Jay Abraham Club

Continuing with my summary of Jay Abraham�s Mastermind Marketing System, this week’s contents talks about some questions every entreprenuer should ask himself of his business. This is part 8 of a 12-part series.

If you can’t paint a clear an accurate picture of where you want to go, you can’t get there.

There are a lot of different avenues to the same outcome. Define what success means to you, what you want and what you do not want. Ask yourselves these questions:

Your Goals and Vision

• What got you started? What was the reason? What’s the goal?
• What’s your true market potential?
• What is your USP and is it a consistent theme throughout all your different communications?

Your Business

• Describe completely what your business or career does.
• What were the things that initially drove your success?
• Excluding yourself, your family and your clients, Who else will benefit from your success?
• How many of your suppliers could be motivated to grow your business?
• Can you barter any of your services or assets with other companies?
• How has your products/services or methods of doing business changed since you started doing business?

Your Clients and Prospects

• What is your business philosophy with regards to your clients?
• Why did clients buy from you in the beginning?
• Why do they buy from you now?
• What primary method of generating clients do you use?
• Where do your clients come from today?
• How well connected are you with your clients on the ground?
• What do your clients really want (be very specific)?
• What are the biggest client complaints you receive and how do you resolve them?
• Do you know your client attriction rate? What can you do to reduce the problem?
• How do you currently capture prospect’s information and what do you do with them? Have you ever analysed them?
• How much is your average initial sale to a new client?
• Is there a system for you to consistently communicate with your client after the initial sale?
• Do you make consistent efforts to communicate to your clients what your company is doing for them?
• Do you have an adequate number of client testimonials in various formats?
• What does it cost you now to get a new client? If you know this and also the correlation between a prospect and a client (percentage of prospects that convert to clients), you can afford to buy leads all day long.

Your Marketing

• Which of your marketing efforts bought you the most amount in revenue?
• Do you test the various aspects of your marketing activities and processes to optimize their yield?
• What is your single and most successful marketing campaign?
• What is your biggest and best source of new business?
• In what ways do you try to upsell your clients?
• Do you need to make money on the first sale or can you just break even?
• Do you actively solicit referral business?

Your Competitors

• Who are your biggest competitors and what do they do differently from you?
• What are your competitors biggest failings?
• Do your clients buy only from you or from your competitors as well?
• Have you tried selling your lists of unconverted prospects to your competitors?
• Why are your clients buying from you and not your competitors?

Joint Ventures

• Do you have strategic joint ventures with other people?
• When you create a new client, who else have you created a new client for?

Risk Reversal

• What kind of a gurantee do you give your clients and how does it compare with your competitors?
• How many better and more effective ways could you reduce the risk of the transaction for a prospective client?

Trackback This Post | Subscribe to the comments through RSS Feed