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How to grow your business with leverage
Marketing expert Jay Abraham on explosive, sustainable business growth
We are unlocking the vaults to bring you exclusive, in-depth conversations between Tony and outstanding achievers and impressive innovators. These dynamic individuals are not just experts in their respective fields – they are pioneers. They are charting new territory and breaking new ground. And their insights, ideas and drive shape the world we live in.
Each episode will include a wealth of powerful ideas and strategies that you can use immediately to increase income, influence others more effectively, advance your career, enhance your personal relationships, improve your health, eliminate fears and experience more joy and fulfillment in your life.
In this two-part episode, you will hear an exciting discussion between Tony and marketing expert and business consultant Jay Abraham and learn how a few strategies can dramatically increase your income. Listen to what Jay has to say about a company’s intangible assets, how to create upside leverage and how changing an opening premise can lead to massive shifts in a business. Be sure to listen to part two of the podcast for more.
Who is Jay Abraham?
Known as “The 21.7 Billion Dollar Man,” Jay Abraham has helped over 10,000 businesses and practicing professionals in 1,000 industries to dramatically boost their revenue and profits. Jay has also been recognized by Forbes magazine as one of the Top 5 Executive Coaches in the country, and conducted more than 150 high-level seminars around the world.
Jay Abraham’s net worth, which includes over $20 million in consulting fees alone, is proof enough that he’s a marketing genius. Many of the core concepts that he’s used over the years to build his reputation coincide with Tony’s own beliefs.
At Tony’s Business Mastery event, attendees answer three questions:
- What business are you in?
- How’s business?
- And how do you improve business?
The third question is where Jay’s expertise lies. Ultimately, Jay says he teaches business owners “to have a lot more fun gaining a competitive advantage over others in their industry.”
Creating raving fan customers
Jay encourages his clients to analyze the lifetime net worth of their customers to determine how much to spend on marketing. When you put effort into creating raving fan customers, not only does their net worth increase, but they also end up doing much of the selling for you. When you look at how much revenue a single long-term customer can generate, you’ll view the money and effort you put into marketing to them from a much different perspective.
Discovering your competitive advantage
Just like Jay Abraham, Tony understands the power of having a competitive advantage over others in your industry so you can be the disruptor, not the disrupted. Once you know what your advantage is, Jay suggests using it to craft an opening premise that shows what your customers or prospects will gain from doing business with you. Your opening premise could be the verbiage on an ad, the message you send out via social media or even the first lines your salespeople use when contacting prospects.
Achieving explosive growth
Jay and Tony believe that most businesses have the potential for sustainable, explosive growth, but that most people never realize their business’ true potential. When you understand what it takes to harness your intangible assets and capitalize on your marketing efforts, you can discover how to grow your business while still staying true to your core values and creating a positive organizational culture.
Getting a better ROI
Harnessing your assets is key to how to grow your business. This means knowing how to turn your fixed costs into greater results so you can get a better return on your investment. Even small changes make a big difference over time. Remember, entrepreneurs don’t take more risk; they seek ways to take less risk, more intelligently.
In the podcast, Jay takes you through a step-by-step system for using the power of leverage to grow your business. All you have to do is “identify, analyze and replace underperforming aspects of selling, marketing, advertising operations with alternatives that perform better.” But how? The answer is strategic innovation.
Expanding your possibilities
Jay explains that most business owners have “funnel vision.” They’re experts, but all they know is how their own industry operates. He relates innovation to travel: you need to get outside your comfort zone and see new ways of doing things so that you have a broader selection of possibilities. This also works for personal growth. You have resources within yourself that you can deploy, like time and creativity. You just need to shift your mindset so that you can see the possibilities.
Building your pillars
Jay explains that most businesses fail because they are diving boards – they have one post holding the board. They’re dependent on it to generate business. If that pillar stops being effective, the business fails. Successful businesses are systematically built on multiple pillars. They have a current strategy, but they also have alternatives. And they never do anything that doesn’t produce a profitable outcome.
So what are you doing – in business and in life – that you’re not getting enough leverage out of? Listen to the podcast to learn about the dynamics that impact your business and how to measure them. Then learn more about Jay Abraham or visit his website for more.
Jay Abraham Show Notes
[5:45] Intangible assets that business owners must leverage
[11:50] Analyzing, measuring and replacing underperforming aspects
[14:00] First impressions and first statements
[17:40] The lifetime value of a customer
[20:00] Incentivizing employees
[20:45] Ingenuity to find new points of leverage
[22:00] Jay’s experience turning “Icy Hot” around
[26:30] The power of one small shift
[27:50] Three ways to grow a business exponentially
[33:40] What stops people from optimization
[40:00] The value you bring to a customer
[43:00] Measuring, quantifying and improving your processes
[48:10] Why most businesses fail
[50:00] Building pillars that will support your business
[57:00] Providing comfort for your customer can bring in more revenue