The lowdown: Learn how to spot new opportunities, make new profits, and succeed no matter what your business is with this Getting Everything You Can Out of All You’ve Got summary
Before we start, I have a confession.
I am a Jay Abraham fan-boy.
I have read all the books, read through all the free content on his website, and keep on top of his podcast.
In Getting Everything You Can Out of All You’ve Got, you get to look at the opportunities that your business has to grow, in even the hardest of times.
- Audible Audiobook
- Jay Abraham (Author) – Kevin Pariseau (Narrator)
- English (Publication Language)
- 06/27/2023 (Publication Date) – Blackstone Publishing (Publisher)
The three main lessons from the book are:
- Reward your customers and your salespeople
- Reverse the risk to get a competitive edge
- Money isn’t all you have, you can also trade
Lesson One: Reward your customers and your salespeople
I’m sure you have been offered an annoying upsell as a customer. I am even more sure, that you have been offered some shitty upsell from some a-hole ‘funnel-hacker’.
While upsells are effective, there are other ways to grow your business.
For example, you can offer customers loyalty programs that keep them shopping with you. Companies like Sears do this incredibly well.
You can also further motivate sales staff by increasing their take-home commission.
A lot of businesses offer a small commission on every sale, say, 10%.
This 10% kicker is supposed to motivate staff to sell more. However, if you know your numbers, you can further incentavise your sales staff.
For example, let’s pretend that you know that your average customer spends $2000 per transaction, shops with you five times a year, and stays a customer for three years. That means that on average, every new customer you bring to the business will be worth $30,000.
So, with that knowledge, rather than give sales staff 10% of all transactions, try giving them 100% of the first transaction!
I know it sounds like a large commission (and it is), but I would be willing to spend $2000 in order to get $30,000, and so should you.
Lesson Two: Reverse the risk to get a competitive edge
No matter what the relationship is, there is always a party that takes on more risk.
This is true in every friendship, business-client relationship and anything in-between. It is even true with every girl I try to convince to go out with me!
Regardless of the situation, one party has more to lose than the other.
In a business/client relationship, the trick is to put all of the risk onto you, eliminating as many barriers to purchase as possible.
You can even offer a better-than-money-back guarantee, that compensates for lost time and inconvenience.
Lesson Three: Money isn’t all you have, you can also trade
When cash flow is tight, it can seem that the walls are closing in. However, there is still plenty that you can offer.
For example, a well-placed trade can be used to leverage your business and gain an advantage.
Take a small Florida radio station’s story. The radio station couldn’t afford to pay employees. Instead of taking a loan to pay employees, they took a deal with a local hardware store to advertise for them.
The store accepted the offer for advertising space and paid 1,400 can openers. Which, in turn, the radio station sold on air.
Selling the can openers on air worked incredibly well, and the radio station eventually expanded into TV and became the home-shopping network.
So, you never know what a trade can do for your business.
My Personal Takeaway
My biggest takeaway from this book is the impact that knowing your numbers has on your business. Knowing (and tracking) your customer lifetime value can lead to finding creative ways to expand your business.
Put it into action
Discover the lifetime value of your clients.
Knowing what every new customer is worth shows you how much you can spend to acquire them.
You should consider buying this book if…
Any entrepreneur or business owner who is in a rut should read this book. There are so many strategies that you can use to exponentially grow your business.
🤙 Your Next Step… 🤙
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