VIEWS: 5 PAGES: 8 CATEGORY: Business POSTED ON: 7/6/2011
Begin by picking just ONE of these strategies and begin by testing it. If you find it works, even marginally, you may want to consider implementing it as a master strategy or command/field strategy. If you do, I can guarantee that additional opportunities will become evident to roll out and fully exploit the advantage you have created. The success you build will be enduring and allow you to add more pillars as you progress.
Jay Abraham’s Top Ten Picks © 2003 The Abraham Group, Inc. – All Rights Reserved Jay Abraham’s Top Ten Strategy Picks Introduction Over the years, I have researched, created and applied literally hundreds of marketing strategies for my clients. These strategies have been worth billions of dollars in revenues and profits to myself, my associates and my clients. You can imagine that after 30 years in marketing that I have my favorites. Strategies I consistently rely on to massively increase your business and create a level of business momentum that is unstoppable. Outlined below are TOP TEN of my favorite and most successful strategies which you can adapt, adopt and apply to your business. I would think hard about their implications and ramifications on your business. They could be massively profitably, especially when you think strategically. You have two choices (actually only one): 1) Be impulsive, impetuous and tactical by opportunistically or randomly implementing any of these strategies. However, if you do, you relegate them to being mere tactics, and you will compromise their power to massively grow your business. You’re leaving massive amounts of money on the table. 2) Your other option is to think and implement strategically. Here you have a real choice: You can either pick the single most obvious strategy and turn it into a SUPER-strategy… An overarching concept and plan which everything else comes under. OR you can treat a strategy as a pillar under your currently existing overarching SUPER-strategy, which I call a command/field strategy. Begin by picking just ONE of these strategies and begin by testing it. If you find it works, even marginally, you may want to consider implementing it as a master strategy or command/field strategy. If you do, I can guarantee that additional opportunities will become evident to roll out and fully exploit the advantage you have created. The success you build will be enduring and allow you to add more pillars as you progress. One word of caution: Although you can, it would be foolish to implement these tactically, willy nilly, or half heartedly. Again, their power lies in their being implemented strategically, once you’ve tested and debugged the individual details. Strategy #1. The “Power Parthenon” Strategy Years ago, it used to be that any single marketing tactic of mine could propel a company to almost instantaneous success. That still can be true, although times have changed and the market has become rather impervious to mere tactically oriented efforts. -2- Jay Abraham’s Top Ten Strategy Picks That’s when I discovered the secret and power of developing a series of interconnected “sub-strategies” each connected and integrated to a single overarching theme or premise. Like pillars in the Parthenon in Greece, you want to develop and implement multiple marketing efforts which advance your company on a rock solid and calculated basis. Maybe your first pillar should be to implement a referral system (since it’s the lowest cost), and then add additional pillars such as direct mail, email campaigns, salespeople, etc. Whatever makes business, financial and marketing sense. The only conditions are that you be willing to test and re-invest some of your profits into building additional pillars to increase your marketing foundation and grow your business. In my work today, I demand that my clients not think so mono-dimensionally and begin immediately to develop their own Parthenons so that they’ll always have multiple sources of revenues which they can rely on. Strategy #2. Engineering Host Beneficiary Relationships I have been repeatedly asked over the years which of my concepts I treasure the most. If I only had to choose one, hands down I would choose Host Beneficiary and Joint Venture relationships. Why? Because they are easy to engineer, can be implemented quickly and relationships are one of the most leverageable “hidden” assets you have in your hands. However, Host Beneficiary relationships which are developed and used strategically can be much more lucrative than just opportunistically or conveniently creating a joint venture here or a relationship there. It’s leverage on top of leverage. Just take a look at the credit card industry as one of the most successful strategic uses of these types of partnerships with their mailings to their clientele. -3- Jay Abraham’s Top Ten Strategy Picks Strategy #3. The Strategy of Preeminence Although I’m honor bound not to divulge who I originally learned this strategy from, I can tell you it was from someone who dominates their industry. Their secret is simple (although it requires a long term view). Establish yourself as a leader in your industry. Structure your entire business to strategically take a stand, and advocate a certain course of action which every prospect and client should take and benefit from. Then religiously follow through. Every communication… every newsletter… every presentation… every sales meeting should reinforce the concept of the client being served at the highest levels through advocating your particular unique perspective and leadership. If you’re in the real estate industry, maybe you can offer a unique perspective on how the buyer can reduce their risk. Or if you are in software, maybe you have a conviction about the importance of project management when implementing software. Or if you are in retail, maybe you advocate that people look at buying their clothes as an investment in their success. The key to the success of the strategy of preeminence is to use it strategically, using it as an overall context for your business. The strategy demands that you are fanatical about serving your clients at the highest even level even when it may be easier or more profitable to do otherwise. I know lots of companies who have tried to implement it impetuously, only to have their efforts diffused and diluted because they were uncommitted and thinking short term. Don’t be one of those. Be one who thinks long term, and is strategically rather than tactically oriented. Strategy #4. The Sequential Integrated Marketing Strategy As I said before, in this day and age, unless you really understand your market and all the related dynamics, single shot “home run” marketing endeavors are almost doomed. To counter that phenomena, I developed a strategy of I call the “Sequential Integrated Marketing Strategy”. Right now, its my favorite. Even in my own business. Especially with the ability to exploit the power of email. -4- Jay Abraham’s Top Ten Strategy Picks This strategy is not about repeatedly assaulting your prospect into submission. It’s not about SPAM. It’s about first developing a marketing premise which you want to offer the market. Then you nurturously educate, edify and inform your target audience with a series of communiqués designed to approach the subject from a variety of different perspectives. All will have some sort of “call to action” which you offer the opportunity to get more information or to order the product. If done correctly, the prospect will feel as they are guided to buy your product with overwhelming evidence that it’s the right thing for them to do. They’ll feel that you took the time, that you care, that you are willing to go that extra mile to make sure it’s the appropriate choice for them. Strategy #5. Risk Reversal Strategy Last year, I emailed my client list and asked them to give me success stories, case studies and testimonials. I was pleasantly surprised with what I discovered. At least a third of them referenced the success they had had with risk reversal. That’s good news, but it gets better. Most of the people implemented risk reversal in response to a market demand or opportunity which they may have lost had they not tried it. BUT--- What if they implemented a risk reversal strategy on a strategic basis? What would happen if they implemented risk reversal as a corporate policy or as part of their USP? I’ll tell you what: They would have a decided advantage in the marketplace. Strategy #6. Referrals Building your business using referrals is the lowest cost way, most reliable way to get clients. And the clients you get will not require a long sales cycle and will usually stay with you longer. The challenge is again, business owners do not understand the power of developing a overarching strategy for acquiring high quality referrals. Developing and integrating a referral mechanism, so that they can continuously rely on companies and people becoming high qualities clients in the future. But if they did, you can only imagine the amount of business which would be transacted… for years to come. -5- Jay Abraham’s Top Ten Strategy Picks Strategy #7. Educating The Customer Nearly every component and strategy has an underlying theme: To educate the customer why buying from you is the best choice. I’m not just talking about features and functionality. I’m also talking about reason why they should buy, the benefits derived, previous client testimonials and case studies, evaluations and assessments, sources of more information, etc. Many business owners and entrepreneurs think that educating the client should only be done if there are objections to a sale. They don’t want the prospect to know too much else they lose the sale. I have a different take: I say tell them as much as you can afford to. I would create books, white papers, special reports, information nights, seminars and all sorts of other avenues for the prospect to become educated. Strategy #8. Position Yourself as The Expert People want to work with people who know what they are doing. They appreciate competence and professionalism. To take advantage concept strategically, you must become an authority/expert in your industry. You must unhedgingly offer your viewpoints and perspectives and information to people in a public forum. You can do that using several methods: 1) Have a book published 2) Write a column in an industry journal or local magazine 3) Give speeches at associations and industry events 4) Get interviewed 5) Develop a newsletter or e-zine or website offering your information and perspective Admittedly, this may take some time to build momentum. This is definitely a long term strategy. But the rewards and profits can be profound. Strategy #9. Core Story My colleague Chet Holmes has a great strategy which he calls Core Story. -6- Jay Abraham’s Top Ten Strategy Picks In essence, you develop an extremely educational presentation (i.e. story) related to your product and industry. It’s loaded with very relevant facts, figures, statistics, and other information designed to evoke a “Wow, I didn’t know that!” from a prospect. If done well, this presentation indirectly shows where a prospect is vulnerable or in pain. Where he/she has an unidentified need. Then the remainder of the presentation is designed to show how that need can be filled using the products and services of the company. I’m not doing the strategy justice with this brief overview, but I can tell you that the clients which have implemented this strategy have seen tremendous results. The key is implementing it throughout the entire company. Strategy #10. Celebrity & Expert Endorsements Most people think securing celebrity or expert endorsements is difficult or requiring huge amounts of money. Depending upon the circumstances, that may or may not be true, but the fact is--- They are one of the most effective strategies for marketing success. Those companies who fully exploit celebrities do so by integrating their image and testimonial into everything they do. People like Nike even develop personalized products based upon them. People even set up separate companies with full lines of products to promote them. This kind of thinking is very strategic. And very effective. You can do this too. Summary You should begin immediately to adopt the perspective that thinking strategically is one the most powerful assets you have at your command. Especially when 95% of all businesses either can’t, won’t or don’t know how to. “Think strategically” should become your mantra in business. A way for your to garner and achieve all the success, growth, revenue and profits you desire. Now if you have a challenge thinking strategically or if you want to become better at it, you owe yourself a call to Carl Turner at 1(888)818-8878 or (310)944-9106. Or email him at email@example.com. Our Strategy Home Study Course will reorient your mindset and give you the specific direction you need to be strategically successful. -7- Jay Abraham’s Top Ten Strategy Picks Lastly, regardless of which strategy you implement, I urge you adopt a more strategic mindset. I believe it may be one of your remaining competitive advantages in today’s competitive business. -8-
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