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mastermind marketing system Martin Lee on 04 Jul 2007 01:41 am

Jay Abraham’s Four Cornerstones of Business Success

Continuing from where I stopped for my discussion of Mastermind Marketing System, here are Jay Abraham’s four cornerstones of business success:

1) To maximise what you are already doing. Get rid of sub-optimal tasks and replace them with far higher performing options.

2) To multiply your success by going outside your industry, borrowing their success processess and adding them as new revenue streams and activities.

Your goal is to be first or only one to borrow and apply something in your industry that hasn’t been done before.

3) To replace the current mindset in your business with a new one called the “Strategy of Preeminence“. In the past, you only need to have a unique selling advantage over your competitors and you will dominate the industry.

In the present age of the internet, this is insufficient.

Instead, you have to be able to articulate your benefits and ability to fulfil your client’s outcome in such a way that they see you as the ONLY viable solution to the problem they have. Not only as the best one against the people in your industry, but also better than inaction or other alternative solutions to their problems.

They have to see you as their most trusted advisor in your area of expertise, and not as a seller of products or services.

You have to see yourself as a trusted professional advisor and not as a commodity vendor.

You have to start treating them as clients and not customers (Go ahead and look up the meaning of the two words in Webster’s dictionary).

Fall in love with your clients and not your product, service or company! When you do that, you will never let them buy from someone else because you know your competitors will not be able to deliver your level of service and it will not be in your client’s best interest to go to them.

You have to develop the “you” (that of your client) attitude.

Understand that people buy results. All the clients care about is “What’s in it for me?“.

4) Never again allow yourself to grow your business incrementally. There are two key elements you can work on that will ensure geometric growth.

One is called “The Three Ways to Grow a Business” and the other is called “The Power Parthenon Strategy“. These will be discussed in more details subsequently.

This concludes Jay Abraham’s four cornerstone of business success. Follow the process and they will produce dramatic growth in your business.

This is part 3 of a 12-part series on Mastermind Marketing System.

14 Responses to “Jay Abraham’s Four Cornerstones of Business Success”

  1. on 06 Jul 2007 at 12:47 pm 1.Paul said …

    Martin another great little summary.

    Personally I think the difference in approach Jay talks about in his strategy of pre-eminence is vital in today’s cynical market. As you didn’t put the definitions, basically a customer is a buyer of a commodity product or service while a client is someone under the care and protection of another.

    Isn’t that a powerful distinction? Don’t you think that buyers will notice that you are looking after their best interests and not your own. Now sometimes that means walking away from an opportunity if you don’t have a solution that is right. Sometimes it means making sure that you do what is necessary to help the clients. For example why settle for selling the book which may or may not be read but probably won’t lead to action when you can sell coaching that each week will advise, encourage, support you into taking actions that could boost your business.

  2. on 07 Jul 2007 at 9:48 am 2.Martin Lee said …

    Hi Paul,

    Thanks for providing the definitions.

    Yes, you are right.

    Sometimes, it even involves referring them to your competitors if you know they can solve their problems and you can’t.

  3. on 07 Jul 2007 at 12:49 pm 3.John B said …

    Yeah, his strategy of pre eminence distinction is huge.

    In his book, “Getting Everything You Can..”, he gave the example of a dad coming in to buy a bicycle for his son.

    You’re not selling the bike, you’re selling the experience of a son riding a bike for the first time…he’s smiling, riding down the street..”look dad! I’m really doing it!”..

    Maybe you should sell the cheaper model. Maybe you should sell a model other 9 year olds ride. Don’t just sell to sell.

    Going outside your industry is huge, it cant be underestimated. That’s where fortunes are made.

    I think a fatal flaw people make, is thinking that the deeper they go in their industry, the better they’ll be. Yet going outside your industry may provide much bigger breakthroughs. Thats a big distinction I’ve gotten listening to Jays tapes and courses.

  4. on 09 Jul 2007 at 1:12 pm 4.Martin Lee said …

    Hi John, I think the main problem is that most people (myself included) do not get exposed to other industries enough so much so that they can see connections in the blink of an eye.

    Until then, it could very well be a gradual process.

  5. on 09 Jul 2007 at 3:28 pm 5.John B said …

    Hi Martin,

    I’ve been listening to Mastermind Marketing this weekend.

    He doesn’t say it, but I think he implies that you’ll never get big breakthroughs if you only stay in your industry, its a point I’ve thought alot about. Is it really true? Should you spend any of your time doing what everyone else in your industry does?

    You could maybe be a little bit better…I see businesses all the time hang on to very small advantages over their competitors. A little bit better customer service. Or a little better in another area.

    Any opinions on this quote…

    Well, I figured out that a success process that is as common as dirt in one industry can have the power, the profitability, the pre emptiveness, meaning it can block or establish your superiority and your pre eminence of an atom bomb if you take it and other combinations from other industries and combine them, and you’re the first or the only one to unleash that hybrid on the industry that does everything the same way.

    Thanks.

  6. on 10 Jul 2007 at 12:18 am 6.Martin Lee said …

    Hi John, Jay makes a big point about going outside your industry. That’s the way to engineer marketing breakthroughs.

    However, he also mentioned 2 other things:

    1) Before we go outside the industry, we have to optimize whatever we are doing. I feel that if the current baseline is very low, it might be possible to drastically improve your results even before you go outside your industry.

    2) To look at what the top guys in our current industry are doing and to copy/adapt what they do.

    Once you have a good revenue generating process in place, I don’t think you should replace it completely with new processes from other industries.

    Rather, you add on new revenue generating process in place to what you have already. That’s how you blow your opposition off the floor.

  7. on 11 Jul 2007 at 11:26 am 7.Paul said …

    Jay is extremely keen to urge everybody to look carefully at other types of business. While we have our own products and services to sell, we all buy many different things and we receive a vast array of different marketing messages.

    We have plenty of scope to lean but it does mean that we must keep asking “why am I buying this?”, “what else have they just offered me?” “Why did I say yes or no?”

    The other way Jay encourages people to learn about different trades is by picking up the Napoleon Hill idea of Mastermind groups where like minded, similar status people can get together and discuss issues and share perspectives.

  8. on 13 Jul 2007 at 2:48 am 8.Martin Lee said …

    The mastermind group idea is something I have always heard about but yet to try out. Perhaps it’s time I did.

  9. on 24 Sep 2007 at 9:30 am 9.TA said …

    Care to share what’s been happening at the mastermind group idea U’ve tried thus far, Martin?

    How far hv U gone and what’s been working n what’s not?
    What’s a greatest satisfaction n what’s been a key challenge?

    Thanks.
    TA. 🙂

  10. on 24 Sep 2007 at 12:17 pm 10.Martin Lee said …

    Hi TA,

    I have started a small group that focuses on a particular niche in marketing. It’s still a bit too early to say how it will turn out.

    I suppose the greatest challenge is to find like minded individuals who are willing to commit to your group.

  11. on 27 Sep 2007 at 10:07 am 11.TA said …

    Thks for sharing, Martin.

    I’m from Singapore—plus a fan of both Eastern & Western culture/ business environments alike.

    May I share some thogs, IMHO..

    1. Generally Asians are more reserved towards giving. Despite a culture rich in gentleness & friendliness, even servitude to their past colonial masters..

    Getting like-minded individuals to share & contribute can be tough.
    In Asian’s pursuit for material success, the call for recipocracy is often poorly heeded. This can explain the general lack of amiable, responsive service in developed, materialistic economies like Hong Kong, Singapore etc..

    2. Also, in their fast development & growth, Asians generally can be hectic in their pace & pursuit. Work (or economic endeavours) usually get the highest priority in a person’s life.

    Simply put, people may be too busy to pause & connect & contribute.
    🙂

  12. on 27 Sep 2007 at 10:17 am 12.Martin Lee said …

    Hi TA,

    Yes, I agree. That is why it’s so important to find “like-minded” individuals.

    You will have to search hard to find committed people. Certainly there are such people around. For example, people in BNI meet once a week from 730-0900am without fail.

    When everyone gives selfishlessly, inevitably you end up gaining much more. Sometimes when sharing your ideas, you might gain new insights or others might be able to chip in to further improve it.

  13. on 04 Oct 2007 at 3:38 pm 13.TA said …

    Hi Martin, I got this in one of the eNewsletter I subscribed to.
    Hope it can be helpful to U.
    TA. 🙂

    “Ilise Benun, marketing mentor and author of Stop Pushing Me Around!, suggests that interested entrepreneurs check out these social networking sites:

    Ryze.com – With 500,000 members in 200 countries, this free networking site aims to keep people in touch worldwide. The “Entrepreneurs” network on the site has nearly 9,000 members.

    Tribe.net – Much like CraigsList, this site is city-oriented. You can use it to network with people in your own community or reach members around the country.

    LinkedIn.com -This online business community with eight million members is a great place to meet new people through existing contacts and follow-up with people you’ve just met.

    Doostang.com – This free, invitation-only “career community” is a place where you can connect with others through your friends and colleagues.”

  14. on 05 Oct 2007 at 1:18 am 14.Martin Lee said …

    Thanks TA. I’m actually in one or two of them but I don’t really utilise them much…

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