Becoming a student of the legendary Jay Abraham taught James a lot of valuable insights that helped him in his business journey.
In this quick tip, he shares the biggest takeaway he's gotten from the mentor of mentors.
What’s been my biggest learning from being a student of Jay Abraham? There is actually one. There’s one thing I’ve learned that is quite significant. I’ll give you a little bit of context about my induction.
My first awareness of Jay Abraham was in the mid-90s. I had landed myself a sales role at BMW. That was the first place I got a sales role. This was in early 1995. And Tony Robbins was coming to Australia to speak at an event. And one of the side speakers was Jay Abraham. And what they did is published some little book summaries. And one of the book summaries had a couple of anecdotes from Jay Abraham.
One was helping point-of-sale salespeople to create bundles of their goods to bundle things together. And I thought this was really relevant because I’m selling the car. So I can also sell a towbar, tinted windows, floormats, like useful things that are actually practical. Not rubbish things like paint protection, which is just a scam. Okay.
The second thing is, I started reading all the books I could find from him. I listened to audio tapes of him and Tony Robbins, I took on the lessons, I hunted down his rare works. The Mr. X Book is one of the most important books you could ever read to understand the numbers of your business. So the big fundamental thing I learned from that was lifetime customer value.
But going on further from it, what I really liked is his concept of cross-pollinating between industries. And that served me very well. Recycling a prospect list from the ones you can’t sell to your competitor, who can make a commission from it as an affiliate at least. So I learned a lot of things from him. But the deeper learnings came from later on, and this was just a few years ago, I was actually speaking to him.
I’ve helped him out with a couple of things privately in the background over the years. I’ve helped them with a podcast, I’ve helped them especially with their recurring membership subscription, and Jay was very appreciative. And what he did for me is he sent me a electronic version of his unpublished recordings from private workshops. And in there were some really good ideas around revenue share type structures.
And his advice to me was do more revenue share deals, and the reason why is, I could have done $25,000 workshops, he said, I did plenty of those $25,000 workshops. These people would pay big money and I’d have them in a room for a few days. And then they’d go. If I had done revenue share deals with them, they could have turned into 250,000 or two and a half million or 25 million over the years.
I have particularly applied the filter of revenue share deals to my business model. I have gone through the material he sent, I actually had to print it out at a copy place and it actually filled one of those boxes that you get the refill cart paper in. Like, it’s literally the size of about four or five old phone books like, if you don’t know what a phone book is it’s what we used to use to look up phone numbers. It’s pretty big. It sort of like ends up being the size of a briefcase if you stack all the notes.
So there’s a lot of stuff there. I went through it even when I was traveling to the Maldives, I would read through the transcripts on the plane with a pen. And I’ve since done plenty of revenue share deals, not just for me, but also for my clients. And it will be the subject of a book, I’m going to do a book on this topic. I have with revenue share deals with a smaller number of clients been able to eclipse my income from SilverCircle and SuperFastBusiness and I can see that trend increasing. So over time, you won’t be able to hire me as a coach in the future. You will be able to be a partner with me in your business, if there’s a slot available. That’s sort of the way that’s going.
So the biggest thing I got as a takeaway from Jay Abraham materials is, look for the leverage in recurring revenue share deals. And one of my most enjoyable podcasts was with Jay Abraham. And when I told him how I handled the exit and the situation where people stopped paying, he thought my idea was brilliant and he hadn’t heard it before, he thought that would have solved it for him, too. So that was really good feedback to get.
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