We’ve had the pleasure of sharing Grant Cardone and Daymond John’s biggest takeaways from this extra challenging year. Now it’s Jay Abraham’s turn to enlighten us with what he’s learned in 2020 and what he will be taking from this year into 2021.
“I lost many millions. It was heartbreaking for about a day. And then you realize nobody cares. So you might as well, you know, shift. I don’t like the word pivot because I think it’s been beaten up, but I think you have to find a new way of thinking. That’s all”. Jay Abraham.
Who is Jay Abraham?
Jay is America’s highest-paid marketing consultant. He worked with Entrepreneur Magazine and multiplied their revenue back when nobody knew what an entrepreneur was. He’s been through six or seven tough economic cycles and therefore has experience and wisdom to help all kinds of entrepreneurs. But he acknowledges, this year has been profound.
If you want to hear more from Jay, check out the last episode we shared with him from the beginning of the Covid-19 Pandemic (Part 1).
Thanks so much for joining us for this podcast episode. Be sure to hit that Subscribe button on ApplePodcasts, so you never miss a thing. We usually share a snack-size show on Mondays and an interview on Wednesdays. We appreciate your support and thank you for sharing the show with your business-minded friends.
- How thinking bigger can lead you to a bigger market.
“There’s all these markets that you don’t think of that are not defined as the market you would normally target, but there are subsets in any market. And when you start looking at that, it opens up all kinds of business.” Jay Abraham.
Three Key Questions To Think Bigger And Identify Opportunity
1. Who has my market?
2. How many ways can I reach the market?
3. How can I move fixed costs to variable?
- Why Jay believes it doesn’t matter what the market is doing.
“So, I mean, in all honesty, my kind of business has always flourished in adversity. I’ve been through six, seven downturns? Nothing as profound as this. And I have been trained to see opportunity in adversity. And so I’ve been able to methodically go to people, calm them down, and show them two or three things. One, it doesn’t really matter if the market’s flat or even dropping. As long as there’s a market, there’s an opportunity.” Jay Abraham.
• The opportunity that many entrepreneurs miss when limiting their marketing to digital/online strategies and forget traditional media (and how this helped a client go from 40 million to 140 million-plus this year).
Plus, Windows Of Opportunity In A Covid Economy (In his words).
- Collaboration. “If you guys and girls are all oriented towards affiliate programs, there’s a much bigger world of collaboration, endorsement, joint venture packaging, co-branding, just all kinds of stuff, that dwarfs where affiliate is. If you understand it, there’ll never be as wide a window open of companies, Influencers, organizations, not-for-profits, all kinds of media platforms, bloggers, podcasters – who are open and receptive to collaboration and joint venture performance-based opportunities. You just have to be a student enough to know how to identify, position, and then structure it. And most importantly, you shouldn’t waste the opportunity. You should have something with high viability because if you set it up for yourself, once you do that, then you can turn that into a distribution channel. You can put all kinds of other people’s stuff down, and now you have an asset play that can be very long lived”. Jay Abraham.
- Buying Businesses For No Money Down. “Many, many companies are on the ropes. They are just getting by, or they’re not getting by. And they’re just depleting capital. If you can identify who they are (See Roland Frasier’s Epic Challenge) you can acquire them for no money down and pay out of the proceeds. The risk is almost nothing”. Jay Abraham.
- A Win-Win Strategy with Newly-Unemployed High-Level professionals. “Now these people were used to making $200-$300,000 a year, now making a thousand dollars or less a week, struggling, stressed out…You can find them on LinkedIn, and you can go to them. They have these relationships that are ‘sunk costs.’ You can go to them, and if you can win their trust, introduce you instantly to maybe 20, 30 people you would never get access to at that level in a lifetime of credibility, and you give them some kind of a variable for closed deals. You can go crazy.” Jay Abraham.
- Access To A Brilliant SalesForce. “There’s tons of salespeople who have been put out of work or are compromised because either the company consolidated, or the product they were selling was not as viable during COVID. They’re sitting around! Jay Abraham.
And so much more…
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