Episode 8 | Posted on

Build Your Business With The Strength Of The Parthenon with Jay Abraham

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This Week’s Guest

Jay Abraham is the world’s preeminent business growth expert. He is a mammoth force in original thinking and a legend in entrepreneurship circles. He is a business executive, conference speaker, and author who is known for his work in developing strategies for direct-response marketing.

 

Episode

Jay Abraham is a marketing legend in need of little introduction but deserving the best of introductions. He’s the $9.4 Billion dollar man, and for good reason. Jay knows how to give great value, and people recognize that value. I’m so excited that we can have him on today. He’s been a mentor to the world’s greatest, and brings massive value and insight to hundreds of companies yearly. He brings so much to the table in this episode-here’s just a sampling of the things we get into:

  • How to become the absolute preeminent expert in your field.
  • How Jay sold his latest book for $1000 each.
  • Why your business should be built like the Parthenon.
  • The 3 reasons you lose a client, and how to get them back.
  • Why Jay is worth $25,000 for a 90 minute consultation-trust me, it’s worth it.

Here’s what I learned:

How to Sell a $1000 Book

  1. You have to give real value.
  2. Jay has worked with a multitude of clients and in a large variety of fields.
  3. He’s distilled the most important things he learned about cost reduction, revenue enhancement, preemptive strategies, sourcing opportunities, etc.
  4. The top 50 questions that entrepreneurs have:
    • Made it actionable and very clear cut.
    • These are stratagems that people are really using and have given real results.
    • Completely guaranteed to give you 10x the return, or get your money back.
    • It’s the equivalent of hiring a $50,000/day expert for 100 days.

What Jay Charges

  1. He used to be at $50,000/day.
  2. He found it to be either an incredibly great investment, or a huge waste of time on both sides.
  3. It depended entirely upon whether the company implements his strategies or not.
  4. Selling consulting at $100,000/day as he does now ensures the company is more invested in implementing those strategies.
  5. His staff compiled case studies of what he had done and using conservative extrapolation techniques found that he brought at least $9.4 billion into the market (this was 8 or 10 years ago).
    • It is likely far more now.

Pay-for-Performance

  1. Jay prefers pay for performance (usually a 20-30%) partially because it is far more profitable, and partially because it creates a partnership
  2. You are equally invested in the outcome.
  3. It needs to be a high-integrity, collaborative process.
  4. You need to collaborate, cooperate, and be fluid to changes.

Be a Preeminent Entrepreneur

  1. For one client, Jay gave them 5 days of his time to go and understand what gave them preeminence in their market, because he felt he had so much to learn from them.
    • They took 1000 pages of notes.
    • Then, they distilled it down to a basic philosophy to operate the totality of business.
  2. It all starts with a belief system.
    • Jay wants to be seen as the most trusted advisor they ever have, for life.
    • He want to be seen as the only viable source they can turn to.
    • You want to be investing in them, you don’t want to wait for them to invest in you.
    • “It is only a matter of time before the people you want to reach will do business with you.”
    • Truly understand what it means to give value to different segments of the market you are addressing-the only way to do it is to invest time, effort, and true deep reflective attention to clearly examine how your target audiences see life.
    • What motivates them? What pressures are there in their life?
    • You have to be able to communicate in clear-cut language what is felt in their heart and soul and what they are trying to get accomplished
  3. Most people want to do business and only make more money-the preeminent entrepreneur wants to do what is absolutely best for his client.
    • Never sell them less than they should buy.
    • Never sell them more than they should buy.
    • Never sell them less than the components that will give them the best outcome.
    • Never sell them less quality/quantity than the best.
  4. Differentiate and distinguish yourself with a fresh stance, not a patronizing one.
    • You should educate and contribute on a higher level.
    • Never refer to people you sell to as customers.
      • Customers reduces them to people you sell a product or service to.
      • It reduces their value and reduces the value of what you do.
      • Call them clients-it means that they are under your care, protection, and connotes another level of positioning and value.

The Business Parthenon

  1. Jay is the utmost expert in performance enhancement in leveraging optimization marketing.
  2. It is a must to start a business and get exponential results.
  3. Funnel vision vs. tunnel vision:
    • Funnel vision aggregates knowledge from a bunch of industries together to derive stratagems from them.
    • Tunnel vision only has very limited experience.
  4. If you only have one major selling point, if something happens to that approach, then your business is in trouble.
  5. Diversify among sources and attributes:
    • Trade shows
    • LinkedIn
    • Reps
    • Direct mail
    • Salesforce
    • Amazon
  6. Build pillars of revenue like a Parthenon that is hard to shake.
  7. If your main source gets compromised, it is an imposition but does not signal the end of the business.
  8. If other people are doing it and making a lot with it, don’t you think it might be worthwhile to try as one of your pillars?

3 Ways to Grow a Business

  1. Most people focus all the energy and effort in securing the buyer.
    • It is also the highest expense, the hardest to do, the biggest expenditure of trustbuilding energy.
  2. The better thing to do is make sure the clients you have become more profitable.
  3. Have more combinations of higher units of sale, more prospects, and more frequency.
    • That’s when you have exponential rates of growth.

The 3 Reasons You Lose a Client

  1. They had an interruption in their life that had nothing to do with you-40% return if you send them the right message.
  2. They had a bad experience-if you give them a genuine interaction, apologize, and then give them a last offer that they can’t refuse and leaves a positive impression, 50% can return.
  3. Some outgrow you, but these clients are perfect candidates for referral.
  4. When you operate in preeminence, it becomes easy to get these customers back.

The Advanced Steps to Growing Your Business

  1. Enter a new market every year.
  2. Introduce a new product every year.
  3. Acquire a business on an earn-out either in the same field, a complementary field, or a pre/post buy.

Jay’s events

  1. He does a few events in China, Japan, and a few big conferences.
  2. He does a 90-minute intense problem solving session that costs $25,000.
  3. An audience of hundreds pays $5000 to watch.

Finding Humility

  1. When Jay was young, he was much more arrogant.
  2. Jay is more of a savant-he doesn’t have much computer or technical knowledge.
  3. Jay now loves events where he works with experts in other fields that aren’t familiar to him.
  4. That way, he also learns something.

 

Links And Resources Mentioned

Your Checklist of Actions to Take

☑ Try out a pay-for-performance model with your clients, or even with your own contractors – that way you are on the same side.
☑ If you want to be preeminent in your field, start investing in your client even before they invest in you – find out how you can bring them the utmost value.
☑ Find out what truly motivates your client, get to the bottom of their heart and soul and what they want to accomplish.
☑ Never sell the client more or less, or less quality, than is absolutely the best for them.
☑ Stop referring to your clients as customers – you should think of them as someone you guide, not sell to (hint: using the term “clients” is much better)
☑ Diversify among your major selling points, so that if there are major changes in one particular source, your business will stay supported by the others.
☑ Stop focusing solely on acquiring new clients, and start making sure the clients you have are as valuable as they can be.
☑ Enter a new market, create a new product, acquire a company in your field – all ways to grow your business
☑ When working with a consultant – be actionable, not an passive listener, so that you actually see the results you are learning about
☑ Go to Abraham.com for a plethora of amazing free materials.

 

Transcript

S: Welcome to Marketing Speak. I’m your host Stephan Spencer. I’m really excited about today’s episode because it’s a little different from the rest. In this episode, I’m the one getting interviewed instead of me doing the interviewing. The person who’s interviewing me is none other than the inimitable Jay Abraham, yes, the marketing legend, the godfather of marketing, who I interviewed in a past episode. Hopefully you’ve listened to that already. If not, go ahead and listen to that as soon as you finish listening to this episode because it is fantastic. Jay is going to be interviewing me and we’re going to be talking about SEO. If you care about getting high rankings in Google, you’re going to want to listen to this episode. Without further ado, here we go.

 

J: This interview is a privilege and pleasure and something I’ve been looking forward to for the last three weeks I’ve been travelling. Stephan Spencer is what I call the real saint. He’s somebody who doesn’t teach it theoretically but his whole background is doing this. He’s a master of SEO, done a lot of other nuances. He built a company that serves some of the largest, most successful corporations, and formidable competitors in the sector. He created proprietary algorithms and mechanisms that drove massive traffic but also drove massive quality and convertible traffic. He understands probably more reality about the world of online marketing for real entrepreneurs, not people who are dreamers. In theoretical, he’s very graciously agreed to really open his heart, his mind, and his knowledge base to entrepreneurs here who don’t really have a clue and give you some guidance that will make a profound difference, and not just your success but at how your market sees you and how you reach more discerning prospective buyers and stay connected. Stephan, it’s an honor and pleasure. Thank you for doing this.

 

S: Well, thank for having me.

 

J: I don’t do you justice so without being immodest, give us a little of a background, so that people can appreciate where you come from. Bees to bees to people who basically are telling you can make a trillion dollars in your underwear while watching Oprah out of one eye.

 

S: Right. I’ve been in this space on online marketing for the last two decades, since 1995. I dropped out of a PhD program. I was studying biochemistry at the University of Wisconsin Madison to start an interactive agency, it was called Netconcepts. It got acquired in 2010 by Covario and Covario then got acquired last year by Dentsu Aegis. They are an agency conglomerate, multi-billion dollar company. I also am the author of a book called Google Power Search, co-author of The Art of SEO, co-author of Social eCommerce.

 

Continue Reading…

 

Take Your Marketing To The Next Level!

1. Try out a pay-for-performance model with your clients, or even with your own contractors – that way you are on the same side.

2. If you want to be preeminent in your field, start investing in your client even before they invest in you – find out how you can bring them the utmost value.

3. Never sell the client more or less, or less quality, than is absolutely the best for them.

Thank You For Listening

As always, thank you for tuning in. Please feel free to contact me or leave a comment. If you enjoyed this episode, please share it!
-Stephan

3 thoughts on “Build Your Business With The Strength Of The Parthenon with Jay Abraham

  1. Awesome post. Thanks for taking the time to also write out the notes from the audio as this really helps engrave the lessons!

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