Sunday, August 2, 2015

5 Marketing Lessons that I learned from Jay Abraham

"There are only two things in a business that make money - innovation and marketing. 
Everything else is cost."

- Peter Drucker

A photo of me with a replica of Jay Abraham
I attended a session with Jay Abraham, the legendary marketing guru. Some might called him the marketing wizard because of his ability to think of marketing strategies in any kind of business. While I posted some of the photos on the social media, some of my friends were asking me, "what did you learned from Jay Abraham?" 

To answer that questions, I decided to create this post so that it will benefits more people. I list down 5 most important lessons that I learn from that session.

1. Force Multiplier Effect
This is a strategies that Jay mentioned he model it from the military. Imagine you are in military, your enemy will have a certain kind of defence. It is not easy to break through that defence. But if you have a strategy to attack from multiple angle, you might have a better results.

This is what Jay means by Force Multiplier Effect. They attack the enemy from many force.
The goal is for that combined effect destroy the resistance.

2. 3 Ways to Grow Your Business
There are many strategies can be developed. But all of these strategies will fall down either into one of these categories.

i. increase the number of client
ii. Increase the average dollar per sale
iii. Increase the purchase frequency

You can think of any way of increasing these three. But if you do the math, if you increase the results on any of the three, the results that you may get is exponential. The diagram below show how it work.

3 ways to grow your business

3. Strategies to Grow Your Business
Most businesses rely on one marketing approach. Just think of what will happen if you combined a wide ray of marketing approach. How it can transform your business.

Wide Ray of Marketing Approach

Have a wide ray of marketing approach to grow you business faster.

4. The Sticking Point Solution
Jay mentioned that the top 3 reasons for stagnation from his experience are:
i. Not incorporating growth thinking into everything a business owner does.
ii. Not measuring, monitoring, comparing, or quantifying results.
iii. Not having the detailed, strategic marketing plan with specific performance growth expectations.

Jay Abraham on stage

"The main reason company does not reach their goal is they don't have any goal with a reverse engineered strategy." - Jay Abraham told the audience.

5. Create a relational marketing 
Some might said it strategic alliance, some might said joint-ventures. But what does he mean by this is to tap on other people skills, relationship and distribution channel so that it will create a win-win situation for both companies.

"Having no capital is less a problem. Having no ingenuity is the problem." - perhaps this is one of the best quote that I can record during that session.

If you are in business with no capital, think of a strategies so that you can overcome that problem.

If you find this notes useful, please do share with others so that it will benefits more people.


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