What business are you in? How's business?
I attended Business Mastery II from April 14 to 18 virtually. It was 60+ hours of amazing content in 5 days. Tony invited fantastic speakers like Jay Abraham, Keith Cunningham, Roland Fraser, Eben Pagan, Charlene Li, Jeff Cochran, etc. The topics include optimization and maximization, marketing, innovation, financial analysis, culture, value chain, and AI, etc. Compared to Business Mastery I, this was a great dive with massive value. From my personal perspective, it was well worth the $ 10K+ and 5 days’ time as an investment.
I took over 60 pages of notes. Here are my five biggest takeaways:
1. Review: Three levels of Mastery
a. Cognitive Mastery: Understand it intellectually.
b. Emotional Mastery: feel it. You link emotional consequences with the decisions and actions.
c. Physical mastery: you embody it, you become it.
Repetition – Master the fundamentals. Think about it, when you watch a movie for a second time a few years later, do you see different things, new things? Yes. (This is true. Revisiting what we have learnt always generates new learnings and knowledge)
People are rewarded in public for what they practice in private. That’s how you master something. John Wooden won 10 NCAA championships in 12 years, including 88 games without loss. The key is to get people (or yourself) to do things repeatedly and be excited about it. Mastery comes from Seeking to Repeat.
e.g. Steph Curry practices 14,000 shots every month. 500 shots a day X 7 days/week.
2. Review: Define your marketing strategy
Jay Abraham’s 3 ways to grow a business
1) Increase the number of customers (clients)
2) Increase the average transaction values (price test, upsell, etc)
3) Increase the frequency of repurchase – get more residual value out of each customer.
3 advanced ways to grow your business:
1) Enter new markets.
2) Offer a new product or expand a product line.
3) Acquire a competitor or complimentary business.
Remember: 80% of success is psychology, 20% of success is mechanics. Not everyone produces the same outcome using the same strategy.
3. All innovations come from a change in one of 5 things:
1. Product (you can build upon existing ideas and make it different)
2. Promotion (add tremendous value to clients)
3. Place
4. Price (always test the price)
5. People
4. Tony’s OOC/EMR process training
Decision Making Rules
1. All decision making must be done in writing! Not just going into your head forever.
2. Be clear about what you want (your outcome) and your purpose why
3. Remember, decisions are made on probabilities (expected outcome, it is not 100% certain).
4. All decision-makings are value clarification (what do I really want, and what do I really value)
4 steps of problem solving
1. The first thing when problem shows up, put yourself in a peak state (Uber Uber important!! Peak state leads to peak decision, lousy state leads to lousy decisions)
2. Define the current situation. Be honest, do not use softeners. Remember: There are only “opportunities”, not “problems”) Quote Michael Beckwith: Behind every problem, there is a question. Behind every question, there is an answer. Behind every answer, there is action. Behind every action, there is a way of life.
3. Get a clear vision of what you truly want (this step is very critical, people tend to focus on the negative and be clear of what they do not want, but that would only attract what they do not want because they are focusing on that, law of attraction). Positive goals, positive language are always of higher power (frequency) that goals using negative language.
4. List your available resources and any limitations or restrictions/constraints (restrictions are something I must resolve to move forward.
Tony shared his story of planning a trip for informercial, and meeting with Gorbachev and the President, without missing the important things he really valued.
6 steps of effective decision making
1. Outcomes – when capturing outcomes, must write the purpose of each outcome to be clear
2. Options – must come up with at least 3 options, there are always alternatives, be resourceful. One or two options do not really give enough choices for people to make effective decisions.
3. Consequences – both upside and downside for outcomes produced by each option.
4. Evaluate – each upside and downside with impact and probabilities, so that a weighted average score can be calculated to measure the impact of each option.
5. Mitigate – brainstorm the alternatives and options for each downside so that possible solutions can be found to mitigate the downside.
6. Resolve: make decisions and take actions.
Use templates to go through this process by hand, or use the digital version
5. Five stages of OptiMax (optimization & maximization)
1) Increase your leads and drive more traffic: get more leads.
2) Increase the effectives of your sales process.
3) Increase your sales conversion: get more clients.
4) Increase your transaction value: get more money.
5) Add more value: follow up, give more and get(receive) more.
Stage 1: Increase your leads and drive more traffic: get more leads.
1. Word of mouth, Facebook, referral, yelp, good AdWords, SEO Instagram, tradeshows, free seminars, data subscription, YouTube, Online Content Delivery System
2. Yellow pages, email lists, Angie’s list, newsjacking, flyers, direct marketing Craigslist info recitals, data mining, SMS text, sponsorship.
3. Cold calling, lead boxes, cross promotion, current client referrals, guest events, networking, radio ads, affiliate marketing, insurance companies, canvassing, meetup groups, speaking engagement, vendor referral.
4. Endorsement, friends/direct mailing, brand ambassadors. Charities, sign flippers.
5. Use some reference of someone that they are already doing well, to bring that into the areas that they are not doing well (tyranny of how), if we are obsessed with something, we will find a way.
Stage 2: Increase the effectiveness of the sales process.
1. Your website is your salesperson, create a meaningful conversation on your website, use something to grab their attention, and have a meaningful conversation. On my website, there can be a very quick test to add values to people by giving them some kind of evaluation that would help them get a better understanding of themselves. (Designing a test)
2. Have an opt-in to set another appointment for people at the end of the test.
3. 2-4 step sales process
a. Make contact.
b. Meaningful conversation
c. Set appointment/opt in
d. Appointment held/meaningful conversation had
Stage 3: Increase your sales conversion: get more clients
1. Must know the closing ratios if you want to run your business.
2. Follow up close rate? If you are not measuring it, you probably do not know what’s going on, you cannot manage something you do not measure. Referrals increases margin.
3. A person referred is 80% more likely to make a purchase.
4. Only going to keep people that I want to charge more and provide more services to.
5. Fire clients is very important to do. Fire clients that do not want to be pleased. Focus on people who have open mind and are pleasant to work with. (Tony’s example of firing bitching clients at his mastery program) Personal note: work with people who are willing to be served and pleased, refer the difficult ones to your competitors for good. Another example of a dentist firing 20% of his clients to increase the revenue, profit and pleasure of doing business with his clients. Remember, probably 20% of your clients generate 80% of your revenue.
6. Not to take shit from anyone. If you know you’ve done everything right, do not take any bullshit.
7. Also make consistent over delivery of your services.
Stage 4: Increase your transaction value: get more money
1. Change your offer, change your life (business life), understand what they desire most, once you find it, your company will grow geometrically. Personal Note: find the niche market where there are some pains from the clients that are not addressed by existing vendors, create the solutions and serve those clients.
2. Tony’s example: dividing 14 day program into 3 separate programs (wealth mastery, life mastery, DWD).
Stage 5: Add more value: follow up, give more, and get (receive) more.
1. Follow up on referrals and close on them. Professional owners must measure everything that matters. You cannot manage what you cannot measure. If you measure it more often, you are going to have better results. If you measure once every day, then you would not have a bad month.
2. Increase the frequency of their purchases. reactivation of your clients, previous clients.
3. You cannot manage what you are measuring, just working harder, being a good person is not enough.
Questions:
1. What is your irresistible offer?
2. Do we need to market to new people?
3. Do we need to bring to a place that has never been done before?
These 5 five takeaways are all from the first two days of Business Mastery II. I hope these tools and strategies can help you find ways to optimize and maximize revenue and profit for your business. If you have anything you want to discuss, feel free to comment on the post or contact me at sleemeta@gmail.com
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