Marketing Genius Jay Abraham and Other Marketing Wizards by Mr. X

https://youtu.be/xBHLt5NNUWc

Growing my client base

• It is not new clients, but old clients, that are the key to growth and profitability
• My client relationships are the number one asset I have -I can secure customer relationships by:
  • Keeping in touch, whether it be by telephone, mail, or in-person, all customers want to feel that they are special and that I take special interest in seeing their needs
  • Providing post-purchase reassurance. Each time a customer places an order with me, call him/her a week after receiving my product or service to see how it's going. This will allay any post-purchase dissonance
  • § Benefits of Post-Purchase Reassurance
  • □ I allay any 'post-purchase dissonance' (buyer's remorse) that may be festering in the mind of my customer, his/her family or associates
  • □ I dramatically reduce, and perhaps eliminate, the refunds, exchanges, or costly service expenses that disenchantment always produces
  • □ I make the customer more receptive to my next offer
  • □ I develop a closer relationship with my customers and satisfy their cravings to be acknowledged
  • □ I give myself an opportunity to recommend a buying strategy that includes continuous repurchasing
  • □ I get the chance to immediately 'up-sell' the customer to some more expensive product or service that I make available exclusively to them at a preferential price
  • □ I can solicit a customer's sales referral
  • □ I can often turn the initial sale into a renewable annual contract by adding more products or services at a discount
  • □ I can explain the use of the product so it will be used more often and reordered sooner
  • Giving my clients the best deals and guarantees that I can possibly get away with
  • Preferential pricing, let my 'old' customers in on the best deals first. Give them the opportunity to buy my sale items before the public does
  • Building rapport and trust. Be as honest as I can be with my customers. People do business with ethical people they can trust
• Three ways to grow my business ○ Increase the number of buyers/clients/prospects
  • § Lead generation + converting more
  • § By making it inviting, easy, informative, nonthreatening, educational, inspiring, and fun to do business with me. I'll lift my company above the competition
  • □ I cannot service too much
  • □ I cannot educate enough
  • □ I cannot inform too much
  • □ I cannot offer too much follow up or follow through too far
  • □ I cannot make ordering too easy
  • □ I cannot make calling or coming into my business too desirable
  • § Methods:
  • □ Converting prospects
  • ® The more synergy I can bring together in my package, the better
  • ® By reducing the cost to a modest and nonthreatening monthly or quarterly payment, I dramatically increase appeal
  • ® Techniques that successful direct-marketing companies use to get orders or increase the size of their orders
  • ◊ Introduce a trade-up offer. A company might off, for example, that for an additional $_, the customer can get…
  • ◊ Offer special packaging. This might include holiday, birthday, or other special-event gift wrapping. Or unique, reusable boxes
  • ◊ Present a compatible item. After a sale is made on prescription sunglasses, for instance, try to sell the customer a second pair of glasses at a discount
  • ◊ Offer an extension. New-car dealers and home-appliance retailers, for example, offer extended warranties and extended service contracts
  • ◊ Make selective price increases. I might try raising the prices of hard-to-get or hard-to-find products
  • ◊ Increase minimum-order requirements. If I'm a business-to-business office supply marketer, try increasing the minimum purchase requirements on selected products
  • ◊ Offer bulk discounts. Some of my customers will respond to bulk purchases if they get price breaks from me
  • ◊ Offer a premium on specific purchases. For some customers, a free gift will convince them to buy from me. For example, I could give the customer a free can of auto polish when he/she purchases an electric buffer
  • □ Referrals
  • ® Most people and businesses spend all of their time, effort, and money on conventional marketing, advertising or selling programs when a fraction of that effort, and virtually no expense, would get them any times the results if they developed a formalized referral system
  • □ Acquiring clients at a break even upfront
  • □ Guaranteeing purchases with risk reversal
  • □ Host-beneficiary / Strategic alliances / Endorsers / Distribution channels
  • □ Advertising
  • □ Using direct mail / Email
  • ® Direct sales (asking for the order)
  • ® Lead generating (asking for an inquiry)
  • ® Third-party endorsements
  • ® Database marketing (mailing to my own customers)
  • □ Running special events and information nights
  • □ Acquiring qualified lists
  • □ Unique Selling Proposition
  • □ Increase perception with Better client education
  • □ Use PR and Media Management
  • □ Improve my consultative and advisory skills with everyone in my organization
  • □ Qualifying leads upfront
  • □ Put out irresistible offers
  • □ Communicating more frequently with my existing clients
  • □ Deliver higher-than-expected levels of service
  • □ Educating my clients by giving them reasons why
  • □ Telemarketing / phone sales
  • ® It should be a unit with a higher price
  • ® There should be enough markup in it to pay the telemarketers a good commission
  • ® Learn to ask questions as I talk to prospects. It's the best way to sell. Keep in mind these nine points as I refine my telephone skills
  • ◊ Develop a plan. Before placing a call, be aware of exactly what it is I want to learn before the call is over
  • ◊ Prepare a list of topics to cover. Have a specific question under each topic
  • ◊ Ask permission. It's common courtesy to ask the customer's permission to ask questions
  • ◊ Time questions properly. Avoid making my presentation sound like an interrogation
  • ◊ Begin with broad questions that relax the prospect and 'get the ball rolling.' Then my questions can become more specific as the prospect reveals certain needs and concerns
  • ◊ Build upon previous answers. My feedback shows the prospect that I'm listening
  • ◊ Balance the number and type of questions. Though asking too few questions isn't a good practice, too many questions can make the prospect impatient for e to 'get to the point'
  • ◊ Don't ask manipulative questions, they insult the prospect's intelligence
  • ◊ Be relaxed and conversational. Always let the prospect finish talking. Listen carefully
  • □ Building a powerful sales force
  • ® Guidelines for getting the most from my salespeople:
  • ◊ My goal is to grow the salesperson
  • ◊ Encourage reps to emulate a top-selling sales reps and help them train other reps on their techniques, strategies, and philosophies that they use
  • ◊ The rep should have quick access to information inside and out of my company
  • ® The seven motivational forces to which people respond:
  • ◊ Acceptance: People want to be reassured that they are needed
  • ◊ Accomplishment: They derive pleasure from a task completed
  • ◊ Environment: They have great desire for pleasant surroundings and friendly associates
  • ◊ Recognition: They need praise
  • ◊ Responsibility: They want authority
  • ◊ Security: They are deeply concerned about the future
  • ◊ Status: Status symbols impress them. They want status
  • ® Tips for coaching my sales force:
  • ◊ Don't criticize. Instead, provide salespeople with 'how to' advice. Repeatedly tell them what I like about their performance
  • ◊ Build their self-confidence
  • ◊ Ask questions. By asking questions, the sales manager gets the salespeople actively involved
  • ◊ Build on my strengths. Take advantage of training materials that might help struggling salespeople
  • ◊ Pressure the salespersons to evaluate themselves. This is the first step in getting salespeople to train themselves
  • ◊ Always come to an agreement about what corrective action to take to improve
  • ◊ Keep records. Set specific standards of performance and make sure they're being met within stated time limits
  • ® Making the most out of rejection:
  • ◊ Find out why. A rejection can be educational if I find out the reason, be it logical or frivolous
  • ◊ Find out if the competition is meeting the customer's needs. And learn how. It is crucial to identify, pinpoint, and satisfy customers
  • ◊ Exit gracefully from a non-productive sales call because time is the salesperson's most important asset. Identify sales calls that are mistakes
  • ◊ See the interview from the buyer's perspective. Listen 'between the lines.'
  • ◊ Leave the door open. Try to end the sales call on a positive note
  • ◊ Strategies for dealing with rejection:
  • } Divorce my ego from the sale. Remember that the prospect is not attacking me personally
  • } Realize that the 'intimidating' prospect I am facing may have a lot of problems
  • } Don't automatically assume the problem is on my end
  • } Plant a lot of seeds. Salespeople who generate a lot of activity have little time to mourn over the loss of one sale
  • } Anticipate rejection so I won't be overwhelmed by it
  • } Give failure minimal attention and keep on calling
  • ◊ Suggestions to improve my listening skills:
  • } Let my customers tell their stories first
  • } Remember that I can't listen and talk at the same time
  • } Listen for psychological needs. These are needs other than what the prospect may mention
  • } Listen for the main ideas. What is central to the prospect?
  • } Don't lose concentration and miss the speaker's main message
  • } Take brief notes regarding important data
  • } React to the message, not the person. Don't allow my mental impressions of the speaker to influence my reaction
  • } Listen selectively. Listen in such a way that I can uncover hidden messages
  • } Relax. When the prospect speaks, try to put them at ease
  • } Don't criticize my customer's point of view
  • } Listen attentively and ask good questions
  • Getting the clients to ethically increase their average transaction value
  • § Larger units of sales
  • § Combinations
  • § Using point of sale promotions or their equivalent
  • § Bundling products and services together
  • § Increasing prices
  • § Changing my profile of my products and services
  • § Offering greater or larger units of purchase
  • Increasing transaction frequency (Get more utilization out of the relationship)
  • § Six ways
  • □ Develop a backend line of products and services
  • □ Communicating personally with my clients
  • □ Endorsing other products to my list
  • □ Running special events
  • □ Pre-framing or programming preeminently, my clients
  • □ Price inducements for frequency
  • § The first thing to do is send a letter within five days or a week from the time of my customer's first transaction where I:
  • □ Thank them
  • □ Resell the value of my company
  • □ Reassure them to the prudence of purchasing the product or service (if that can be identified)
  • § Spend everything I can justify to bring in a customer as long as the customer costs me less than he/she earns me. If I feel I can't afford to spend more than the entire initial sale profit to get a customer, just remember that I'll be making more on him/her in a few months. Start out spending only what my cash-flow can justify, but after a quarter or two of reorder profits, step up the ad budget
  • § My best prospects are my existing customers. If I've been putting all my marketing efforts into acquiring new customers, stop and divert some of my resources into reselling, up-selling, and cross-selling to those same customers
  • § Current buyers (after they buy)
  • □ Acknowledge them?
  • □ Speak to them differently?
  • □ Do I truly fall in love with them?
  • □ Do I treat them special?
  • □ Do I analyze categories of buyers?
  • □ Am I leveraging success stories?
  • □ Am I trying to get media?
  • □ Am I trying to be a thought leader?
• 3 Advanced Ways to Grow a Business
  • Penetrate one new market or distribution channel every year
  • § Start with my general or vertical market products and ask, can they be taken to other markets?
  • □ Get ideas from looking at the profile of my current buyers first
  • □ Look for how many or alternative ways to reach my market or how what I have can be as is, with modification or combination be taken to other markets
  • Create at least one new product or service per year
  • § Start by looking at my buyers
  • □ Before
  • □ During
  • □ After
  • □ Instead
  • § Come up with a macro concept
  • □ A product from scratch takes more time, logistics
  • □ Do searches and find people who have expertise with products but poor sales people or marketers and acquire the rights and modify their product to fit the needs of my client base and sell it to my client base
  • § Use new products or services on high or low end
  • □ Higher end offers
  • ® Later part of selling cycles when trust is established
  • ® Coaching, packages
  • ® The next program offers the next one and so on
  • □ I can package on the frontend or backend
  • Acquire assets, buyers, intellectual property, brand of competitive or complementary business every year on a pure performance based payout -§ Start generic with the list buyers and ask what they buy
  • □ Before
  • □ During
  • □ After
  • □ Instead -§ List of companies in those fields
  • □ My problem is the solution to somebody else's problem
  • □ Show them they will make a lot more with me than doing it by themselves
  • □ If possible, go to larger companies
  • □ Approach on doing an earn out, percentage on sales, or flat rate that is based on sales generated
• The Power Parthenon of Geometric Growth
  • Systematically adding revenue or market impact pillars
  • § Direct sales
  • § Telemarketing
  • § Referral systems
  • § Joint ventures/Strategic alliances/Partner deals
  • § Direct mail
  • § Advertising
  • § Develop backend and frontend
  • § Endorsements
  • 1 pillar at a time
  • § I can do it small and safe in the beginning
  • § Low, slow, safe and small
  • § Get the model working first
• More action items from the book
  • Step one is to up-sell or resell right at or immediately after the initial sale, preferably at the point of purchase
  • Contact or visit a customer right after the sale to see how they like their purchase and offer them a deal on a related product or service
  • Secure the rights to high-profit or repeat-type products or services that are logically suited to my new customers, then follow up with calls, visits or mailing to sell those other products
  • If I don't want to push other people's products or services, I can turn over my leads or prospects to other companies whose products or services are compatible, and take a flat fee per lead or a percentage
  • If I have a consumable, repeat-sale product or service, set up a regular monthly, quarterly, semiannual, or annual contract strategy, based on testing
  • Be the first to approach them about new products or merchandise I am willing to reserve for them, if they'll call me, come in or send back the card
  • The most profitable thing I'll ever do for my business is to understand and ethically exploit the marginal net worth of a customer
  • § How to calculate my customer's marginal net worth
  • □ Compute my average sale and my profit per sale
  • □ Compute how much additional profit a customer is worth to me by determining how many times he/she comes back. Be conservative
  • □ Compute precisely what a customer costs by dividing the marketing budget by the number of customers it produces
  • □ Compute the cost of a prospect the same way
  • □ Compute how many sales I can get for so many prospects (the percentage of prospects who become customers)
  • □Compute the marginal net worth of a customer by subtracting the cost to produce (or convert) him/her from the profit I expect to earn from him/her over the lifetime of his/her patronage