Jay Abraham: Getting Everything You Can Out of All You've Got

 Great sales line:

"Look Mr./Mrs. Prospect. There are a thousand people you can turn to for xyz service if that's what you want. The people that do it, I know about half of them, and there very nice men and women, and I think they're very ethical, and I think they to a very fine job for what they are and what they do. But our approach, our strategy, our positioning is totally different."

Then you can get into why you're different and why your experience is better. 

There are endless opportunities out there:

There are only three fundamental ways to increase your business:

1. Increase the number of clients. 
2. Increase the average size of sale per client.
3. Increase the number of times clients return and buy again. 

Next, calculate your number of clients, figure out how much they spend on average per transaction/sale, and determine how many purchases they make in a year. 

Ex. 1,000 clients at a $100 transaction value twice a year yields 200,000. But, if you increase each three categories by 10%, you make an extra 66,000 (nearly 33% extra income)!

Increase the number of clients you have:

If you have a high customer retention rate (multiple purchases and they stay with you for many years) then you should give your salesman 100% of the profit on the initial sale instead if just 10%. This makes them increasingly motivated to bring in new customers, who will pay you back exponentially over time. 

Increase the average size of sale:

Upsells

You have a responsibility and an opportunity to introduce every client you deal with to all the alternatives they have available and help them understand what their objective is for buying your product or service in the first place. And to help them recognize that they have options they could be taking advantage of that could produce a better result than the level they'll receive from the purchase they initially intended to make. 

Risk Reversal:

Whenever two parties come together to transact business if any kind, most or all of the risk is on one party. If you ask your customers to take on all the risk, their first inclination will be not to buy. 

Stand behind your product or service and offer a fix, replacement, or refund if they aren't satisfied. 

When you take away risk for the client you lower the barrier of action and eliminate the primary obstacle to buying. 

Ex in the non-business world: you want a promotion. Go to your supervisor and offer to work the higher position for sixty to ninety days at your current salary. You can guarantee that the company will be completely satisfied and you will take on all the risk to get the results. If you worked effectively during the trial, you should get the raise and promotion. 

Henry Ford would take everyone to lunch before hiring them for an important position. If the potential employee would salt the food before tasting it, Mr. Ford wouldn't hire that person. The reason? Salting the food before tasting it indicated the person would implement a plan before testing it - ergo, no job. 

3 reasons clients stop buying:

1. They stop buying temporarily and just never get around to dealing with you again. Out of sight, out of mind. 
2. They become dissatisfied. The important thing to realize is that rarely did you intentionally offend or dissatisfy that client. 
3. Their situation has changed to the point where they think that they can no longer benefit from your product. 

Over 80% of clients all lost clients don't leave for an irreparable reason. 

50 questions that give insight into the strengths and weaknesses of your business career. 

Strategy of Preeminence - Put your clients needs always ahead of your own. 

Successful Ad Copy Examples

Lower the risk barrier by offering a better than risk free guarantee. 

You can offer to give a full refund, or you can compensate them extra for the time it took to get through the program. You can even offer to buy them your competitors product if they aren't satisfied. 

Always remember that people don't buy products and services, they buy end results. 

Host-Beneficiary Relationship:

Other companies sell your product as an affiliate to their existing customers. 

Selling and closing the host-beneficiary relationship:

What if they don't want to share their clients with you?

Referrals:

The law of consistency is such that if clients recommend you to someone else, they have committed themselves also. 

A client who comes from referrals is much less likely to price-shop or to have buyers remorse. 

Referral system template:

Attrition - the number of clients who leave or stop doing business with you 

A large portion of your inactive clients are simply forgetful people who are well-intentioned and haven't gotten around to doing business with you lately. 

Reinstating your lost clients:

Contact them sincerely and humbly. Be sure to come across as concerned for their well being. Express concern for the lack of contact and sincerely ask them if anything is wrong and whether your company made any mistakes (make sure they feel those mistakes were unintentional). Be sure to tailor an empathetic and personal response to each client. Contacting a client gives them inertia to start dealing with you again, out of the consistency principle. 

If a client is lost, send them an approach that they wouldn't expect. Be grateful for the feedback they offered by illuminating weaknesses that, when fixed, will increase your future success and income. Reward and respect them for that. 

Sales letter (email):

A good line: "We are biased in favor of our product. You'd probably like to know what users say about it, so here are some unsolicited testimonials we have received. You can have any of their addresses and phone numbers if you would like to contact them."

Bartering is a cost-effective way to trade the goods your business already has (that others need) in exchange for items your business needs, at a discount price. 

Whenever you require something right now, and the person or company you are trying to trade with doesn't need or want to avail themselves of your firm's goods or services right away, don't let the deal slip away. Offer the prospective trader this option: Tell him he can have unlimited time to take your goods or services and that he may assign the credit you are offering to anyone else he may designate. 

Bartering is especially lucrative because it is recession-proof, and it thrives during periods of tighter money where businesses would be happier to trade their products than money. 

Jay Abraham on reaching out to mentors or investors when young or inexperienced:

You've got to ask for it and be ballsy enough to articulate it, but humble enough to resonate with him. You could say something like:

I'm going to ask you something, it come off as brash, but I wouldn't be asking if it weren't important to me. It means a lot... it will probably mean more to me, but I hope it will mean a lot to you because I think [...] and you show him how their investment of time, effort, opportunity, or perspective could transform your life. 

Once you're successful (a bit of a cocky way) to reach out for a free 15-minute consultation is to say "I'll buy you $1250 of my time" for the 15 mins, because you usually charge $5000 for an hour of consulting because of your expertise. 

If an ad works, the way to check if it could be more profitable is not to redo the body. Always experiment with the headline of an ad, the first sentences of a sales letter, or the first paragraphs of a sales presentation to increase conversion rate on a moderately successful ad. In the first couple lines you have to convince the prospect of how you will solve their self serving need. Refashion the headline to emphasize and answer the "what's in it for me"