
#22 On Website Design
Your website has to break things down clearly, concisely, and directly, or those people are going to say “So what?” and leave.
Lots of businesses get distracted with sleek and complicated designs with their websites. Websites should be easy to read and should tell your story in an engaging way.
#23 On Time Management
It begins with what I like to call the “highest and best use” concept, a theory of true time management.
What is the highest and best use of your time? Are you using your talents and skills to achieve supreme results? Many entrepreneurs get caught up in wearing different hats for their business. As entrepreneurs, you should only focus on what you do best and you should outsource everything else.
#24 On the importance of passion
Passion is the fuel that drives all achievement, whether in art, technology, or marriage.
This is a cliche but it’s true. If you don’t love what you are doing you will never succeed at the highest levels. One thing that I would add is that passion can come later. Once you are good at something and see success, your passion will soon follow.
#25 On solving problems
Clients aren’t paying you to read your own e-mail. They’re paying you to solve problems, so devote more of your time to the actions that actually generate revenue. Your time is too valuable to squander on anything else.
We waste a lot of time doing useless crap instead of focusing on our client’s problems. Solve your client’s problems first and then you can check your email.
#26 On Networking
Let me be clear here: When I say you must have a strong personal network today, I’m talking about people you can call on anytime to help you solve a business problem or seize an emerging opportunity—and to do it faster and better than your competitors. At the very least in today’s wired world, you need three types of people in your network:
1. People who either have the answers you need or can connect you to the ones who do
2. People who have the resources you need
3. People who can perform specialized tasks far better than you—or anyone on your staff
The more valuable your network the better you can serve your clients. Your clients deserve the best and if your business can’t provide it then it’s your obligation to find someone that does.
#27 Don’t be a commodity
The starting point for success is your vision of yourself. If you believe you’re a commodity, then you’re a self-fulfilling prophecy. And worse yet, if you behave just like everyone else, then you’ve already accepted your business’s death sentence: allowing it to be marginalized by the marketplace.
The vast majority of entrepreneurs follow what everyone is doing. There’s no unique selling proposition. No story. No unique hook. If you don’t separate yourself from the crowd your prospects will not pay attention.
#28 Hope and pray marketing strategy
The few who do some form of marketing do so intermittently and erratically, with very little strategy driving their actions, activities, or decisions.
Most businesses have no marketing strategy. They hope and pray that their marketing will work. This won’t cut it. As an entrepreneur, it is your obligation to educate yourself on the best marketing strategy for your business and then finding the absolute best people to implement that strategy.
#29 On the ROI (Return On Investment) of Marketing
Marketing is the greatest return-on-investment activity a business can ever do.
Most business owners want to invest in marketing but they’re afraid they won’t see a positive ROI. The only way to know for sure that a marketing strategy will work is to test it yourself. If your cost per acquisition is lower than the lifetime value of a client then you should look to scale your marketing efforts.
#30 On Joint Ventures
Joint Ventures Give You the Chance to Access Knowledge and Expertise Well Beyond Your Company’s Borders
There is no other strategy that can make a big as impact, as finding partners. Partners can lend your instant credibility and be very profitable for both parties.
These lessons are timeless. They will help you no matter what business you are in and who you serve.
There are many more lessons that you can take from Jay Abraham’s content. He literally has a library of information that you can access.