Jay Abraham Case Study #283
From: Neil Phillips
To: Jay Abraham
Sent: Thursday, July 25, 2002 1:03 PM
Well where to begin really. I first heard about Jay Abraham as I was receiving tapes from N Conant. At the time I was working for a very large American bank in the UK, I bought the tapes as I was running a part time horse racing news letter (don't ask), anyway I used a few Jay techniques to attract more clients (risk reversal, testing price and adding a back end etc) and these worked remarkably well and gave me about a 3 fold increase in subscribers.
However during this time I moved to Austria, sold on the newsletter, and to be honest forgot all about Jay until two years later when I move to Spain to work in a stock brokers. I was playing around on the internet and looked up Jays site registered there and eventually got an offer for some products which I bought at the cost of about $1000 which although seemed slightly expensive I justified as I had already earned more than that through my previous endeavors, so for me the risk was already reversed.
The usual day for me in the office involved speaking to people on the phone trying to get them interested in my service. Now the idea of phoning up people to send money to someone they don't know in a company that they might have not heard of is a difficult one no matter how well regulated the business is, so I was looking in all honesty to try and make this a little easier for me.
So I adopted a process of trying to add one new Abraham technique each week the sort of idea that Tony Robbins called "Can I", constant and never-ending improvement.
The first idea I used was to develop a formalized referral method. This was in two ways:
- First I sent a letter to all my existing clients asking if they were happy with my service. About 95% of them told me they were and that they thought that I was doing a great job for them. So I sent a letter to these people telling them that if they wanted to keep me as their broker they would have to introduce me two people of at least the same quality as themselves (I stole that line from Paddy Lund the Australian dentist). Not a single client refused this with a little sweet talking from me. Of these names there was about a sixty percent conversion over a period of months which increased my business about 110%. These people up front were told that in order to become a client of mine they would have to give me referrals with similar results. All told each tier thereafter increased my business about 60-80%, which was very nice. This alone allowed me to move in to a lovely villa with my own pool and tennis court, so I was doing well.
- The next strategy I used was the host beneficiary relationship. I contacted accountants and lawyers to ask them to introduce my service to their clients, and for each client that came on board I would pay them a percentage of the commission (some of these agreed to do this but asked me to pay money to charity, which was fine to me).
In the first 2 months I got about 10- 12 such relationships set up and these produced more leads than I could service so I started to pass my leads onto the guys in my office who were not doing anywhere as good as me under the condition that they would adhere to the agreement I had with the host and also pay me a percentage of commission earned. To cut a long story short I was keeping about five brokers in super qualified leads, each person paying me a residual income each time they traded, so the money was coming thick and fast.
Eventually I passed on my client base to another broker friend and concentrated on just setting up these relationships as I was making more money from them than on the actual broking side.
Eventually I decided that I wanted to move back to the UK so I had an NCND drawn up with the company that would pay me a reasonable percentage of the commission earned and have now moved back to the UK. Each and every month since then I have rec'd a high 5 figure sum which keeps me in style.
I am in the process of looking at buying or starting another business shortly as I need a challenge but rest assured I will be using Jays techniques again. They have been invaluable to me in my business life.
On a final note while in Spain I used to drink in a bar with a friend who was a painter and decorator and was struggling to find business. I gave him a copy of Jays book how to get etc and gave him a few pointers and sent him on his way. As it were I had an email from him recently to let me know that he had used "his bible" and now he has 5 people working for him and was looking to double that by the end of the year. So I guess it proves the ideas are universal.
NP