15
Nightingale
presents
The Mastermind Marketing System
Welcome to Jay Abraham’s The Mastermind Marketing System. This guidebook has been created to aid you in becoming your own marketing mastermind, assisting you in developing the necessary skills and utilizing the many resources that Jay Abraham makes available to you in his outstanding new audio series, The Mastermind Marketing System. To achieve the maximum benefits from this guidebook, listen to each audio program at least once, ideally three times, and then work in your guidebook. Listening to the audio program several times allows it to sink into your subconscious as you make more and more discoveries each time that you listen.
Chapter 1: The Art and Science of Maximizing Your Business Performance
In this program Jay discusses the art and science of maximizing your business performance. He outlines five key philosophies that you need to embrace in order to make your business successful and profitable. These five key philosophies are:
I Embracing a success approach that you know is common and highly effective in one particular industry can make you a premier player in your own industry.
II All businesses have hidden assets, opportunities, and under-activities. Focusing on improving these for the same or less cost to the business will increase performance.
III There are two kinds of leverage, bad and good. Bad leverage often occurs when you unknowingly have investments or acquisitions. Good leverage focuses on the infinite upside leverage in which, by utilizing the same effort, expense, and sales force, you should and will produce far greater upside yield.
IV Your goal is to always focus on the geometry of your business, engineering activity that produces incremental growth.
V In order to gain success, you have to have engineering breakthroughs in:
a) Marketing
b) Strategy
c) Innovations
Jay then explains how you set out to create the successes that these philosophies inspire. He notes that it is key to resolve from this day forward to travel outside your chosen industry to look for these breakthroughs.
1. What is your current business, and in what areas do you feel that you are not maximizing your business performance? (PR, new acquisitions, maintaining your client-base, sales, marketing, service, product delivery and fulfillment, etc.)
2. List at least three businesses that are successful outside or your own that you could investigate for innovations that you could apply to your business.
1)
2)
3)
3. In the past, how may you have constricted or limited your:
1) Customers:
2) Products:
3) Services:
4) Frequency of re-purchases:
5) Referrals:
Jay also discusses how you need to switch from tele-vision within your limited industry to funnel vision, which opens you to other industries. He reminds you that most spend all their time doing the same thing others in their business do. These strategies have proven to be limited and compromised, making such strategists only 10 % - 20% better than their competition.
4. Jay states that it is essential that you use your current client base to hone in on your referrals
to the maximum advantage. Are you using your current clients in order to utilize your referral opportunities to the max? If not, list current clients that you could use as a referral base, in the space provided below.
Another necessary tool is the science of optimization, in which you will commit to change from products that are based in mediocrity to those of only the highest quality. Combined with this, he discusses how the optimal in performance results overcomes productivity. An example given is commercial real estate. The appraiser looks at a lot in terms of its future potential. If, for example, a house were leveled, it would be valued based on its highest and best use.
5. Regarding any marketing opportunity that arises with your business, ask yourself the
following, "What is the highest and best use of this opportunity? Expenditure? Time? Personnel? Capital? In the space provided below, list at least three of the above examples and write down some further advantages beyond your current strategies. Then make a commitment and time deadline to implement each.
One of the greatest messages that Jay punctuates in this program is what he deems the “geometry” of working on your business. He describes this concept as being involved in many different activities, combined elements that would compound growth as opposed to one particular activity. Being involved with, for example, 12 activities, you end up creating a system in which they are all working together for maximum impact, known as the “force multiplier effect” in the military. By using various attack strategies at the same time, you create a combined geometric effect and much more powerful marketing. Your goal is to outthink, out-market, and outperform your competition in several areas, such as sales, referrals, etc. He cites three existing case examples of companies that have successfully borrowed strategies from other industries:
FedEx: Borrowed the Federal Reserve Bank's clearing system model to create a much superior shipping and courier system.
Roll-on deodorant: Borrowed the ballpoint pen concept from Parker Pens.
Fiber optics industry in telecommunication: Borrowed from the aerospace industry.
6. Can you come up with at least one innovation such as the examples above that you could
borrow for your business? Describe it, in the space provided below.
Chapter 2: Optimizing Your Business
Jay discusses the importance of optimizing every element and activity that your business is involved with. You must constantly ask yourself what the highest and best use of each activity is. What is the highest and best use of this opportunity? What is the highest and best use… of the expenditure? …of this time? …of these people? …of my most precious capital? After assessing these activities, you can then comparatively evaluate the spectrum of superior performing options that are available, and then take action.
7. Ask yourself, “Are my business success activities working to their maximum?”
In the areas of:
Customer service:
Sales strategies:
Product distribution:
Marketing:
Other (list):
If not, then borrow the successful processes that others are using. Ask yourself if the reason for the systems’ not working to their maximum is due to the people or the process. If it is the people, for example, the sales representatives, then take the initiative to replace them. If you have good reps, but bad strategies, then take the time to look at other successful sales teams in other industries, then make the necessary modifications that would apply to your company.
8. How successful is your current sales force? Rate them on a scale from 1 to 10, 10 being highly effective. List their three most successful qualities and their three most unsuccessful qualities.
9. How can you improve upon their success rate, using a successful model? Describe your new strategy in detail, in the space provided below.
10. How successful are your current sales strategies? Rate them on a scale from 1 to 10, 10 being highly effective. List their three most successful qualities and their three most unsuccessful qualities.
11. How can you improve upon their success rate, using a successful model? Describe your new strategy in detail, in the space provided below.
12. Are you working all the elements of the sales initiatives to their fullest? If not, how can you?
13. Are you maximizing your new-prospect opportunities? If not, what initiatives can you take to do so?
Jay claims that the cornerstone of his success model is based on three areas of focus. They are as follows:
I Write a list of what is toxic and ineffectual in your company. Take the initiative to make the necessary changes.
II Focus on new prospects. Be sure to be in constant action toward new prospects.
III Replace the current mindset of the business to a strategy of preeminence. At this point in the competitive world of business you need more than one unique advantage so that the customer can see you as the only option.
You must constantly explore new ways of reviewing your relationship with your client. You should take the following initiatives:
I Move your relationship with your client to attaining a position as his or her most respected, authoritative counsel in your area of expertise. The relationship should resemble that of a fiduciary, like that of an accountant or lawyer. You must start to see yourself not as a commodity vendor, but as a service expert.
II Stay away from the homogenous world that pushes the client. Rather change the relationship to that where the client is under your care and protection. You are the client’s protector, adviser, and authoritative counsel.
III Start falling in love with your client over your product or staff.
14. How much do you focus your energy on the satisfaction and care of your clients (rating your success from 1 to 10, 10 being highly successful)?
15. What action steps can you take to improve your relationship with your clients? Ask yourself how much more value, education, service, and product you have to serve your client in the best possible way. List at least three ways in which you could improve your relationship, in the space provided below.
Jay lists another cornerstone of his success methodology as taking care to never again allow your business to grow incrementally. He discusses 1) Three ways to increase business and 2) the Power Parthenon Principle.
16. Jay asserts how most do business tactically rather than strategically. He states that tactical initiatives involve activity from point a to point b, which creates only incremental, linear gains. Real change, however involves a more strategic initiative in which there is a much easier, faster transformation. Review your current business practice. Is it more tactical or strategic in nature?
Chapter 3: The Three Most Powerful Ways to Increase Business
In this program Jay outlines three ways in which you can increase your business. He lists them as:
I Increase the number of clients
II Increase the size of transaction(s)
III Increase the frequency of transactions (being the number of times to repurchase)
He suggests that you optimize your current clients and discusses a concept that he calls “Compound Geometry.” He demonstrates this concept with the following example:
Compound Geometry:
ABC Company has 1,000 active clients. On average they buy $100 unit of sale 2x per year.
ABC 1,000 x $100 x 2 = $200,000 per annum
If you only resigned a 10% increase in all 3 categories (number of clients, size of transactions, frequency of transactions), you would get profound results. So you would then have the following equation: ABC 1,100 x $110 x 2.2 = $266,200 per annum
The combined geometric impact of this 10% increase in each area is 33% more revenue.
To Increase Your Client Generation: Jay suggests the three steps you should take to generate clients as being to recognize, evaluate, and then implement a strategic plan. He gives three examples of how you can generate clients.
Example 1: Attrition rate – When you have once-active clients who turn inactive, create a program to keep 50% of those clients active. So, if you have 1,000 clients, and 20% become inactive (200), by keeping 50% active you would have a 100 client loss, and therefore maintain your 10% increase (100 retained), keeping your client count at 1,100.
Example 2: Consultative Advisory Selling – When the sales staff contacts clients, they create an environment of a greater relationship between staff and clients and can have a dramatic impact on improving your client base, anywhere from 10% – 300%.
Example 3: Target – You should target to dramatically continuously improve your business and your client base.
17. What is your current attrition rate? Gi...
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