I Spent 2 Hours Listening to Jay Abraham So You Don’t Have To
What I learned from the billionaire that can 10x your revenue
I attended an online seminar yesterday that interviewed Jay Abraham, who could possibly be one of the smartest marketers in the world.
I signed up for his talk, because it was hard to resist the email invitation I received a few days ago from Patrick Gentempo.
The name of the seminar sold me:
Help From A Multi-Billion Dollar Marketing Consultant Webinar: Featuring Jay Abraham & Patrick Gentempo.
When a billionaire talks, even if it’s just to pitch a product I know ahead of time that I can’t afford, I still show up with a notebook.
Although Jay suggested a bewildering number of marketing ideas on the webinar to blow up a SMB, which made me uncomfortably aware of how little I know about business, I hung in there, determined to find something that didn’t involve a generous marketing budget.
My patience paid off.
I perked up when he offered a unique perspective on scaling a business of any size, that even someone like me, a solopreneur, could apply.
His big idea emphasized leveraging the power of exponential growth rather than geometric growth.
Let me explain: With geometric growth, you multiply a fixed number, say the number of new clients, to X, while with exponential growth, you raise it to the power of x.
I found this idea so fascinating that I took extensive notes on how to execute it so I could share them with you here.
He suggested focusing on three main areas of potential profitability for exponential growth: increasing the number of clients, increasing the average transaction cost, and
1. How to increase your number of clients
Here are three ways to increase your roster of clients:
First, expand your reach. Take the time to explore new marketing channels and strategies to reach a wider audience and increase the number of potential customers you can reach.
Second, increase conversion rates. You could, for example, streamline your sales process and messaging to convert a higher percentage of leads into paying customers.
Third, create new strategies to attract customers. For instance, run targeted campaigns and initiatives to attract new customers from untapped markets and demographics.
2. How to increase average transaction cost
Here are three ways to increase your average transaction cost:
First, position yourself as a premium provider and charge higher prices for your products or services to highlight your unique value proposition and expertise.
Second, use upsell and cross-sell strategies to offer additional products or services to existing customers and add value to any transaction.
Third, come up with value-added plans. For instance, create bundled plans or tiered pricing structures that encourage bulk purchases or increased spending.
3. How to increase the frequency of transactions
Here are three ways to increase your average transaction cost:
First, focus on building strong customer relationships and loyalty programs to encourage repeat purchases and long-term business.
Second, create a predictable, recurring revenue stream by implementing a subscription service or membership program.
Third, increase the frequency of purchases frequency. Test out different strategies that encourage customers to buy more often, such as offering incentives or creating a sense of urgency.
Identify Your North Star
If your North Star is to increase revenue, then work out a system to trigger a multiplier effect.
By focusing on 10x improvements in each of the three areas outlined above, the cumulative effect increases exponentially rather than simply adding up. For example, if you get a 10x increase in each area, the total effect is 1,000x (10 x 10 x 10) on business growth.
My Big Takeaway
Business is more than providing customers with goods and services and trying to increase profits while reducing costs.
It becomes a whole new game when you introduce concepts like leverage and multiplication. Focus on strategies that not only increase your results, but also improve your results.
In other words, you’re not just in the business of buying and selling, attracting investment capital, and money management.
You’re also a strategist who works by building a system.
Your mission as a business owner is to determine the area of your company that offers the greatest potential to improve 10 times.
Besides regularly review your numbers also refine your strategies for a tenfold improvement.
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