In his awesome book, Getting Everything You Can Out Of All You’ve Got, business maestro Jay Abraham laid out his business strategy and marketing masterpiece. With everything from business mindset, motivation, growth hacks and marketing tips and tricks, the book was an instant hit.
Released in 2000, Abraham hit it out of the park with this book (he’s written many) and it’s become a valuable tome in a many a high-level business-person’s book collection.
With this article today, I want to lay out some notes and thoughts from reading the book. It’s a lengthy book, and this article is quite lengthy, too.
It might read as a collection of thoughts and ideas, as that’s what happens when you’re notetaking. But it’s a really great business book and I want to show readers how the ideas in the book can be applied to video business.
Get Everything You Can Out Of All You’ve Got
Lets start off first with some thoughts on mindset. Business mindset and business motivation are topics that Jay Abraham tackles often.
You are surrounded by obvious business solutions to explode your income. When you spend all your time within your industry, you only see industry norms. Doing things smarter not harder is the secret.
Most people assume that success comes one small step at a time – this is a misconception. This approach keeps you working for your business, not the other way around. You should think in terms of quantum leaps made instantly and directly.
A business strategy that is common in one industry can act like an atom bomb in another.
Breakthroughs change your video production business from a commodity based business to a valuable product/service and will make you wealthy.
People who make breakthroughs are opportunity focused.
To make breakthroughs you need to be open minded and take action. Capitalize on things that people perceive as limitations.
Focus your thinking on the following
- Always discover what the hidden opportunity is in every situation.
- Try to uncover at least one cash windfall for your business or employer every three months.
- Engineer maximum success into every action you take or decision you make.
- Build a business breakthrough foundation based upon multiple streams of idea generation instead of a single idea source.
- One of your breakthrough goals is to always make you, your video business, or your product special, unique, and more advantageous in your client’s eyes.
- The more value or wealth you can create for your client (through your video work for them), the greater the power of that breakthrough.
- A breakthrough’s purpose is to help you or your business maximize personal or organizational leverage in every commitment of action, investment, time, effort, opportunity, or energy you make.
- Breakthroughs increase in direct proportion to the amount of networking, brainstorming, and masterminding you do with like-minded, success-driven people outside your industry.
- Your goal in creating breakthroughs is to use ideas to create more value for others.
- Breakthroughs fuel growth thinking.
- Growth thinking seeds/breakthroughs … the two go hand in hand.
- The best breakthroughs take away risk or resistance from the other side. So it’s easier to say yes than no.
- Employ as many success practices of others outside your field or industry by adopting or adapting their philosophies and methods to your business situation.
- Employ as many success practices of others outside your field or industry by adopting or adapting their philosophies and methods to your business situation.
The first step is to know your strengths & weaknesses and how they relate to your competition.
Strategy of Pre-Eminence
This is one of Jay Abraham’s foremost business concepts (he coined it) and it’s now used far and wide throughout the world in all industries. I’m sure other people were using a variation of it before him, but he gave it a name and started teaching it to people.
A Strategy of Pre-Eminence is when you: Change your focus from me to you. This is the ability to put your clients needs above your own.
Use the word clients rather than customers. Clients are under your protection and you serve their needs. Know the final outcome they need.
It is a mistake to fall in love with your product/service. You should fall in love with your clients instead. You will generate more value this way.
Contact your past clients and remind them of the value you provide. Ask for referrals. Realize the value & your impact on your clients.
Greet clients with joy & enthusiasm. Respect their time. Follow up after the sale to make sure it’s alright.
Understand the reality of human nature in your clients. People work harder not to look foolish, rather than look smart.
The higher purpose is solving peoples problems.
How much would it be worth to bring in more video production clients even if you just broke even on the first transaction and made profit on every consecutive transaction.
Always look at the lifetime value of a client. The real profit is in repeat purchases.
What are repeat purchases in a video business? Here are a few examples:
- a client coming back every 6 months for another promo video for their company.
- a music festival that you film every year.
Compute the marginal net worth of the client = profit over lifetime minus cost of client.
Make the first purchase much more appealing so it is difficult for prospects to say no.
You can break even or add bonuses / premiums. Rent promotional space or more marketing. Use your break even on first sale to add value in extra ways.
You must offer a unique service/product superior to the competition. This is the Unique Selling Proposition. Integrate your USP into all your marketing and content. Everything you say should reinforce it.
How do you pick a USP? You must first identify which needs are going unfulfilled within your industry, such as:
- A broad selection.
- Big discounts.
- Advice and assistance.
- Convenience (i.e., location, availability, immediate delivery).
- Top-of-the-line products or services.
- Quick and efficient service.
- Services above and beyond the basics.
- A longer and more comprehensive guarantee than the norm.
- Any other distinct advantage, tangible or intangible benefits, or valuable advantages you can give that the competition doesn’t.
Pre-emptive marketing is articulating exactly what you do in a compelling way as to educate the prospect.
It must become company conduct. Reward your team (if you have one) for promoting your USP.
A USP can be also stated in a special offer. The client should see it as a logical extension of your normal service so if you provide services, the offer should be service based rather than price based. Make it clear that it’s available to only current clients. Don’t cut corners.
Always Maintain the Edge – Risk Reversal
Always make it easy for the client to say yes. Take away all risk. Use a Better Than Risk Free guarantee. Provide compensation with money back guarantee, if necessary.
Offer the client a bonus when they purchase but let them keep the bonus if they make a return. Double money back guarantee. Not always applicable in video business, but it’s possible depending on your industry.
The guarantee must be sincere with no loopholes. Be specific about the performance and satisfaction expected.
Offering More Value
Here are some pointers:
1) Addmoreproducts&servicestoeachpurchase – an upsell.
2) Add volume or time options – prepay continuity.
3) Add combinations – a bundle.
For example – upsell a distribution service for the videos you’ve created, delivery, set up, tutorials on how best to promote the videos, etc
1) Observe what your clients do before they buy your services.
2) Observe what your clients do after they buy your services.
3) Observe what your clients buy that goes with your services.
4) Ask how you could make the sale even more complete.
5) Take the ideas you like best and offer them to clients and see which is best
Size of Purchase
Offer incentives and purchase option upsells for clients to buy more. Free bonuses. 4 for the price of 3. Continuous supply.
Make an offer or 3 times the volume for 2 or 2.5 the price. You extend greater value to your client.
Offer a years continuity of your video services. A retainer.
Example McDonalds offer meal deals. Give clients 3 options in increasing value. An entry level, a middle level and a high end package. Package your offers for maximum effect.
Point of Sale Promotion
Offer complementary products to the sale.
Always be constantly testing every aspect of your marketing and your copy. Get the most out of your ads by trying different approaches and comparing.
Check ad results based on media. Use a different different coupon for each ad. Try different numbers. Try difference packages. You must be able to track results.
Differentiate between sales and prospects. Have different websites or page shifting software. A/B split test in small pieces first. You can also test on portions of the ad.
Email, Letters or Direct Mail
Email to a portion or sample of your list. You have a newsletter list, right?
Try different headlines, coupons, body copy, prices & packages, and guarantees before sending it out to the full list.
Do the same for sales scripts.
The cost of acquiring a customer is huge but you can also use someone else’s email list.
- Who already has a strong relationship with people who you might be able to sell a non competing but related service/product? For example: jewellers, if you’re a wedding videographer.
- Contact the business and ask them to introduce your stuff to their audience. Provide testimonials. Negotiate for an endorsement and offer slice of the profits.
- Make it clear that it requires no effort on their part.
- Point out non competitive aspects of the deal.
- Not take away any profits from them.
- Create all marketing material.
If the relationship between the host and their clients has an ongoing continuity service of some kind, then make sure to explain the benefits for both parties. Make them see the leverage they have with their clients.
You can also let people use your list.
The clients should feel that the host has gone out and got them a great deal.
Objection 1: How do I know I won’t lose any of my clients?
We’ll test first and compare.
Objection 2: I don’t want you to have all the control?
We’ll do whatever you want to make you comfortable.
Objection 3: How do you know I’ll get paid?
You deal with the money and I’ll collect from you.
Try to get a guarantee that if the test is a success you get an exclusive deal. Tie up all the details at the start with a law abiding provisional contract.
You already have clients, so get them to help you get more clients. You need a referral system in place.
Refuse to become a commodity. Pride yourself on the value you provide. A referred client spends more and is all round a better client.
- Ask for referrals and tell them that you enjoy doing business with them and you’re sure they associate with similar people who could benefit from your video work. Extend a no obligation sales offer.
- Offer to confer with people important to that client. Consult with them. Demonstrate your abilities. Show yourself to be of great value to your client’s friends/peers.
This is least expensive and risky of any customer acquisition. The formal system ensures a constant flow of referrals. Have at least 4 or 5 referral systems in place.
Consider these questions:
- Who are your ideal prospects?
- What benefits do they need?
- What result does your competitor provide pros & cons.
- What result do you provide pros & cons.
- Ideal prospects biggest problem not being met.
What are your demographics?
- Financial worth.
- Ethnic group.
- Geographic region.
- Type of business.
- Marital status.
- Political views.
- Membership in associations or groups.
- Type of car they drive.
- Subscriptions to magazines, cable, or newspapers.
- Educational background.
- Type of investments (home owner, savings account, stocks, bonds, etc.)
- Physical health.
- Mental health.
- Health interests (alternate health, vitamins, vegetarian, etc.)
- Smoker or non-smoker.
- Alcohol use (social drinker, etc.)
- Buying preferences (retail – upscale or discount; direct mail; magazines; phone; etc.)
- Any other demographic group that applies to your business.
Who can give you these prospects?
- Other clients.
- Prospects who did not convert.
- Neighbors and friends.
- Church members.
- Association members (fraternal, social, industry, charity, or interest-based).
- Other businesses and professionals whom your prospects trust in your area.
- Other businesses and professionals whom your prospects trust outside your area.
- Leaders or celebrities whom your prospects admire, respect, and/or trust.
- Magazine editors, writers for publications.
- Special interest groups (cigars, travel, music, whale watching, etc.)
- The individuals or companies with which prospects do business before, during, and after the prospect does business with you (in other words, companies or individuals who have the clients you want).
- Governmental regulatory agencies.
Set the stage for getting referrals
Here are the steps:
- First make sure you have a good or valuable product or service. If not, improve it.
- Describe what you do.
- Position yourself as different from your competitors.
- Show interest in your current clients by asking them about themselves.
- Explain that even if the referral does not buy, you will provide a valuable service for them by letting them know what they should look for, what they should avoid, what they should expect, what they might over-look, and anything else which could negatively or positively affect the referral.
- Give them both logical and emotional reasons they should give you referrals. Explain that you get much or most of your business by referral. Because you do get referrals, you are able to invest your money and your time in providing a better product or service.
- Offer to give them an incentive for the referral. (In the case of some professionals who cannot ethically take pay for referrals, you can do things to help them grow their business, donate money to their favorite charities, etc. In some cases you will need to make sure that any compensation is not based on a per-referrals, per-leads, per- buyers, or additional-profit basis.)
- Offer to give their clients a product or service for free or at a discount and tell them that this is something that the person referring you to them has bought them.
- Offer to give the referral a special incentive. These special incentives could be bonuses, money-back guarantees, additional service, a discount, or anything else that has perceived value to the referral.
- Have your client call or directly contact the referral.
- Do something in advance of asking for the referral for the person from whom you want to get referrals. This will induce the law of reciprocity. This could be a birthday card, buying them lunch, giving them a referral, giving them a report or book, or anything else that has perceived value.
- Keep in frequent contact with the people who have provided referrals in the past. Acknowledge the people who have provided referrals who become clients. Get back with the person who provided referrals to you and let them know what happened.
- Ask for referrals when clients are most receptive. This could be when they have just bought your product or service. This could be when you have done something great for them such as given them a large refund, a good sale, paid off a claim, or fulfilled your promised service or obligation. This could be when something special has happened in their lives such as a marriage, the birth of a child, a promotion, a special honor, being elected to a special office, retirement, or a transfer.
- Don’t be bashful; ask for those referrals.
- Thank your clients for referrals.
Help your clients locate the referrals for you
Ask them, “Who do you know who_____?” (Fill in the blank for as many different groups of people and scenarios as possible to jog their memory).
- Group 1: People they normally deal with.
- Group 2: People they think about because of a certain event.
Lost Customer Re-Activation
Almost no one does it.
Why they stopped:
- Something totally unrelated to you caused them to stop dealing with you, and they meant to get back to you but never got around to it.
- Had a bad buying experience with you.
- Situations have changed so that they no longer need you – find out what this is.
A great way to get them back is to sincerely and humbly contact them. Ask them “what is wrong,” “have we done something wrong,” “did we offend you?”
Your point of focus should be on them and their well being. Offer them a great deal to get them back.
Go through your in-active customer list and look who made the biggest purchases and who were the most frequent buyers of your video services. Contact these first either by person or phone or mail in order of practicality.
Send unsolicited gifts in relation to your services. Make a non mandatory offer. Thank the people who won’t return for helping you spot deficiencies in your business.
Written website copy, brochures, proposals sent by mail, email or fax. Better than face to face selling, as there is no resistance involved. And you don’t need a pretty face! 😉
Using a direct mail piece ahead of a phone call is a good move.
2% return is good.
Identify the ideal prospect. Construct your offer. Lead Generate for a fee sample.
How to write great website content – website content is a conversation between 2 friends to share info and understanding. Write as if you’re having a chat in a pub.
Website copy components:
7) Call To Action
Should relate to a one to one private conversation, warm and interesting. Always use specific facts. Always give reasons why. Tell prospect what to do. Give deadlines with offer.
Brochures should have 1 page statements.
When receiving requests for information always get contact info for follow ups. Include self addressed envelopes.
Teaser copy can get people to open the envelope. Use well crafted headline on the lower left corner of the envelope.
Another option is to make it look like personal mail. Test to see which works. Try including something inside the envelope (lumpy mail) to get it opened and read. Even something small like a candy bar works!
Qualify prospects, not go after suspects. They need your service, have the money to pay and can do so now.
Advertising should offer very specific qualifying information.
Marketing by mail is the most profitable and traceable method of lead generation. You can get lists from magazine subscribers. You can personalize every letter with mail merge.
You should concentrate your efforts on people who have a history of buying similar services to what you’re providing. Focus on people who have marketing budgets. Big marketing budgets are preferable.
- Compiled lists – List of people with commonalities such a type of car or political associations, age, education
- Direct Response lists – have already bought from mailings, responded or participated in the area of interest you are in.
Identifying who your ideal client is and see who else markets to them to get their list. For instance, if you’re selling to company executives, get a list that a digital agency or social media agency markets to.
Go to direct competitors and get their unconverted leads or old customers and offer a fee per sale.
Building a list
Ask for client contact info (name, address, phone number, email, etc) and save on a database. Offer them preferred client announcements and advance access to sales and special offers. Contact frequently in a systematic way using an email marketing solution like Aweber.
Reward people for becoming preferred clients. Reward frequent purchases. Also, keep a list with prospects & leads. Segment your lists by purchasing habits.
5 Categories of Lists
There are 5 ategories of lists.
- Owners – business list.
- Brokers – middle man who represents list owner – can be slow to pay.
- User–company that rents someone else’s list for purposes of sending its promotions to it.
- Manager – firm that undertakes the promotion of your list to other brokers.
- Compiler – makes lists from raw sources and owns it’s list.
Most are one time use rental lists.
- Start Process by email (or mail) – those who respond are qualified to contact by phone.
- Test before you call – try cold calling on a small scale first to see if you can profit from it.
- Price your offer right – should be high enough to cover all costs. One third to telemarketers (if you’re not calling yourself), one third other expenses, one third to you. Breaking even is good if you have a backend or continuity service offers (ongoing videos, or ongoing maintanence of their website, etc).
- First ask permission to ask questions.
- Don’t address by first name.
- Try gimmicks like saying you are returning their call.
- 30 seconds to get them to listen.
- Opening statement name and company name, why you are calling and how you obtained their name. State a benefit and a feature to back it up. Ask for their time and ask preliminary qualifying questions.
- Use a script if you need to.
- As questions get deeper, listen more than you talk. Base next questions on previous answers.
- Don’t ask manipulative questions – “wouldn’t you like to save money,” etc.
Sample Phone Script:
- Mailed first.
- Project respect and believability to prospect.
- Emphasize it’s for their benefit and you are helping fill their needs
- Follow up call after purchase to ensure everything is okay. Upsell and give another offer.
- Be an interested and knowledgeable person.
- Communicate that you understand their needs and problems and you can solve them.
- Arrange a mutually convenient appointment.
- Be prepared and be ready to answer any questions.
- Make sure your product fits their objectives best.Follow upon leads promptly, the same day you get an enquiry.Always provide a solution.
Doing everything online
Online marketing methods are constantly changing.
Same methods apply with modification.
3 things you need to do:
Elements of a successful internet strategy:
1) Laser focused and targeted marketing.
2) Target precisely – niche market with a website for each.
3) Use search engines properly– optimize.
4) Go global with out leaving home – other languages.
Barter gives you unlimited capital. Allows you to acquire stuff now with paying much later.
1) Make a list of all the products, services, capital and assets you have that you don’t or hardly use or excess amounts.
2) Make a list of vendors to see if they want to trade on a no cash basis.
3) Make a list of vendor competitors.
4) Make a list of other companies that you might be able to barter with for goods or services to start a relationship and then see what you could trade that stuff with someone else for.
You need to do this to maintain strong relationships and remind clients and prospects that you exist.
Keep them constantly connected to you. Remind them on the value you provide them.
It has to serve the client, be regular and purposeful. Offer advice on how to improve use of your service, free check up, see how things are going. Put clients interests ahead of your own. Look at them as friends.
Always follow up after the sale. This reduces cancellations and reminds them of their recent purchase from you.
Categories of contacts:
- Active clients.
- Inactive clients.
- Special-buying-category clients.
- Frequent-purchasing clients.
- Larger-average-purchase clients.
- Special-industry-based clients.
- Independent sales and distributors.
- Industry trade contacts.
- Key suppliers.
- Non competitive businesses in your field (not competing directly with you).
- Businesses that sell key products or services that complement, parallel, amplify, follow, or combine with the product or services you sell.
- Key executives above or under you.
- Key influential people you know. Add more as you think of appropriate categories
Optimum Business & Personal Career Strategy
Play life to the fullest based on your lifestyle wants. Don’t be run by your business.
Know what you want from life and set goals.
- Who am I?
- What do I want?
- What are my strengths and weaknesses?
- How much money do I want?
- What does success mean to you?
Don’t live to regret your life.
Business Mindset – Conclusion
This was a lot to take in. It’s best to read it a few times through and let things sink in. You can always come back to it as a reference guide in the future when you’re considering your business mindset.
Don’t just use one strategy and sit back. Use and combine them to develop an on-going marketing strategy.
Here are some final thoughts and pointers:
- Re-focus and look at how other business’ practice in other industries.
- Be observant. Keep a note book and when you spot something write it down.
- Look at other sales copy and ads that appear regularly.
- Learn copywriting. Look at how other businesses position themselves.
- Study how sales people approach and engage you. How do you get closed? Write it down.
- Don’t reject strategies too quickly. Plan ahead.
How did you find this article? Do you already have a strong business mindset? Or could you stand to improve yours? Let us know in the comments below.