Redondo Beach 2023 — Day 2, with Sam Woods and Dr Barnard

Jay Abraham · 2023-05-04 · 4 h 25 min · the recording

Transcribed by machine from the recording. Names and a few spellings may be imperfect; the timestamps mark where each passage begins in the recording.

0:01:12Check, check, check, and can you give me a room check on this mic? Check, check, check. One, two, one, two. Hey, all those people on Zoom World, is this mic coming through? Do you hear me? Check, check. All right. Well, welcome back. We're gathering back in the room. We're probably going to do we got the paddles out. So we have a heartbeat and we'll be starting in a little bit, doing a little review. But if all of you could write down a couple of your takeaways, what is what, what's on your list? What is the top three items on your list? What do you want to take action on? And if you happen to have one of those items that you're like, you know, I don't know if this is a good idea, a bad idea, I'm confused about it. Capture that as well, because maybe someone in this room or in Zoom can help you out and get clarity on one of the points that you're thinking, is it a good idea for me to invest, you know, a million dollars on this crazy ad idea that hasn't been tested? And everyone in here is gonna be like, no, there's a free option. So, all right, I'm glad you guys can hear me. Any guesses on what slide we're on?

0:02:52We were at 206 at the end of the day yesterday. So it's gonna be over that. 356, 356, somebody, come on. All right, that is impressive. Yep, yep, yeah, yeah, yeah. 356, yeah, spot on, relational capital. Yeah, there you go. So Alex is thinking about possibly making referrals a condition of doing business. and is nervous about it. Yeah, and Alex, just so you know, when you say that it's a condition of doing business with you, you don't have to eliminate the people that come to you other ways. You can just say, most of our clients come to us from referrals. And so we are looking for a way to make that all of our clients so that we don't have to invest so much in marketing. and we can pass on those savings to you. So here's a yes and from Scott. You know, believe it or not, a lot of people don't know how to give referrals. So one of the things that you can do is teach people what they got to do to give a referral. You can program people. So like there's a million places you could put your programming.

0:04:23If you have a phone tree, when people call into your office, you can literally set up a line that says, if you're a referral, press three. If you're a referral, do this. You can, and if somebody doesn't know, you can literally give them a script of like, what do I say if I'm going to give a referral? Or how do I know that my people are going to be taken care of? So, you know, if I introduce somebody, I'm putting my relationship on the line too, to an extent. So I want to make sure that I'm getting taken care of and doing everything I can to prepare that relationship. So I might say, hey, Brian, here's what you got to do to give a referral, fill out this form, put your name in it, and put the person's phone number in. So if you can go with your team or meet with your team and say, Hey, I got a brainstorm for you, what we want to do is we want to come up with more referrals, but we want to give somebody a condition to do it. So just, I'm going to crowdsource this in the room for in your industry, your service, if we were going to brainstorm and we're at Scott Co say, how can we help people get more referrals? What do they need to know to do it? I love Scott Co too. My favorite bald company. Sure. So Robert Anderson said, you're going to tell them to

0:05:38refer a type of person, somebody who likes Scott and likes tacos. Yeah, absolutely. Identify the type of client being looked for. Good. Brian, you want to man the chat for a second and see if they're doing some yes hands. Denny, great to meet you. Absolutely. You can you can give them something. I'm going to recap for the for the crowd. If it's a live face to face meeting like this, I can actually hand you something and say, Hey, here's how you give a referral. Here's a QR code. here's a hotline. So a direct inward dial phone number, like some people refer to them as DID, a DID number or direct inward dial. You could literally set up a DID number specifically for referrals. And just say, hey, look, since you're a referral, you're gonna get the concierge desk and you could train somebody to answer the phone and say, concierge desk, this is for a specifically referral who referred you. Yeah, yeah, good. So let me add it for the crowd who's watching on online, that sometimes people need to hear the story.

0:07:19So you could tell the story of why they came on board, how they came on board, what their process was, what they achieved, what they gained. So we all love stories, especially if they deal with sunsets in Tahiti. Pre-rewarding referrals, good. Oh, that's a good question. So, okay, so this is an on-ramp for you. If you have somebody who can offer a premium for your service, it could be an extra, you could go to them and say, I know that I have your client. What would you like to donate to them in order for me to give a gift to give an introduction? So I want to make sure everybody caught that. I got like some looks. Okay. Yeah, I can. So I got Scottco and I do accounting services. And I know that somebody wants to get a laptop. And that's a common thing that they're going to buy, because that's my buyer. I could go to a laptop company and say, I want to give a gift to somebody who does business with me to introduce them to you, what are you willing to give? Right? So you're, you're delivering some sort of benefit to open up that relationship, but it could be a gift to go to them. Hi, my name is Scott, I love cologne, like not just any cologne, I like Tom Ford Creed, Mason Francis, Kurgicon, I like all the stuff that you don't see at the

0:08:43grocery store or Walmart, that's me, right? So KB does cologne, KB would say, Hey, I know that Scott does high end cologne, maybe he wants a case to carry it in to go on a trip or maybe some small vials. And he knows a distributor, he can get them to gift that to me as an introduction. That could be a premium that somebody gives in order to start the conversation. Real life example for me, by the way. Always accepting the Creed, Mason Francis, Kurgikon, right, some Tom Ford, some Louis, some ozone. Oh, Roger is pretty good too. I like that stuff. So like the one of the most important processes, when when when you're doing sales is the first couple of minutes to set the expectations. So I found through a lot of testing that like in the first two or three minutes is is when lower level sales people and I don't mean that in a bad way, but when they're selling a lower level product, lower cost, have the most amount of attention from the buyer. So you could slip some language in and say, hey, it's very nice to meet you. Welcome to Scott Co. You know, that's the place for bald guys who love tacos and cologne. And Aloha shirts. Yeah, I'll take that too. You know, one of the cool things is, I really like is that most of my clients come

0:10:12from referrals. And if you want to know more about that, we can talk about it in a bit. And then I would say, hey, remember earlier, like 20 minutes, 30 minutes later, remember earlier we talked about referrals. This is how this happens. So you can introduce a story in the beginning by like one or two words or one or two sentences. It doesn't have to be the full blown conversation. And then to come back and go, hey, remember earlier we had talked about X, Y, and Z. Remember earlier we had talked about referrals and how to use them? That's one way to introduce it into the conversation. So you have things like bone trees, you have literature. You could type like success stories from our referrals and then they could give you a testimonial just an area of your content just from referrals. They answer your question, Brian? we're looking for an echo on the sound here on the Zoom side, just so you know. Making this, okay, there's a reason why we're talking about referrals. If you remember that when we went around the room, there was millions of dollars of referral strategies. When Scott and I work with people, some of the lowest hanging fruit and easiest to implement and fastest to get results is referrals. So it's so powerful, it's so easy,

0:11:32And it's, and I think we lost this mic. So welcome back. We're gonna get Jay mic'd up here. And Jay, do you wanna go back into relational capital or should we go on into something? Okay. All right. So are there any strategies that people have implemented to get a great referral that they'd like to share an insight in doing it? Anybody who have a story to tell about how they've done it? Okay, Brian, I'm ready. Okay. Nevermind. We're going. Guys, here's what we're gonna do. Find it. Wonder where I can get. Don't watch from there. Well, good. Thank you. I gotta put my peppermint on. Great. That's perfect. Hold on. Turn your head. You don't wanna watch this. I can give you a play by play. When you do something for, I've done peppermint for so many years that if I don't do it strong, it has no effect.

0:13:10It'll probably sneeze like mad. Okay. Did you guys have a great lunch? Good. What is sneeze now? Maybe. All right. We're winding in the last two or three segments. I want to finish this. Pardon the voice, because this has made me more money and my clients. I'll tell you a story, but I am good about ready to maybe sneeze. Does that help? Well, I'd say I'm going to sneeze. One more. If I could arrive, I could be neurotic. It'd be funny if I could figure out one more. Maybe one more. Maybe one more. And one more. It is one more. No, yeah. Okay, maybe that's it. Wow. Okay. Thank you. Sorry about that. Okay, I think so. Okay. So, one more story. Did I tell you the story about my broker client and strategic alliance? No. Making sure I don't sneeze again because I might. This is stronger. This was a different bottle. It's stronger. Whoo. All right. So, in 1978, nine, 80, something like that. I had this broker that I helped, gold broker, I think I took a little bit about it. I don't know if I told you how we did it. So, very cool. They were selling gold. There's lots of ways you can buy gold. You can buy it. Spot, you can buy it. Commodities. They were selling gold bullion for physical delivery. Pardon my voice. That

0:15:10means you buy it, it gets shipped to your house or your bank or whatever. And when I met them, they were running ads like everybody else in the Wall Street Journal and all the financial publications. And they were doing not very well. And in analyzing the real market at the time, it worked. It was conservative investors, relatively wealthy people who literally had had the desire because they believed it was a hedge against inflation and Disruption and they were a lot of free market Oriented people so I said, where are they and done this started my whole journey they were the financial newsletters that I already had a relationship and a connection to so I went to a ton of them and I made my client the recommended provider and And a lot of people today do what's called an affiliate program you probably all have heard of that. And that's so superficial and veneer compared to what I used to do what I used to do and it's pretty cool. I would go to the newsletter we make a deal where we were the recommended provider. I interpreted and I executed and I manifest that to be, when you subscribe, you would get in your new member kit a another collection of materials and guides we prepared. And they were interviews with prominent economists,

0:16:46advisors, authors, including, believe it or not, ones that did not believe in gold because we wanted it to be balanced. We wanted them to be very balanced. Number two, quarterly, I would pay the hard cost of doing a quarterly special edition newsletter all about gold, silver, rare coins. We would write it, we would give it to them and give them editorial rights. Number three, we would create at every couple of months on a regional basis, events. Am I doing something wrong? No, I just wanna get a good angle. Oh. Hello, everybody. We would do events that were literally, literally extravaganza as we get an iconic expert, an author. We would be speaking about the head of the brokerage and the head of the newsletter. We'd pay for everything. If it was financially profitable, we'd give them all the money because we made tons of money. When their mailing piece stopped working, Because most of these people were happy to break even, but when it lost a little bit of money, they didn't have the foresight to understand the back end. We would literally looking at Desiree with your bag. Desiree, what's in your bag? Stop, it's like she's, like a bag lady. We would, when it stopped working, I would fix it. I would fix the headline, the offer,

0:18:15the risk reversal, the bonus, and make it stronger than we would pay. And we would get first monies back. If it exceeded break even, we would split. When we could not make it work anymore, I would repurpose it. Now to explain this, I'll give you a little lesson in newsletter promotion. There's only a couple of ways you promote a newsletter. You promote it based on the performance of the person that writes it, the editor. You promote it based on the topic, gold, gold stocks, money market investments, mutual funds, whatever was popular back then. Or you promote it based on the bonus. And most of it is bonus based. And the newsletter is almost the appendage because the bonus, the newsletter is not instant gratification, the bonus is. Bonus is okay, you get this bonus, you're gonna make the 25 things you can invest in today that had the promise of tripling in the next year. And we'll give you all those and more over the time. So the over the time is a deferred gratification, the bonus is the real. So we would take all of the promotions that were bonus, predicated, that had bonuses as the theme, and when it stopped working for the newsletter, I would repurpose it as a lead generator for our gold clients, because it was more exciting

0:19:47than trying to get him to buy gold. Because, and I would, so we would just sort of the concept, this is gross of the slaughterhouse that figures anything they can do, including the bones of the pig or the cow, it's a mindset. I'm not trying to be vulgar, but there's a big difference in that kind of a mindset over just doing superficial stuff. And if I can teach you anything, it's to look at how to really optimize everything, including if you can do a strategic alliance, you have to realize this, most partnerships don't work out. And the reason they don't work out is too full. Mostly you give the onus of execution and articulation and communication to the other side. It is never as important to the other side it is to you. Second, you don't know how to really optimize. So if you have a chance to get anyone to partner with you, the first thing you do is say, let's look at the totality of impact factors, leverage points, access vehicles they have to their audience. Maybe they have a platform, Maybe they have a webinar, excuse me, maybe they have a easy, maybe they have a podcast, maybe they, whatever they have, you want to first of all say, how many cumulative ways can I optimize the partnership on a sequential basis?

0:21:23And then, and this is very important, you create integrated communications, marketing, introduction, video, interviews, webinars that integrate and reach people from all the vantage points. Now I'm going to make a semi ADD intervention and go rogue on myself. I know what I'm doing, but it's this. I have to tell a story because it has relevancy and frankly, I don't know where it fits in what I'm saying, but if I don't share this with you, it's shameful. One second. I think he's watching. a dentist that you know that he and I have together. We had three, but we consolidated him into one big mastermind. Now that's the good news. The bad news is he's wanted a mastermind and couldn't quite figure out how to do it. I sat down and created and I can't, Desiree says it's nine. I thought it was 12, doesn't really matter. Sequential emails that were totally different, totally different. Each one came at the facet of a mastermind from a different vantage point. And we sent it about every three or four days in cycle and then we redid it. And we got almost a hundred people at $25,000 doing that but he was struggling getting any. Now I've got to give you the basics. I just told you the story out of context.

0:22:56And usually when I tell that story, it is I gave it to you as backwards. Let me give it to you the forward way. It's a historic thing. So when I did IC hot, most of our revenue came from performance-based profit sharing deals with medium. We paid for a very few amount of things. One of the things we paid for was the national inquiry because it had our audience. Today it's a piece of whatever. It was always a piece of whatever but it had 14 million people at its peak and that was our audience. It was our audience 50 to 75. And we would run a full page ad every week. And it was back then. Well, it doesn't matter. On today's dollars, it was about $300,000. It was expensive. And we would always have our control is the most successful vehicle you've got ad, email, mailing, whatever it is. Your control is currently the most successful. So whatever our control was, was what we would run that week. But we always were testing alternatives in very inexpensive media to see if we could beat our control. That's what you want to do. You get baseline, you want to raise it. Baseline, you want to raise it. One week we accidentally ran two full page totally different ads in the the National Choir. So it's $600,000 in today's dollars. And

0:24:24we freaked out because you need me for something? What are you doing? I yeah, I like it better that way. Don't ask why, but I would prefer it over here. Okay, I'm not. I just like things to my right, because I look to the right moral. Anyhow, back at the ranch, this is profound, even though I'm having fun with you and my voice is gone, because Ryan did it. I don't know how he did it, but he did it. Why'd you do it, Brian? Jesus. Okay, so two separate full page ads run, totally different. We freak out, we think they're going to neutralize each other. But what happened, which was remarkable, was if one added x and were scared shitless, excuse my, that the second one would do such a nominal amount, it would be almost wasteful, it didn't. If one is x and the most you could expect would be 2x, we got something like 4x. I was fascinated. But for some idiotic reason, I didn't pick up on that until about 15 years later. So now I'm doing a promotion, Nightingale, Conant, spent a lot of money on a very expensive program of mine, and we tested about seven or eight mailing pieces totally different. Three of them worked, but it was very expensive, so they didn't pull a lot, but it was very profitable, and I'm giving

0:25:57you my recollection, maybe off, but the essence is what I want you to learn. The essence is very important. One pulled, let's call it 2.1 percent, one pulled 1.9 percent, one pulled 1.2 percent. All were profit. So the default belief that most people have is you go with the highest performer, the 2.1. But I remembered this and I said, well, why don't we do this? Let's start with the 2.1 and let's go right behind it with the 1.9. That was totally different because I started thinking A lot of people are, there's a number of different psychologies in a market. One is that people buy right away or they are turned off right away. So that's one. The second is they're intrigued, but they aren't sold yet. The third is they are open-minded, but they have no opinion because the approach you took didn't rock their boat. He turns them off, you get some that are good, you got people that are receptive, but not over, and they got people that are neutral. Well, I thought, well, if you send a different approach to the same people that articulates and addresses the issue from a totally different impact point, hot buttons, that should be really cool. really cool. They did not believe it. They were unwilling to do it. So I said I would indemnify or

0:27:30pay. It didn't matter to me for the 1.9 million that they would go behind the 2.1. So if it was great, it would be, if it all worked, then you would get 2.1 and 1.9, which is 4.0. Are you with me. But it did like eight. Now, I should have learned that long ago, but then I forgot it again. But with Dr. Garg, I created all these different approaches and they were the key because I approached them from such a CAT scan, MRI vantage point. So what's the lesson? The lesson is most people, but it's particularly people who have funnels, whatever a funnel means to you, or a farming where you just migrate. They send the same message out over and over again with a little different beginning. I'm saying that's wrong. You want every communication to address it from, like, well, we did it on the camaraderie. We did it on the income. We did it on the value of the practice. We did it on how much better it was to stop doing drilling and filling. We did it on the historic significant of masterminds and all the prominent people that did it. We did it on the things you, I mean, I did it on so many different facets that it was that submit Dorothy. And I think there's a great lesson and then we would recycle it again. And you'd think, oh, that's too much.

0:29:01It's only too much if they stop responding. And there is documentation that, I don't remember what it is today. It's 20 or some touches to get people to respond to high ticket. And most people do one touch or no touches and any multiple touches are all the same message. So I keep saying the same thing and you reject it the first time, you can argue, well, I'm gonna just, I'm gonna overwhelm you with the same message, but I'm suggesting why do that if there's so many different ways you can come at it to where the person that is potentially receptive but hasn't really been moved by the first point of view gets more moved by the second or the third and it's a very powerful concept. and I got tangential, but when I was telling you about the brokerage company, if you set up a partnership, the big flaw is you either default to the other side who doesn't really know what to do and they do like, I hate the word like, it's very common that somebody will say, okay, I want you to promote this and they'll say, okay, I'm going to. And it is very much akin, you know the story of the general who needs reinforcements because he's getting annihilated and he tells his lieutenant to go back to headquarters and tell them and by the time it gets there,

0:30:22the whole story is totally different. It's like we need cheese sandwiches or something. It's that terrible. Well, when you make deals with other people and they say, yes, you're assuming assumption, they understand exactly what you're saying and you're assuming assumption, they're going to execute the way and half the time they don't even do it the way they say half the time they'll put a little appendage in their email and half the time it'll never go out when it's supposed to. And it just, you have no control. You have to control your destiny. And when you have a chance to access a gold mine of opportunity, again, it's yours to lose, but you have to take authoritative control. When I am working with people oftentimes, if they are people that are sensitive, I will purposely overwrite stuff so they'll have the ability to take things out because I want them to feel invested. But I will never, ever let anyone do it their way because their way usually is a tepid, neutered, ineffective. And if I go to the effort of getting them to say yes, now I should go back for a minute because I said something yesterday, and I need to talk about it today, maybe a little bit today as well. When you're trying to get testimonials, endorsements, successive stories, the majority of people say, are thrilled just to get it. Whereas for one more, I'm a great believer in the one more step can make all the difference, that you can frame for somebody what they say.

0:32:07left to their own devices. Most people in a very well-intended way give you laudatory abstraction. And it's nice, but what people resonate with more is specifics before, after, dollars, emotionality, and you have to help them know that. You can create templates if you're interviewing them ahead of time. You can walk them through and you can do two things. You can interview them and ask them, well, what was it like before? What do you mean? Well, you know, how good was your practice doing? Well, we had, you know, 25 patients a day. Oh, great, how many do you have now? 120. So am I hearing that you have to program it? You said now you have basically 400 plus percent growth? Is that what you're saying? Oh, I never thought about it that way. Oh, yes, I am. Oh, and what's the average case? Well, what do you mean? Well, what was it before? No, what do you think it was approximately? Well, maybe $300, what is it now? Well, I don't know. What do you think it is approximately 600? Wow, so you're saying the average case size double and you help program people so that when they do a video or when they do something, now they know what they, you help them appreciate you even more by getting them to recognize and then you translate the abstraction they're saying

0:33:31because they don't really think that way. It's very powerful. And then you help them understand the emotion. Well, before, did you have control? What do you mean? Well, just did you have control? Did you feel when you came in and everything was sort of working well and you had control and everybody was on the same page? Well, no. So you're saying that you felt like your practice was not working well for you? Oh, what about now? And then you get them, you program them into what you want and you get testimonials and success stories and endorsements. I mean, I actually have got, we have this reel that's unbelievable. Maybe some of you saw it. I got Tony Robbins three or four times on it. Damon Anthony Scarabucci, Dr. Bernard. I've got the number one person in the world in Six Sigma. I've got Russell Brunson. I got Jeff Walker, all these people in digital marketing. I got Ryan Dies and Roland Frazier, who's my partner sent me a lousy one and I wrote, I just called and said, that's terrible, do it over. I said, that doesn't help me, you didn't stand up. Here's what I want. Because if you made enough of an impact on somebody and they're grateful, they shouldn't resent you asking them to make it better. You really shouldn't because understand

0:34:56What is the purpose? The true purpose, if you understand psychology, what's the purpose of a testimonial or an endorsement? Do you think it's to help make you money? It's to help make people you can benefit, open and receptive to really get that benefit. Somebody who gives you an endorsement or a testimonial or a success story, if you help them realize it, is not doing it for you. They're doing it for other people. They're doing it to help people believe that you can help. They're doing it to help people believe you are superior. And when you help the people you ask to endorse or give you a testimony, understand it's not for me. I may be a beneficiary, but that's secondary to what you really should be doing this for. That changes the construct tremendously. I'm gonna give you some very sophisticated psychology and strategy, and it works, but you have to believe it. Back to the PowerPoint. How many people are on right now on the Zoom? Now, this is interesting when you had 350 people who were entitled. What do you think they're doing right now? Watching reruns of Oprah? You think they're striving and trying to get divine intervention to figure out how to grow their business.

0:36:36Maybe so. Okay. Where did we stop? Extends, next one, please. Widen the scope of innovation. You can be so much more innovation with partners who have much more marketing or distribution or selling or management or negotiating. All these skills that you may or may not have, and if you have more than they, flip it. You can secure a position as a front runner in your market, anyone you address overnight. You can provide marketing, selling, or have someone else provide marketing or selling for you. You can get someone else who's got salespeople, who's got distributors, who've got partners, who've got access to all kinds of relationships you don't. You can provide marketing, selling, I've said that. You can easily establish purchasing supply relationships. I mean, okay, I got another thing. It's a true story. So the first time I negotiated one of those inserts with the newsletters that I told you about, I was coming back from a divorce. So my economic stature was not at peak. And it was gonna cost to do the printing. It was very inexpensive, but some of these things were $20,000 a week. And so when I made the deal, I would make it with these newsletters that were fierce negotiators and it's contrary to what I'm teaching you to be preeminent but nevertheless, they were fierce negotiators who made amazing deals with their printers including 90 day terms and,

0:38:17and I would say, oh and I'll just, I'll just buy and I will just use your same printer and I'll pay the same way. And so I got access to 90-day terms. I'm getting money every week. I didn't have to pay for anything for 90 days, and I got best of all nations because these newsletters would spend just a pot full of time trying to hammer down all their printers. So there's all kinds of things you can do that are very interesting, and I'm not advocating taking advantage, but I'm advocating positively taking advantage. You can set up instant distribution that works all over the world. I said that next. You can capitalize on all kinds of hidden assets, overlooked opportunities, underperforming activity. We have a document that goes to this, and it's about 30 pages, and it's a planning guide, and I'll give them all to all of you. And it's just a mind jogger. It says, who's got this? Who's got that? What's this? Who's got this and doesn't use it? It gives you all kinds of ways that I don't have time to get into. But you've got an idea of what somebody else's hidden assets, overlooked opportunities are. I mean, I've gone to people and showed them that by giving me their product gratis to be a bonus or a front end, they would

0:39:36get either names that I would get a piece of or just give to them if it wasn't big enough. And that was cheaper than their marketing. Let me give you another story. And again, I don't know how it'll apply to you, but it's pretty true. It's not pretty true. I mean, which is pretty cool. Sorry, at the end of it, I haven't done one of these for a year and a half, so I get tired. So we had at one of our seminars a really interesting restaurant group. And they had very successful restaurants in rural areas, small cities, and they were going to, as I recall, Boston to open their first one. And it was a little different market. And they only opened it, let's call it on one quadrant. I don't know what Boston is like, sliced and diced, but let's say one quadrant. That was interesting, but we realized they had a $500,000 marketing budget, which sounds like a lot to some of you, but it's not a lot in Boston, and you'd be wasting three quarters because you'd be reaching everybody everywhere, whether it was radio or newspaper, and they only had one part. I don't think it was south, northeast, west, doesn't matter. And so I looked at it, I came up with a totally different point of view. I said, well, what if we take that budget? How much food at food cost would that buy?

0:40:54500,000. It was like two and a half million dollars. What if we do this? What if we hire four or five nice looking men or women, and we give them the title of assistant manager, and we go up and down every area of your new market territory. We find everybody who is an influencer. And by the way, influencers can be anybody. It can certainly be the banker, but it can be the nail salon, it can be the doctor, the dentist. And what if we have these assistant managers introduce themselves and say, I'm the assistant manager for whatever the restaurant was called. And you may or may not know that we either are opening soon or we're open. And we want you to be one of our loyal clients. And we know it's probably only a matter are talking before you'll do it, but we don't want to wait. So we would like to be the one that initiates. We would like to buy you and any other guest partner you want your choice of lunch or dinner for two. And it includes everything, but God bless you. You're doing peppermint too. It includes everything except tax and drinks, not alcohol. And what if we have a beautiful, not just like a business car, but something beautiful that has a perception of value, it's a certificate. And you say, we're going to buy you that

0:42:24and we encourage you to come. And they liked it and we did it. And to shorten the story, we spent about $100,000 and they got to a $5 million run rate very quick. There's just a different way of looking at using assets and resources. And I'm telling you not that you have a restaurant, not you're gonna do that, but I'm showing you just to constantly think, wow, wow, wow. Okay, you can make much higher returns. ROIs return on investment, ROEs return on effort, on alliances, than from the main core business. You can keep focused on your own core business while expanding and exploiting and artisan. Most of us, we wanna grow a lot. We don't have the infrastructure, we don't have the management, we don't have the talent, but you can plug in other people and get it. Somebody asked me one true story. What is your management philosophy? And I laughed and I said, I can't manage with this shit. My philosophy is find somebody with a huge overhead with a lot of alligators biting to feed that I can leverage off of and help feed their overhead and get half of the revenue. That's my management philosophy. And I don't wanna deal with people. I don't want salaries. I don't want management. I don't want to try to hire and motivate talent.

0:43:42I want to leverage off of somebody else's. You can keep focused on your own queries of that. It lets you maximize and multiply and stretch the same thing I said, your management, your talent, your economic, technical and operational resources. Next, almost done with this. You can outsource every non-core competency. Everything you don't have greatness at, you can find somebody else either as a provider that you partner with on a revenue share or another company that has it. Reduce your overhead through shared costs, lower pricing and outsourcing. And that's only if you can't get them to do it strictly on performance. I mean, think about it, you can have an office tomorrow somewhere in the best office building or the best retail location and not put up a penny and do it without any build out, without any lease, without first and last, without having to pay over all the other things. It's a growth and expansion mindset. You're capitalizing on the goodwill and entities created over years and at a cost of millions, tens of millions, hundreds of millions. There are lots of different kinds of alliances and it's only limited to your vision what you can think. You can flip business opportunities. You can control like the flea market and flip it.

0:45:07like the the advertiser in Australia and flip it next. You can do equities and all kinds of strategic partnerships. So a lot of entrepreneurs don't want partners. They don't like partners, and they don't want to give away equity. But you can do something very cool. You can give somebody equity in a revenue stream that they create for you. And if you decided to sell the business, then you convert that equity on some kind of a of a formulaic that pro rats the either the revenue or the profit to them on a on a fractional basis, but you don't have to give you can give people and for some reason, I'll give you one more interesting thing. If anybody ever uses commission salespeople and had the trouble hiring them. Let me give you, remember I talked about Mazda and it was all about semantics. So I'll give you a semantic based idea. Instead of running ads that say commission salespeople wanted, you run ads that say partners wanted, no investment necessary, will train, you know, get a permanent interest in all the revenue streams you create. It's no different than a commissioned salesperson that gets an ongoing share, is it? But everybody wants to be a partner in a business. Everybody thinks, well, I just have the money, but I just gave you a whole new construct

0:46:41that works because I've done it all over the world. Isn't that interesting? Fun. You can totally reinvent business opportunities. You can access production that you could never afford because there's always going to be somebody somewhere who's got access production. can access delivery. Oh, this was pretty cool. Forgot. So years ago, it's not as applicable now because of consolidation. But years ago, and I go back, I'll tell you two things we did that are hilarious. And we did all these. Years ago, there were many more independent medical labs that would do blood work and urine analysis. And they would always go and pick it up. And it was very time critical to get it back to the lab, but they'd go out dead before they'd pick it up. And I was always trying to figure out how to optimize that more. And then at the same time before FedEx and all that, there were a lot of delivery services. And the delivery services had a lot of overhead. They had salary drivers, they had trucks, they had insurance, they had dispatchers, they had all these things. But so did the medical people who were going out empty to pick up stuff. So we made deals with a bunch of services where they were able to eliminate 90 percent of their

0:48:04fixed overhead and use our facilities and we split the profits for anybody that didn't need the package delivered rapidly. That did something else like that that was totally different. I have the distinction, although I don't know if anybody would know that, I was one of the first people that figured out that an HVAC company, a heating air conditioning company, could lose money on a whatever you want to call it, a winterizing or summarizing or whatever you want to call it at $19 and make out like a bandit because the statistical probability is one out of every X needs $1,000 worth of repair. So I created one of the first ones in Dallas and we killed it when we did it. This is way, way back on 25 years ago. But we had so much business and the guy was afraid to add any more salaried people, trucks, or equipment. But we had plenty of business, more we could handle. So I said, well, let's do something. Let's find somebody ethical who doesn't have too much business. And we found two and we gave their people our shirts and we put our and we put our magnetic signs on their trucks and we gave them an override. And we just, so I mean, I've been able to use this kind of ingenuity in more ways than you can imagine.

0:49:24And there's no reason within the realm of your world you can't do it too. And I've laid it out for you in very illustrative, metaphoric examples, storytelling, case study is how everyone should learn and how it should be real. I have not lied about one thing. I may have not given you the exact dynamic because I got so many, I can't remember, but the essence of every story I told you is true. Everyone, either I or somebody else did and there's no reason you can't do your interpretation. Next, let's see what's next on our PowerPoint. Okay, what were your idea? We don't understand. The world is your oyster. Okay, next. Let's see what this looks like. Is this? Yeah, we'll do this. So I, this is old. There's seven forms of other people's resources, other people's money, time, work, experience, ideas, distribution, clients. I'll put some of this up for you on a private thing. Capital return, other people's intangible resources, their assets and associations, things they've acquired, their advertising. I mean, we have people that will buy, I'd go to somebody and say, you can buy ads better than we can, why don't you buy them and we'll give you, oh, one more story, true story. I told you about the, and you can still hear me, it's all over the place.

0:50:42It's called Wesley Financial. they're the largest timeshare cancellation company. And he was doing about 35 and he's doing 140 not just because I was able to get him this, this arbitrage, this ability to buy standby media at AD off. I had that ability in something else. Many years ago, there was a psychiatrist before our world became very enlightened. He was a really sophisticated guy and he created a newsletter called sex over 40. It was not nasty. It was really trying to help people over 40 have better sex. And he had an ad that was not inflammatory. It was full page. He'd run on the front page of sections in the newspapers. My newspapers were very, very, very prominent. And he would pay regular rate and he would break even. He made money on renewals and other products and services, including therapies that he and his team did. And I met him and I realized that I could buy that same media for 80% off. And then if he was breaking even at 25 or $50,000 a page and I could buy it for 5,000 or 10,000 and I could get him to agree to give me the revenue that came in, because he just wanted the subscriber. I could make out like a bandit and I did and I did. And I also got to keep the names. He got the names too, but I got all the names

0:52:07for everyone who's having bad sex. So there's that. What do you do with that? I did figure something I always can figure something just somewhere in the world there's some way to monetize it. You know, I'm not going to tell you. But I will tell you something hilarious. My work is so varied. I did a legal brothel in Australia once they came to one of our 25,000 and I didn't know it was a little shocking and I also did. Anybody, anybody here in, into martial arts, raise your hand. I did the Shaolin Temple in China, you know what that is. You know, it's where they change kung fu and everything and they have 10,000 students when you go there and I did, I did there, I did a consult with them for their, their, their nursery school that they had offices, they had facilities all over China, all through translation. So you can get a capital return on other people's intangible assets, associations, acquisitions, their advertising, their associations, their expertise, their buying power. You can be their back end, their front end. You can use them for bonuses. Next, you can get a capital return on their financial credibility. I don't know what catalysts mean. We had somebody make lists in this once. Their connections, their, I don't know what those,

0:53:38Some of these don't make any sense. Next. So these are all alphabetical. So let me go through their databases, energy. Let's not do this. We did a deal one time where I gave a reward to people and come up with the most list. And if somebody gave us this list and I haven't looked at it, now it's really silly. Let's get rid of it. Go next. Okay. We got too much ground to cover. No, you don't need this. Okay. Let's see what power part. This might be extraneous too, but let's look at it. Go ahead. So, partner perishes in philosophy. You can't do it on your own. If the big corporations, 20, 30, 40% of them are doing it, if the numbers are screaming, I should have brought it because when I did this thing at Tony's, we didn't even use all the data, but all this data that was amazing about how impactful it was on people's bottom line. And I said, if Microsoft gets 80% of their revenue for one of their key profits sources from partnerships. Maybe it's good enough for you. Maybe, next, keep going. This might be just useless. Okay, I've told most of these stories, but I'll tell just the ones. So Tony Robbins, sort of interesting. He got started and he was already doing it, but he wasn't very big. Then he made a deal with Guthie Ranker.

0:55:04Guthie Ranker had a relationship with Fran Tarkin and Fran Tarkin at the time, was a three-time Super Bowl quarterback, Hall of Fame. He was on three or four TV shows. He was very, very popular. He lent his full credibility to Tony. And that's, and Tony had the deal of a lifetime. His deal with Guthrie Ranker, he paid nothing for the infomercials. He got the names as did Guthrie Ranker, but they had no way, they didn't have anything to do with it. And Tony had all his back ends. He built all this back end on the other rankers, capital, their relationships, and their money. A colonial pen I already told you about, John Rittery told you about ICI, I think I already told you about those next. So let's see, okay. Okay, now we're gonna talk about bartering, just because it's intellectually hilarious. Go ahead. So when you do bartering, if you have anything that you have in excess, anything you can create at will that has a high margin and desirability, anything that is prized by other people, you can exchange it for things you need or want in your business or your personal life. And if you don't need or want anything, but it has value, you can exchange it for things you can cash convert. So let's take me. Let's say I have a day this month

0:56:29that I really have no need for and it's available. Let's say I trade somebody a day for a, give them a deal. I get a $100,000 car that I don't want. So it's worth a hundred grand. I put it in the paper, whatever it is, $80,000. Sales like that. So I just made 80 grand for something that I wasn't gonna even do anyhow. So you cash convert. Okay, you save on expenditures. You increase your total sales. You pay, you can pay costs with soft dollars. You can go to people and trade them services, products for things you would normally pay for in your business. You can print barter's script. Sheraton hotels for years would trade credit in the form of script, like money that could be used at any of the Sheraton's and they would give it to you in exchange for advertising or other things they would get. And they knew that they would get what they wanted right now and they would give you three, four years to use the script and most people wouldn't use all of it. And when they used it two years from today, it was worth less than when. So you couldn't get a, you could, a non-interest loan is one thing, but a discount on a loan is even something else and you're not gonna get it anywhere else but this and it's a very interesting mindset.

0:57:52You get enormous terms. There's breakage, which you don't take advantage of. I've traded more credit to people who didn't use it. And I beg them to use it, but they'll use some of it. There's break-ins, they just, you know, barter is very, there's something about it that's exciting. It's sort of a little bit insidious. It's something you would never do. And I've traded with people that would never spend money with me. And I would get things that I wanted or get things I could trade or get things that, you know, and it's hilarious. I had a call with somebody in this really great resort town and they were talking about something and Rob, our salesperson, was saying he wanted to go somewhere. And I said, I'll tell you what, I'll give you this worth 30,000 if you'll give Rob two first class, two coach, three coach tickets and put him up at a nice hotel on the beach. It was about 10 grand, but I gave him something that cost me zero. It's a link to a recording, but it has a value of 30 grand, but it cost me a and I got Rob a vacation and he's thrilled. And it was fun, it took me, what's that? Next, cash conversion, I just told you, create a bar to profit center, I told you I did it with the car dealers, cash out experiential without losing regular business.

0:59:12I mean, if you have discount that you can't sell, most people cut costs on it. If instead you don't cut costs, you trade it for something at full margin. And if you have something that's hard, I don't mean hard, like difficult, I mean solid, you can trade it at a multiple for a car dealer. So here's a concept. I don't know what their margins are today. I should, because I've got a couple of dealers I've counseled recently, but let's say their margins are 15%. So if they had a $50,000 car to make it easier, 15%, they would make $7,500, right? Is that right? But let's say there's something they are gonna write a check for for $50,000, But instead they trade their $50,000 car that has a 15% margin, two to one, they get a hundred thousand dollars of that other thing. They just got double their margin, didn't they? And they save the cash. And as I said, we had a lot of them that would lease the car to somebody and only pay for it at the end. So we'd even get more leverage on it. We get terms that were unimaginable, 48 month terms. Think about it. And we would take the option to buy it back if the residual was lower than the value. Interesting. I'm hoping you're starting to think a little differently. And I do this all day long. It's so much fun. You cash out gay recycle dollars. Palm Springs

1:00:55Visitor's Bureau did something really hilarious. They would, you know what visitors, they have all these visits, all these merchants that would put money into a fund to promote Palm Springs. And most of the visitors bureaus would just spend it on advertising or whatever. But what they did, they would go to media, magazines, national TV, and they'd say, we want you to run ads, and we will give you credit, but it has to be spent in Palm Springs. So the money cycled right back in. So, I mean, I'm just there's so many stockholder benefits you give rewards to stockholders, partners, employees with barter in the new in the In the I was in the one of the few things I did that was modestly fixed compensation I was in the radio business for a year and a half, and they would trade for cars they would trade with restaurants so you could take people out they would trade for clothes that all the sales managers would wear, they would trade for everything because it cost them nothing. It was just a spot that was available, zero, zero. Now I'll tell you another thing they did, which was interesting and you could do this too. So they were a middle of the road radio station, meaning they would reach people approximately 45 to 60.

1:02:18And back when I was doing it, people like Frank Sinatra were alive and they were very popular. And if they came to town in Indianapolis, they would be one of the promotions. We had a very disciplined sales arrangement where everybody had to be in a meeting at eight o'clock and at five o'clock every day, every day. And at eight o'clock, you had to tell the sales manager what you're gonna do, how you're gonna do it, where you're gonna do it. And then at five, you had to tell them what you did and how it did. And it made people very, very, very high performing. But on a Friday night, if Frank Sinatra was performing that night, at five or six, the sales manager would end up giving everybody front row tickets to the concert to give away. Now, that's cool, but at the last minute, trying to give away something very valuable is difficult. So in other words, Keith, if I said, I've got tickets that the Concord still existed on the Concord, if you can get on it, it's leaving in six hours from New York, But if you can get on it, I got first class tickets and I've also got front row tickets at a concert that is one of a kind and I want to give them to you. I could try to give it to a hundred people before anyone would take it.

1:03:31I'd have good will from everybody and it wasn't being manipulative. Interesting. I've learned from masters really next. Jay, can I ask you a question on that? No. Yeah, what's your question? Just want to clarify. So they would call and try to give away the tickets, and that was where the good will came from? Yes, but I've done a swing spin on it. Somebody does a seminar, a very expensive seminar. It's an interesting topic. You go to them and say, I want to record it and do a transcription of it, and I'll give you a little amount for it. And I want to use it and give it away as a bonus. To a market, you're not going to reach. Or you say, I want to buy tickets at the last minute for my people at $0.10 on the dollar, but I only want to pay you for the ones that redeem it. I can give you more, I want 100 different ways to do it. For angulation is where you trade what you've got for something somebody else has that's, let's say what you've got somebody doesn't want, but they want something else, and the something else you can trade what you got for to get that. It's a little complex, but it's called triangulation. And you can do it all day long if you understand it. And I'm not suggesting anybody, Barter. I'm suggesting when I learned Barter,

1:04:59it transformed my mental acuity. I got this creativity and this possibility and this infinite way of looking at connectivity that transformed and transcended Barter. It helped inspire everything I ever did. And it was pretty amazing. Next, that sounds so bad. Next. Okay, let's take a moment for, so before I tell you, which I'm gonna tell you some of our services, but let's go around the room really quickly. And even though you did with Scott and Brian, let's take a deep breath. And what's the new distinction you have? I wanna hear one new distinction that has come from me coming back after my shots with my ass sore, but my brain inspired. And I want to hear what you got. One thing, just one thing that you think is profound. And it can be what I said or something that emanated from it. I don't really care. No, I want to start at one place. And just a minute, don't raise your hand. Everyone's got to have an insight. Everyone's got an insight. Just put it somewhere. Trangulation. Okay. Other preeminent people in the same field but aren't competitive. Yep, good. So there's a lot that I have written. I'm trying to get one here. Right, one. Okay, it is just what you just gave, the whole idea of giving away something that brings good will on being able to have value seen,

1:06:33even if they can't take advantage of it. Okay, I like that. Next. Barter in general. It's so much fun. And if you've never exercised your creativity, you should, because you don't realize how wonderful that muscle is when you give it a chance to grow. Next. Jay, we worked one-on-one last year. I remember that, of course. It was a lot of focus on JVs and partnerships. And one of the things that you learned me there was really that it takes a lot of effort in doing the work for your potential partner. So writing the emails, rethinking the whole structure, really make it very easy for them. And now I just realized that there's a lot of partnership that I have on the table that I need to pick up that work for them and put in the effort because otherwise it just won't work, need to do all the work and put in the effort. So that was a great insight. Great. In two weeks, we're going to a live event in Toronto in our industry. So partnering with all other non-competitive businesses that are there and maybe getting some tickets to give away to our clients. I love that, very cool, yay. I really like the idea of your ads coming from a different angle, like their emails coming from a different angle of each one. I think that's a great idea for when you're doing

1:08:06like a sales promotion or something. Something different is gonna appeal to different people. I love that, next. Go to my strategic partners list and monetize it and give them a percentage of the revenue generated from it. Very, very good. Next. I would say one of the things that popped out to me was you don't have sales peoples, you have partners and partners feel like they're part of something. And since we've been talking about they're hitching your wagon to your company, that's what you want them to be as your partner. So that'll produce better for you and create permanent income streams for them. I love that. Thank you. We're a member of an association that has industry partners and I want to try, I want to go after the industry partners cause they're selling to our exact clients and then setting up as much as I wanted to, because we were originally doing it at trade shows and we haven't really had a trade show in a couple of years, but now I already know who the industry partners are, what they're doing, but really start to market both their services back to our clients and return for them marketing our services to our perfect clients. Very good. All right. I like the practicing preeminence internally as well as externally and elevating your team and making sure they understand and that their input is being heard as well.

1:09:24I love that next. I'll latch on to what hoop said because I never ever thought that once I had these strategic alliances set up that I would actually have to step in and do the work for them, I thought it was going to be the other way around so that is a complete 180 degree. Mindset shift. I appreciate that. And also the fact, Jay, again, you mentioned you can pre program, I don't necessarily find that that word is perhaps people that you give them you speak about numbers, you interview them, how has your business changed. How have what has been the percentage and growth so that you provide them a template of things that they can give, again, complete. You broke in the ice. I love it. For me, I don't have a people problem. I have a system problem. I don't have a robust system of training that I am reinvesting in on a continuous basis. So that's something that I have to really touch on. For me, it's partnering with other products that are in my similar field, like a rug company or something like that, a furniture company that doesn't do what I do. I think that could be very powerful. Thank you. Okay. I've been struggling with trying to find more opportunities where we don't have to go further geographically

1:10:49because if I make the guys travel any further, they're going to kill me. Like they might literally kill me. I understand. So by looking at who do we part, what are the subcontractors that we could partner with and grow their business and our business, the idea of united against a common enemy. There's a lot of enemies out there in construction. So I think we could grow without having to go. How many people work for you? It varies but the height would be probably around 100. And do you have a lot of salespeople too? No. That's really good though. I like that. Thank you. For me it was the idea that you don't have to open up an office in another state from scratch. I can probably just find another professional in the same area and then have him allow me to put up a sign and then even have his secretarians my phone and then I thought that was really great. I love it. That's great. All right. The purpose of testimonial and checkpoints for testimonial I am going to create for myself, my business, as well as my clients also that how to go about that. That is number one. Number two, joint ventures, JVs are possible in every area of the things so that I would be teaching them, you know which are the other areas they should be exploring for joint venture or partnerships.

1:12:09These two things I love it very good I like the idea of asking who referred them to us on the leads inbound leads and if they have been referred then we can reach out and thank whoever referred them to us but if they have not been referred then we can prime the pump to set them up very cool referral source I love it all right thank you and from the chat we have Get testimonials for the benefit of future clients. The restaurant in Boston Story, Salesforce as partners, bartering at seminars. Say you charge XXX for a day one-on-one. Also offer them to do it in a group and even more, and then a self-recording afterwards for the group session. Love that. Struck by the concept of building referral culture for all clients of all businesses. Use of different marketing messages and emails to different kinds of people, layering strategies, really, really liking the reminder that it's not just one thing, it's not linear, it's growth as you layer. Also love Jay's example of different offers for seminars, gaps, and must think creatively in different industries, exponential. Very good, okay. I have one question and then I want you to take a break and then I'll tell you about stuff we do and some of you might be appealed

1:13:37or it might be appealing, you might not. Who here has many salespeople working for them? Anybody? One, two, three, four. Okay, so let me give you a spin which I didn't explain and maybe even the ones that don't can use some variation. Remember I talked about how Deming talked about All the people in a factory doing this, they're doing lots of things, same thing applies to salespeople. And I did this originally with a client of mine that had 400 salespeople, it was a radio chain. Years ago, I traded $2 million of advertising for me helping a radio station for a year. It was hilarious. I did some seminars for their advertisers. I gave them gifts to give their advertisers. I did vignettes. And I got, I had, I think I got 60,000 60 second commercials that I can use on any station I wanted. And one of my books came out and we, and they were one of these groups that had stations in all the secondary markets. So I was the number one bestseller and the tri cities in Michigan. I was the number one and I think Des Moines. I was the number one and, you know, in Rapid City, Iowa, it was pretty funny. But here's the concept, and I'll use the radio station just because it's an easy example. So if you have a lot of people doing the same thing,

1:15:08the assumption from a company is they all possess omnipotence, they are all good at everything, and they are not, they are not. And what I would do, and I'll use the radio station as an example, when you're selling radio, there are many different things you have to do. If your station is not well rated, you have to be able to compensate against other better rated stations. It can be very well rated but different than other media, TV, back then magazine. You have different things to sell and the radio business that used to be, I don't know anymore, drive time was the best, midday was second best, nighttime was last, midnight was worthless. You would sell packages, you would sell sports. Another distinction, you would sell different industries. Another distinction, you would sell to agencies or direct, and sometimes you had to sell to both. And some people were much better at securing accounts and not as good at keeping them. Some were better at opening accounts and not good at keeping them. Some were better at keeping them and not good at opening them. Some were better at certain things. And I would look at who's better at what. And it's always the 80-20. And we'd see how much better they were. And let's say out of 400 salespeople,

1:16:2620% are much better at opening accounts, 20% are better at keeping 10% or better at car dealers, some are better at selling packages. We figured out what they did better and we teach everybody, first of all, those things. But if somebody was so over the top, if you're five times better than anybody else selling car dealers and you have one car dealer in your territory, that makes no sense. We make you the car dealer specialist. Likewise, in the car business, I got them to start doing something very logical. Anybody ever been a car salesperson or in the car business? Not that you want to, but okay, I'm in it. I like it. It's very interesting. It's very sophisticated, cool business and the people are very bright entrepreneurs. But if you've been in it, you know what I'm about to say. The process, when everybody walks in, the next person, next person, they're called an up. And that's a phrase which I don't like, but it means a prospect. And if it's a democracy, they will give it to the next salesperson, and the next salesperson, and the next salesperson. But here's a flaw in logic. If you're better at selling a truck buyer, and I'm better at it's selling a first-time buyer and you're better at selling the top of the line

1:17:42but you get what you're not good at, then that's inefficient, isn't it? So I got my guys to not be democratized and say, okay, we're gonna allocate whatever this scenario is to the person who's many times better at selling. What is that? Okay, whew, that's the first thing. Second, this is a true story and you'll like it from your background. So I had an influence on a guy that had the most profitable Mercedes dealership in all of the United States. They sold it to AutoNation. And he came to one of my programs and he did one thing that made him literally an extra $170,000 a month. And you'll laugh when I tell you this, but you will appreciate this. So FNI stands for finance and insurance. You buy the car, you think you're done, then they send you there and you spend another $4,000 on a package It's only $20 more a month for 48 months, right? Wow, and they made $2,000 on. So when he learned what I said, he started looking at the performance of his F&I managers and he had two. He had one that worked days and one that worked evenings and weekends. But the daytime guy got more of the business than the weekend guys, but he'd never looked at. The daytime guy was averaging something like $1,800 of profit and the weekend guy

1:19:02was doing something like three. So just by shifting their shifts, he added 175 grand more to his business. Isn't that interesting? I mean, there's a lot of things like that. Now one more thing, and now it's commonplace, but I introduced this, I have the number one, I don't do as much with him right now because COVID, there were no cars to sell, but I have the number one Honda Acura dealer, definitely in the country, maybe in the world, in New York and they're called Paragon Honda. And I taught the guy 25 years ago when nobody was doing it, I said, well, when somebody's in service, isn't that the perfect time to sell them something? Two different ways. If you know the car is great, you can give them a good offer. And if it's not great, they're going to have a huge bill you can give them a good offer. And he started experimenting and it turned out it was perfect. And then it got really good during COVID when interest rates because you can take them out of a used car and put them into a new one for the same or less of a, and the guys start making a million dollars gross profit every month with seven people in service. He had seven salespeople in service. Isn't that interesting? But see, it's different thinking.

1:20:15Okay, take a 10 minute break and I'll tell you all about our services and then we're gonna come to the second to the last part of this and it'll be fine. Okay, but come back in 10 minutes. I feel like the colors, kids that have no shoes, I may never get around to telling you about our services. This man is arguably one of the brightest guys I've met who understands AI chat GPT as it applies to advertising. I met him with Rich Sheffrin, a very good friend of mine, and I was blown away. And then I had the very fortuitous good fortune of seeing him again at a very large and very impressive advertising conclave with a friend of mine in Connecticut two weeks ago. And we interrupted his schedule and he's agreed to give us a half hour. His name is Sam Woods. He's got an agency, but he is so bright and I won't do him service and justice. So I'm gonna just say, I'm very impressed with him. Sam, we have about a hundred people all total here virtually watching this and I'm gonna take whatever you do. with your permission, I'll disseminate it to my audiences, but rather, and everyone, I'll tell you all about me when this is over and we'll do this, but this is so wonderful.

1:21:52However much time we've got, I was vividly impacted and thought about what he shared the last time I was exposed to him. I thought about it for about four hours. So Sam, if you're there, thank you, I'm grateful. Good to be here Jay, thanks for having me. And we've got a half hour that is all yours. Why don't I just say, take it away, okay? Well, there is so much to talk about and is there anything in particular that would be helpful for everyone? Any particular focus? Here's the thing. I am so good on strategy, business model, macro marketing and I don't do anything in digital world and I have not even talked about it. So you can talk about anything, everything. You've got not the kind of people that were at Brian's. These are mostly diverse entrepreneurs, okay? And their range will be a million dollars to probably a hundred million dollars, okay? With a skew smaller, all right? That makes sense. Okay. So hi everyone, I'm Sam Woods. It is good to see you all. I see little heads on my screen, but I trust that you're there. I can see you guys smiling. I thank you, Jay, for having me. I'm always down to talk to you and your friends and who you work with. So just to give people a quick background, so you know where I'm coming from and this on context,

1:23:14I'll only spend a few seconds on it. I've had a marketing agency where we focus on conversion rate optimization primarily, and I've had it for about 10 years. We got into machine learning and artificial intelligence, if we wanna call it that, back in 2015, 2016 on the data side and the data analytics. And so we've used different machine learning tools for crunching data, numbers, all that stuff to figure out where there are opportunities. And in about 2019, what's now referred to as generative AI, which is chat GPT, mid-journey stable diffusion and other tools like it, came onto this scene in the form of GPT-2. And it was a pretty basic text generator. You gave it an input and it gave you text back. And in 2020, GPT-3 came out, which was still, even if you look back, it was probably the biggest jump in capabilities because when chat GPT came out last year in November, it used GPT-3 as the basis, right? So the leap from two to three was huge. And for the first time, and there were other tools like it, similar tools, not as good, but for the first time, we could give it input in the form of prompts in a little window. and it gave us text back that made sense, that was clear and that could be used in which way you wanted to use it.

1:24:47So for us, we use it for marketing and copywriting and creating marketing assets with it, but I've experimented with it and so have hundreds and thousands and probably millions of others where I also had it write books and poetry and all kinds of text. So chat TPT comes out last year and then that just made it all go mainstream. It existed for years before, but that was the trigger point to go mainstream. And so now I have nieces and nephews who use it and I have kids are using it. And my grandma uses it funny enough for recipes of all kinds of stuff. So it hit the mainstream. But as a tool for business and marketing, it is pretty good. And specifically, what makes it good is that you can now interact with technology through natural language. It used to be that we had to learn how to code or learn how to do complicated stuff with software. And the more you knew about it, the better, the more easily you could make something happen. And so we've interacted with tech on tech's terms for decades. Now, the way things are going, And even starting today and also for the foreseeable future, all of these tools and models are being tuned and made specifically so that the more simple and natural language you use, the better your outcomes will be.

1:26:16So you don't even have to learn to code. You don't really have to be very technical. These tools are being made so that all you have to know what to do is to formulate a thought in plain English or whatever language you speak, where you have enough context, enough direction, that you give chat GPT a task of whatever it might be, and then it'll do it for you. Now, the funny thing is that if it gives you output that's not good enough and that you don't really think is gonna cut it and there are some weird things about it, you literally have a conversation with it and tell it what to change, and then it'll change it for you. So fundamentally, don't think of it as a search engine. Don't think of it as a database that has information somewhere. Think of it as a collaborator and an assistant that you work with on a task and it's a back and forth conversation that you have with it in order to get the outcome that you're looking for. And for us, the biggest change in our work and the results that we've seen with clients comes down to the types of analyses you can have it do. So SWOT, all the McKinsey models, the Bain consulting group, Boston consulting group and so on, everyone has frameworks and models, mental models for how to approach a certain task

1:27:43or solve a problem. All of those can be turned into prompts, which are just instructions. And you can run the same type of analysis that let's say McKinsey would do with you. And you can run that on your own, on your own business, on your own, whatever you want to look at, your finances, your marketing, your sales, et cetera. So the possibilities are almost infinite and that makes it both hard to really grasp and do something with it and it's also pretty exciting. So we use it primarily for trading marketing assets of different kinds and run tests against those variants and to get better results. But that's not the only thing you can do. For example, JSTUFF can easily be turned into a set of prompts, whatever questions he might lead us through and other mental models that he has and frameworks can be turned into prompts and you can input your business information into those prompts, hit it with an enter button on your keyboard and then chatgbt will perform its magic and give you back answers to what those frameworks or questions might be. Again, this is the biggest change and it hopefully makes it a bit easier when it comes to you interacting with it. So I just want to get everyone on the same page for going to some more technical stuff

1:29:06or more advanced stuff. But treat as a conversation, as a collaborator, you can have it ask you questions. And it's as simple as literally you typing in, hey chat activity, today I want you to ask me questions about whatever it might be. And you might say, my product is a blue widget and it does XYZ and L-M-N-O-P. Chachibiti, tell me, how can I adjust my product for a different market? Let's say the German market. And then it'll give you direction, insights, and input as to how you can make adjustments to your product, to your services, to whatever you're doing, and treat it as a conversation and as like you're talking to an advisor of sorts. Now, it's not as smart, so to speak, as humans, because it's not a human being behind the screen. It is a language model, which means that it was trained on text and language and pretty much the whole internet and consumed all the things, published books, you name it, consumed it all. So it has a vast knowledge base, but don't treat it as a knowledge base, instead treat it as a way to interact with it as in an advisor, a consultant, an assistant, and it can help you enhance what you think. It can help you uncover opportunities that you might more easily miss, right? So think of it that way.

1:30:35And that's just a start because what has happened since November last year when chattbt came out is that we now have things called plugins. So with chatgbt, if you go to ai.com and if you're, especially if you're paying for the $20 version, but even for the free version, I think at this point they've rolled out plugins. But these are little plugins that can do tasks for you online. So for now, it's pretty simple. There's a plugin to book a trip on kayak.com and to book tables. And so you can say like, what's the best taco restaurant in Phoenix that I should go visit? And can you book me a table? It'll find you the best restaurant based on reviews. and then it'll help you book the table. So we're now taking the step toward things being tasks, being able to be done for us with direction. Now add to that, which is, this has happened in the past few months. Now there's something called auto GPTs. And that is quite literally a little bot that runs around the internet and performs tasks for you, several of them, not just one or two tasks, but more, several. So as an example, my company that we built is we've had our own auto GPT researcher done, which to summarize it, goes to amazon.com and other review sites and pulls reviews for a client's product

1:31:58and reviews from competitors and then performs a text and sentiment analysis on the reviews where we get objections, psychographics, desires, human biases, any kind of mental insight we want, the psychographic insight that we wanna uncover, we ask for. So it analyzes all the reviews, it tells us here are the 10 most common objections, here are the psychographics of this market, here's what they're thinking, what they're feeling, what they believe, what they hope for, what they desire, struggles, pains, fears, frustrations, all the negative aspects that we wanna know, and all the positive aspects. So you can form a complete persona in that sense based off of the language people use on reviews, not just for your own product, but also for your competitor's products. And then you can take that document that it creates or the output that it gives you, and you can then have it turn all that into emails, ads, content of different kinds, articles, social media posts, landing pages, if you wanna use it for that, headlines. Basically any copy or marketing format that you need done for you, it can create at the very least the first draft of it and it can do so based off of the language in your market.

1:33:35Now, as a human, you can do this. It'll just take you anything from a few days to a couple of weeks to do all the, gather all the reviews, do all the analysis and pick out what you should use in your marketing collateral. But a tool, you can even do this manually. You don't even need an auto GPT to do this. It just helpful. But you can even do this manually with chat GPT and there are other tools like it. Like Bing chat is a very good tool for let's say research, right? And there are other models similar. So you can either do this manually, or you can have it done for you. Either way, the outcome is the same where you have a lot of marketing collateral and assets done for the first draft. Now here's where things get even more fun. There are also all these image generators like Mid-Journey, Stable Diffusion, Dali, and so on. You can take what you now have, and let's say you have a description of your persona and the struggles and pain and frustrations that he or she has, and it's like a description in a couple of sentences based on their reviews. You can take that text, put it into a tool like Mid-Journey and have it generate images of what this person might look like. So you add things like, my persona is males between the age of 40 and 50,

1:34:52like whatever, whoever it is. And they live wherever they might live, California or somewhere else. And then you give it a description of that, like your persona and a day in his or her life where they're encountering a problem. And then that can be turned into an image. And that image, and where we're going with this is you can then take that image and combine it with the text output that you have. And now you have an ad done for you with an image generated for you instantly. Now, imagine that done to the tune of 20, 30, 40, 50, 150, 100 ads and images. And let's say you want 20 articles that dives into the persona and who they are, and then brings in your product into it. So do you see, you can have all this collateral done and assets done within hours, and most of it will be ready to go and publishable on like immediately. It is that at this point, it is so good at nailing language and so on that it can be used almost immediately. I still recommend that you go through it and that you check everything and make sure that it's real and it's true and it's accurate and so on, but it can be done. Now, this is only in a marketing context. There are all these little ways of using these tools like chatgbt and mid-journey and Bing and so on.

1:36:23I saw one person, he woke up in the morning, he asked chatgbt, he said, today I need to, he need to build a tree house for his kids. And that's all he said, write me a task list of what I need to do to build the tree house. As a chat GPT gives him a list of all the things he has to do to build the tree house. And he asked, okay, what should I, like what materials should I buy? What resources do I need to build it? It says, here are all the things you need to buy. And he had made his own little bot so that he said, okay, great. And then he instructed his bot to go buy these things online at Home Depot for him. So it took what chat GPT said, you need to buy, like here's what you need to do, here's what you need to buy. And his little bot took what he needed to buy, went to Home Depot and ordered it for him. So if you're starting to see like, well, the possibilities essentially are endless. And these, we've gone from zero to one. So these little auto GPT bots that exist and there are hundreds of them, they're not flawless or perfect yet, but they're getting better. And I have several that we've put together that performs tasks for us, especially around research, drafting, first copy, doing analysis of different kinds,

1:37:41not just marketing related, but also business related, and even financial forecasting related and so on. So things have started, I mean, they've started years ago, but now we hit the kind of the point where a majority are starting to see it. I'm sure you're familiar with the early adopter, early majority than the curves. And we're at the point now where no matter what creative task, marketing, sales, any creative task that you wanna have done, it can either be done with you, with your input and your direction, and you working together with these tools to make it happen, or it can be done for you. And these things are only getting better from here. Like we're not gonna regress and have these tools fall apart and get worse. We've done the crucial step of going from nothing to something, from zero to one, and to go from one to 10 is easier than to go from zero to one in the development. Now, here's the thing that still, when I think about it blows my mind, I'm not a developer. I don't know code. Like I can look at code and I'm like, oh, I see there are numbers and figures and signs. Like, I don't know. There's HTML and other stuff, but I'm not a developer. The crazy thing is that these plugins and auto-GPTs can be coded for you by chat GPT.

1:39:07If you know what the outcome is that you want, if you know what the plugin or auto-GPT needs to do for you, chat GPT can take your outcome description and say, okay, the code should be this and it'll do this. And if the code doesn't work, chat to Batik and troubleshoot it for you and give you a different version of the code so that it works. So if you're starting to like think about this, you start to look into the next six months and 10 months and so on, things on the internet is gonna start getting kind of weird. Cause now we're having, now we're at the point where text can be turned into video, text can be turned into audio. We already had text to text, like prompt and you get more output. We already had text to image where you describe something and it makes the image. Now we have tools that turn text, plain text into audio and into video and the crazy, even crazier. As the things get crazier, you can have the voice of an audio be anyone you want. It could be you, but you can also have it be anyone else. If all you need are 30 to 60 second audio snippet of someone talking, and that voice can be cloned. And it'll sound like that person, and you won't be able to tell. Same thing with video. Take a minute, two minutes of me talking right now,

1:40:40like this recording. Any one of you can cut that out, go to a couple of video tools online that exist, and you can replicate and clone me endlessly. And the dangerous thing is you can have me say whatever you want me to say. So, as you might imagine, this is going to create a bit of an issue legally speaking. And there are a lot of dangers with it. I think the next couple years will be very interesting not just around what's going to happen online with companies but also we have an election coming up in the US right like who knows what that's going to look like with deep fakes and clones. else. Drake had a song made based off of some snippet of his voice in music, and it was made into a song. And then they pull it down for IP reasons, naturally. But then the guy who made the first video made a second video of another Drake song. And it sounded just like Drake again. No, like people, the only reason people know that it wasn't Drake is because he said like, this is not Drake, but it's Drake. There are photos of Selena Gomez as Sangala, which looks great in address, but the problem is she never attended that gala or has never worn the dress that the image shows are wearing. So there's a lot of potential. And there's a lot of potential

1:41:59dangers that'll come from this. I you know, another thing that I saw the other week, there are some updates to chat TBT and the tools that are connected to it. And you can now have chat TBT be your data analyst, not a tool to crunch number, it can do that. But if you upload a spreadsheet of financial data, let's say it's from your company, like the past year, profit and loss, right? Whatever financial data you wanna analyze, upload it to chatgbt and chatgbt will tell you what's going on with your company finances. And then you can start asking questions. Where are the hidden dangers in my company's finances that I don't know about or that are easy to miss? chatgbt will tell you. And then you can ask, what should I double down on? Given all the revenue and the product suite that we have and what's going on with my financial health and my company, what do I need to double down on? It'll tell you. You can say, write me a 10 page financial report based on the profit and loss or whatever financial date you give it. And then it'll give you a 10 page financial report. and is it complete with graphs and images and charts made from scratch on its own? So are you starting to see where like it's, we've hit that inflection point a few months ago

1:43:29and we're at the beginning part of that inflection point where things are only going crazier, deeper, wider from here. from here. And I saw one question here, what is security of sending private docs to OpenAI? Yeah, do not ever send confidential information into chat TBT. You're going to have to start to consider the operational security of your company at this point, because if there are trade secrets, IP and other things that you don't want OpenAI to see or consume, then do not send it to chat TBT. Now, here's where things are getting better on that end. We're also at the point now where there are open source models like GPT-4. So chat GPT, you choose either GPT 3.5 or GPT-4. Those are the language models. There are now open source language models that are as good as GPT-4 or 3 that you can download and have made and set up for you for you either internally on your own servers or your internal cloud or in a cloud server that you have control over that no one else has control over so you can protect and keep all things secure and you can have your own version of chat gbt running based on not just the language model but you can feed it company data and information so that you have a fine-tuned model that's

1:44:53trained on your company stuff, whatever data you want to give to the model. And so it's like you have your own internal model that you can use. And yes, Maya said in the chat, open answer, they're going to allow us to opt out of sharing info. Yes, they've said that you can choose to keep your conversations private. Now, here's one thing I will say, just because a company says they are doing that, you should not trust that they're doing that. Exactly, Maya, do we trust them? That's a question. Given what I know, I don't think at all think they're bad guys. I believe that when they say, we don't look at it, but things can go wrong. Tech stuff happens all the time. I think they have good intentions. I think they intend to not see what you sent to them, but the reality is if you're interacting with their model, they see that something is going on even if maybe they try to mask it or encrypt it. So what I will say best practice moving forward, best practice is for you to have your own internal company model. Think of it as a, it's not a chat bot, but think of it as a chat bot that's trained on your company information because GPT-4 or GPT-3 is not trained on your company information. It's not fine-tuned or customized for your particular

1:46:15scenario or business or market or anything else, right? And the only way for you to have something that's fine-tuned and customized for your company is to have your own model hosted somewhere. Now, this used to cost a bunch of money like 50k, 60k or so to have it done, set up and train. You can have this done for less than $10,000 now. And the only ongoing cost would be the cost of making the calls to the model, but we're talking about cents, like 0.0002 cents per call that you make. So it's cheap and it's getting cheaper to do this on your own. So best practice, have your own. In lieu of that, and for the time being, I would recommend that you use other models. So chat activity is one model out of like 30, 40 of them. If you go to po.com, there are other models there. There are plenty of other language bots and language models out there now that are as good or tuned for different things, right? So I would say PoE.com, like the poet Po. So I would say for your own sake and for your team, become familiar with just a handful of tools. There are thousands of tools now. You don't have to use all of them. A couple of tools, obviously, like I said, is chat GPT to start as a language model to become familiar to interact

1:47:43with it. Other tools are stable diffusion, dully, or mid journey for images. And then there is I'll put this in here. This is probably one of the better video tools that I've found and used. It's heygen.com. It's great for video cloning. So five or so tools, if you use them and become familiar with them, you'll be able to use any tool because they all function very much in the same way. Language input and then you get output back. Now here's the crucial skill that you need to hone in on. It's your ability to formulate thoughts with clarity, with intention, with context. The more context you give chat activity, the better output you get. A good prompt consists of three things, function, context, and modifiers. A function is like literally like write me, whatever. Context is here's information about my company, my avatar, my products, my whatever context you think it needs to do the function. Modifiers are think of it as as adjectives are your best friends. So make it vivid, detail specific, interesting, compelling, write it at the fifth grade level reading capability. So there are endless of ways to write a prompt because human language is endless, right?

1:49:25There is no good list of here are all the prompts you need or here are the best prompts. There's no such thing as the best prompts. The best prompts is the interaction you have with chat UBT that gives you the output that you're looking for. If you can do that, then you have perfect prompts. So think of it as you're talking to an intern or a marketing assistant or a junior copywriter where you usually have to guide that person a little bit more, you give direction, you show examples and then through interaction, you guide that person to then produce whatever it is you want them to produce. People are creating games in minutes and seconds without knowing how to code. People are creating financial analysis tools in minutes without knowing how to code. People are creating any kind of marketing content you can imagine in minutes and hours, depending on how much you wanna have done without being trained in it. Which means when everyone has this capability, because AI is becoming ubiquitous, it's being put into everything, Microsoft is gonna put it into its whole suite, My word, Excel, PowerPoint, there's gonna be a little AI bought in there that'll help you do things. So when AI becomes ubiquitous in everything we do,

1:50:48it is no longer an unfair advantage. Because when you and your competitors have access to AI, like who cares? It's gonna come down to what you do with it, how you use it. And most importantly, there are things you have to consider are your judgment, your sense of taste. you need to become a tastemaker in your market and your niche and you need to come to take leadership, not just thought leadership, but actual leadership in the marketplace. And this is where Jay's stuff really dovetails very nicely into this and what Jay teaches. Cause he'll, he's been telling you this for decades. Right? Like he, he know he's AI. Yeah, Jay is AI approved basically. Cause he's dealt with a higher level thinking that you need over the next decade, not just to survive, but to actually make use of AI in the best possible way. If you apply higher level strategic thinking, in-depth thinking about your company and what you do, and if you use chat GPT as a way to gain deeper insights into your company and to ask questions and to ask clarifying questions and to have it tell you things that you might miss, if you join those two things together, you'll be good to go. So that helpful as a quick introduction, I can keep going. That's fabulous. And, Sam, would you mind, and I want to respect your time,

1:52:10would you talk just a few minutes about prompts? Yeah, sure. So, probably the easiest way to explain prompts is that bad prompts is bad communication, and bad communication is communication that lacks clarity, specificity, and it lacks context. Good communication is when you say something to someone and they understand, they might ask a clarifying question, but they get it. So prompting is not much different than that. Like I said, the three parts, function, context, modifiers, and think of function as, don't, here's what you shouldn't do. Don't go into chatgbt and the first thing you're right is write me 10 Facebook ads about my blue widget. It's meant, is meant for males between 40 and 50 to buy it. If you do that chatgbt will give you something back, but it won't be very good. Instead, take a few steps back and think to yourself, if I hired a copywriter, what does he or she need to know in order to write 10 really good Facebook ads? They need to understand your avatar, they need to understand your marketplace, they need to understand your product, your competitors. And you can give chat activity that context. So you literally start and you say, today I'm gonna give you context for your tasks. First, I'm gonna tell you about my product,

1:53:31my company, my competitors, and my avatar. All I want you to do is consume the information and don't do anything with it. And then you type in, you can paste in all the information. You hit enter, chat to people, go, okay, great, thank you, I understand. And then you say, now, based on what I've told you, what are the, and I'm picking a random number, what are the four biggest pain points that my avatar has as it relates to my product? And then chat to you will tell you, you hear the four biggest pain points. And then you'll ask things like, okay, great. Now, what do those pain points look like in real life? What happens in a day for my avatar when they experience those pain points? Then it'll give you those daily scenarios where your avatar experiences the pain. So I'm setting up like the negatives that you need to understand or have chat, you need to understand to write a good ad. And then you go on and you say, okay, good. If my product solves this particular pain point, What would I need to tell them in order for them to become convinced that my product is the best fit for them? I'm not even asking for an app. I just want the fundamental communication and message that I need to say to my avatar in order for them to go,

1:54:42oh, Sam gets it. He knows that I experienced these pains and problems. And then what do I need to say to them in order for them to be led along the way to then understanding, okay, Sam's blue widget is the thing. So it's a conversation that you take step by step. Break down a Facebook ad into steps or an email into steps and double back a few times and know that you need to start pretty basic. Pains, problems, fears, frustrations, goals, desires, needs, wants. When chat TPT understands that and then understands what your product is because you tell it what your product is, then chat TPT can help you bridge that gap. And so what I would suggest that don't even ask for a Facebook app or an email. Do that yourself when you edit what you get because you will get better output if you keep it at the level of human communication. Most people want to go and go, write me 10 emails. You'll get 10 emails, but they won't be good. It's better if you say, what 10 things do I need to say to my avatar in order for them to believe that my product is the thing? So conversation, function, context, modifiers. Modifiers, like I said, are adjectives, make it more interesting, make it more emotional, vivid, descriptive, detailed, use real world examples.

1:56:04Does that helpful? That's fabulous. I want to respect your time, but you are a font of brilliance. How does anybody get a hold of you if they want to? Well, so I put out some free information without you having to opt into anything. It's an email newsletter on AI for marketing. You can read all of it before you decide to opt into anything to see if it's worth your time. I love it. But it's bionicmarketing.io. I put it into chat. Every week I summarize not just what's happening in the world of AI and marketing. I also share how tos and tutorials. And I have my editorial at the end of it where I share my viewpoint and deeper thoughts around all of this. But that's a free resource. You don't even have to opt in. All the issues are available. But if you read a few and you go, I'd like to receive this every week, you can go there. And also that's probably the best way to contact me. On that site, there's my contact information. But all of the stuff I posted there, all the issues will give you a firm foundation on what's happening, what's possible, and what's coming. I've only scratched your surface. There's so many more things, but here we are. That's a great show. Thank you so, so much. I'm very grateful and I'm very impressed.

1:57:23We'll make sure you get it people get it for you. All right. Yes. One second Sam one second. Yes, go ahead. Before he leaves can you ask like downloading into your own company version. What is a suggested version. put that on the mic. Yeah, I think he's saying, what version do you want to download for your own company? Because you don't want to go into the public. So do you understand what he's saying, Sam? Are you talking about a language model that you want? Yes. Okay. So one of the better, so I think it's, so there are two resources for this. The language model that I suggest that is as good as GPT-4 in many ways, it's called LAMA with two L's, L-L-A-M-A. So if you go to Google answers llama language model it'll send you to the GitHub page and there are probably plenty of tutorials will come up and there are YouTube videos on this where like it'll show you like download the thing and here's what you need to do to set up the thing another resource and I forget if it's .com or something else but it's a it's a weird it's a funny name hugging face i think it's .com .ai um hugging i put it the chat is literally like a face that's hugging you HuggingFace. So if you google HuggingFace, it's .ai.io, I forget. But anyway, that website has

1:58:54a ton of resources on open source models and other ways for you to use models on your own, for your own company, without you having to use anything else. So those two resources, the first one, the language model, and then HuggingFace.co, there you go. HuggingFace.co, especially HuggingFace, they have tutorials, they have walkthroughs, there is a very supportive community too. So like, if you want to ask them questions, you can. So I would start there. Now, there are probably 50 other sites, but I would start there because that'll get you far on getting that set up. Does that help? Anybody else? No, thank you so much. Anytime. All right. I got to jump, but thank you, Jay, for having me. It's been good seeing you all. That was great. Very great. Thank you. All right. Bye. Very cool. Is that good? And he did a two and a half hour, pardon my voice. He did two and a half hours at this advertising meeting I was at and it was amazing. You guys are very bright, very articulate, don't you think? They got beautiful voice prepared, engaging, authentic, comforting, and he's very knowledgeable. Wow, it's very humbling. But I have some friends that they're building whole businesses with it. And they're doing it a week. And they actually, they won't even

2:00:28do anything if they can't do it in less than a month. Because they said, it's going too fast. Isn't that amazing? But as he said, I mean, it's either your enemy or your ally. So you might as well decide it's the latter. I mean, yeah, your ally. You want to figure out how you're going to harness it. But the prompts are a key. I've seen people do it, and they ask stupid questions. Then I've seen people ask very clarified questions, what comes back is rather impressive. And I don't understand 90% of it, but all of you who are technological, you should start playing with it. And I think for chat GPT, I think the paid is $20 or something. It's not very, the free version is fine, but the $20 one's supposed to be even much better. And what I would say is I think everybody should be using it for something. Even if you live off, you know, offshore, you should be using it just to give you perspective. Wow, okay, so let me tell you what we're gonna do. I'm gonna give you a five, 10, 15 minute overview and some of the stuff I do, and then we're going to do a couple more things and then we're gonna see what you are, I'm doing that for a reason. Just piece of white paper, no trick. And then we're gonna see what you're gonna do

2:01:49when you go home. And then are all of you still here or do you have to leave soon? Nobody? We're gonna play, doctor. We thought that Dr. Bernard would be on to do something. He did a really cool session. Very quick, what is it, a half hour, 45 minutes? And we're gonna do that as the conclusion after I have to leave, because I think it'll be very appropriate. And he was very good. He's done many sessions, but that one was quick to the point. Powerful, well received. And I'm gonna put a bunch of other videos up for you all, because I have some great ones. And Brian, you gotta give me a list for DC of all of them, okay? Okay, so I'm gonna tell you, and I've given you this for a reason, but it's not to embarrass you. I don't sell. I know how to, I've helped lots of people. I tell people what we've got, and if you're interested, there's two things we can do. If you're very interested, I want you to tell me and I'll have Desiree connect us. If you're sort of not, I don't wanna, frankly, expend chasing time. I'll have Rob talk to you. If you're not interested, you won't offend me, but I'm gonna give everybody a piece of paper so you don't look embarrassed if you're not interested and you can send a blank one in, okay? I'm gonna, no, I'm serious.

2:03:05I don't wanna embarrass anybody. I'll tell you the three or four things we do and I'll tell you the advantages and disadvantages and who it's probably better for and who it isn't. And then if any of them rock your boat, I'd like you to tell me, but if you're gonna tell me what you tell me, every contact and tell me when, And one thing I refuse to do is play phone tag or try to chase anybody. It's a kiss of death with me. I'm very sincere about trying to help. I'm very sincere about, but if I personally try to connect with somebody and they make it difficult or they don't respond back, it's the kiss of death. After a couple of tries, I wouldn't even wanna work with them if they did. There's a concept called the iceberg theory of business. And it means if it's hard to deal with in the beginning, it's probably a lot worse under the surface. and I don't need that. Fortunately, it's not gonna change my life. But if you're very interested, I want you to tell me if you're sort of interested, if you're not interested, don't answer. I'm gonna tell you very quickly, but very quickly might take 10 minutes. So I used to do a lot of things. I still do a lot, but there's one, two, three, four things that we do more than anything,

2:04:13and the we is mostly I. My favorite thing, and it's very fun, is called BATB. It stands for Breakthroughs at the Beach. It's a three-day marketing makeover, strategy restructuring, business model remodeling, and it's really cool. And Ube has been one of them, and they're very powerful. And Robert, you were one, and I just keep evolving it. The last one we did was Epic, and we always have guests show up and call in. And it's a really cool, interventional way. And it's a process that it just, It's a phase process where you go around the room constantly and we pick one issue at a time that's the most significant problem challenge opportunity that somebody has and I address it and we go around and then we go backwards and people talk about their insight and we do the next and the next and it's a progression. It's really interesting. It felt like any kind of a weekend that it's expensive. It's 25 grand and it's cool. And it's my favorite single program. And I don't do others very much, but that one's my favorite. And we're trying to do more of it. It's 25 grand and there's no upside to me whatsoever. We just announced and it's something that I'm really excited about. I used to have a mastermind and I stopped it because I didn't like the model.

2:05:36It was hot seats for 45, 90 minutes a person. We'd move and I didn't like it. We just created a new one called PPE in a sense for Pinnacle Performers Elite. And what it is, is that you join it's $48,000 and there's a discount if you prepay or you can make installments and no installments on the other one. And it's actually a better deal because you get to come to all the BA TVs that we do as an observer and then the members get separate insight but it's four to multiple sessions a month. I mean, a year, So you do at least four of these $25,000 ones, but they're separate for the members that are going on during, before, after each session. And the goal is to work on the members' businesses, but it's got an ever-changing dynamic. The problem, I believe, with most masterminds is they're static. Somebody builds them to a place, but they don't really keep refeeding new blood, other than just a little attrition. A lot of them are vertical, and some of them need to be vertical like yours, A lot of them are, they're insular. These are just a constant array of people from all walks of life. And it's got a duality. The express goal is to work on everybody's business in a way that's not full on consulting, but it's really cool and you get to know each other.

2:07:01But the secondary goal, and you didn't see it, but I'm doing these things with Roland Frazier. And it's all about buying businesses, getting equity for a skillset exchange consulting. And he's basically moved all his business that way. And he's getting equities in business. He's had exits already. It's like a pop M&A, but the goal is to build enough critical mass, enough members that about when we get, we've got about 15 or 20 now, we just announced it. We think we'll get to 50 to a hundred and we'll have enough quality people that we can start doing deals together. Different people will do different syndicates, but where we can basically buy businesses using capital, source capital, deal flow, expertise. I've started buying my very, very high end colleagues membership so that they will be actively involved both as contributor and as advisors to deals we do. And I've got Alan, Dr. Bernard in it. I've got Roland as a partner in it now because I want them actively counseling people how to buy their own things and how to be part of it. I've got my friend who's the former senior strategic advisor to Texas Pacific, which is the third largest private equity firm. We're very serious at my point, and sorry to do that,

2:08:22but it's not an absolute. It's the express goal. And Roland does a lot of exchanges where he does consulting for equity. I have to tell a story. I did a deal many years ago with one of the, the, the, the, the Warren Buffett companies, and what was really interesting to me, was a huge company, and they were showing me their, one of their models, one of the models is they don't charge them for capital. So if you're paying for capital, and I'm not, and we're both having a 25% margin, but capital is now seven or eight points, who's got an advantage? So I'm telling you that because what we want to do is if I can bring expertise that we don't have to pay for in the deals instead of us buying it and we can exchange members expertise to get equities we don't pay for it's really interesting we can't promise it'll happen but it was so exciting that the last BATB we did we announced it we talked about what we want to do and we didn't guarantee it but we told that was my goal because I'm older than you and of that uh I don't know there were like 12 people there that were qualified and 11 of them signed up and we're excited about it So BATB is singular, it's one, but you get your business worked on deeply. PPE, you get to come

2:09:40to the mall, but you're not getting your business worked on in that group, but you're watching constantly, and it's nothing like it. I mean, and HUB came about four gradients ago, but I keep evolving it, and it just uncovers all kinds of things, and I'm very, very good at handling about every kind of scenario within my skill set. We deal with problems, opportunities, challenges, scenarios, all kinds of things and we go round and round. So it's really cool. And if you were going to do it, you'd be better off joining the membership because you get a lot more out of it. And I think we are going to start buying businesses and it would be different groups and you would get participation based. Assuming we get to the point where we have enough critical math to do it. The deal would be we want to put together different subset sub-syndicates to buy businesses, get equities in businesses, exchange expertise for businesses, along with growing everybody's business, but it would be based on different valuations. There'd be points you'd get for bringing capital, your own capital, sourcing deals, bringing expertise, management, whatever it is, but it's a really cool concept and it seems pretty exciting and everyone's

2:10:50excited about it. I do consulting, and the consulting model I do now is it's a three-year model. It's a one-time fee. We just raised it to $200,000 against a negotiated profit share that is after recouping that, but it's only for those activities that I create that can be inarguably designated that they came from me and they're above and beyond whatever you were doing and it's a really interesting model. You pay one time and you can have terms but it's a little bit more and I'd probably give a little discount to you all but I just raised it to 200 grand which is less than you'd pay for a marketing person. I do two hours a month of intense. We do an intense then assuming, I was just talking to Rob about this, assuming you execute, in the course of a year, it's improbable that if I give you enough, enough stratagems and you actuate on them, we won't either be in the money or on point to be in the money. As long as we are, I stay in the game and spend quality time. If not, I spend a nominal amount of time in itself regulated by you all. If you do it, I stay, no, if you don't, I don't. If you do it, I stay. No, if you don't, I don't. Because I have opportunity costs. I'm only one person. And as I'm older, I don't have time.

2:12:20And I don't like, this is fun occasionally. I don't like doing seminars. They're too theoretical. I like being on the front lines of capitalism. But I've done this with Tony's people and half don't do anything. They pay me, and they're enthralled with my intellect and my ability. And then I'll give them, when I was younger, I'd hold people's hands. I don't hold people's hands. I give you directives. I'm very clear. I go through all the scenarios. to give you something to do. And far too many people come back the next month and they didn't do it, but they want a new drug. And I'll go, I gotta give you a new drug. Watch to what I told you last month. And so I'm very, I'm very no-nonsense, tough love, but if it works, we're talking about me wanting to earn from you high six or seven figures annually, but you earning a lot more than that because I would get 15 or 25% after backing out all expenses, and a G and A. We do do quarterly and it's now 75 grand. You can make payments, but I think if you're big enough, you would prefer that. And then we do one more thing, which is really, it's very limited and it can be one of two ways. Every year I do one or two mentorships. And I think I talked about it. We just had this duck company that came

2:13:37and he'd use my stuff and he grew like mad and he's very nonlinear, but his kids have never been exposed and he's retiring and he wants all his kids and even the wives to get oriented into my mindset. He paid me 300 grand for four hours a month, just to one year translate my belief systems, my mindset and a little bit, but not much consulting. We also do lesser where it's just mindset. So the only things I really do now that are of interest to me, although there's one more thing we do, we are gonna start doing like setting up a profit center, deals for people and barters centers, but profit centers, more strategic alliances cause I can do them pretty well, but they have to be executed through your team cause I don't wanna do the heavy lifting, it's just not cost effective. So BATB is 25 grand, PPE is 48 and there's terms and it's the really sleeper, it's more of the mastermind It's very cool, called a profit partnership. The rack rate is 200 grand against, and I would probably give people that are in this room a discount for like 25 grand. And quarterly 75, and then mentorship has got arranged, whether it's just philosophical, ideological, or whether you want to incorporate it into some of your business application too,

2:15:01because there's two total realms. One young man I do from India whose parents, this is, you'll get a kick out of it. He died, but he was the Ayurvedic physician to the Dalai Lama, and this is a hell of a story. He used his last $5,000 30-something years ago to buy one of my home studies of a $25,000 program, and his wife thought he was crazy, but he applied and he ended up with 400,000 patients around the world doing pulse reading and eye reading, and he built this huge thing and he died prematurely, but his son wants me to inherited his dad's business and his money and wants me to, just to teach him how to think differently. Those are what I do. If you are interested and can't afford it, you can't afford it, I don't want it on my conscience. Because if you don't have time and effort and resources, I don't want, I don't need your money, I don't want your money, I don't want the responsibility, it's not something, I mean, somebody else might take it, I won't. But if you can't afford it, and any of these things, rock your boat, give me on a piece of paper, everything, your full name, all your contacts, a bit more, because I can't, I don't know that much about you, your kind business size, type, and what you'd be most interested with,

2:16:19and then give me a relative level. If you're very ready to do it, great. If you're just thinking about it, if you're ready to do it and you're not jerking me around, I'll have Desiree have me talk to you directly. If you're sort of maybe, I'll have you talk to Rob because it's not what I have the time or the effort to do. But if it's something we're going to definitely do, I'll do it and tell me exactly. And just put a piece of paper so you don't be embarrassed if it's nothing and you want to offend me, but I've done it. Any question? See, that was easy, wasn't it? So fill something out if you're interested and send it back to me and give me again. Every contact, and if you want to do something with me and I try to contact you, please respect me because I will be very sincere, but I don't chase people. time interest and it's a tell and I don't have time I want people who will value me as much as I value them because I care very deeply when I work with anybody and it's not a labor of economic it's always a labor of love and I advocate I worry more about the people I serve than you can imagine okay fill it out send it to me and if it's blank you will not offend me but let's collect them so that I can look at them I'm going on a plane somewhere tomorrow and

2:17:32I'll review them and see where we stand. And I want to do a couple more PowerPoints and then I want to get into what the heck you're going to do with all this, if anything, when you go home. And I've found the more I get you to acknowledge to yourself and to your colleagues what you're going to do, how you're going to do it, when you're going to do it, where you're going to do it, why are you going to do it? You have a higher probability of doing it. If you just go, I'm going to think about it on the plane. I got so much. People have so much usually have too much. There's always a higher first thing to do that's either gonna be more of a priority or more critical. Remember I told you that I have two ways of helping people. My preference is what I call the log jam theory. Almost every business has one or two things that if you work on that first, it gets a lot more revenue or a lot more profit or a lot more momentum flowing, but it's a more sophisticated thing to do. I normally don't start with A and go to Z until I've done that first because if it works, you free up a lot more capital. That's what Alan does, Dr. Bernard. A lot of people who teach just fundamental methodologies literally go A to Z. One of the other things that you need to learn

2:18:49about this is I've tried more than you can imagine to share with you more of this tacit, applicational knowledge and that's the key. If you get a chance, the one thing I hope you will all do is commit to be hopelessly curious like me if I have no relationship with you. It means I want you to curiously try to extend yourself way, way past your realm of understanding. Talk to people. If you have friends that are in other businesses, start learning, what do you guys do? How do you do it? Let me see some of your magazines. Let me see the solicitation, the marketing. How do you sell? Who do you sell to? What's your business model? Just start learning that stuff because your subconscious will take that fodder and create for you huge advantages if you allow it. It really will. Okay, if you got anything on the white paper, pass it and then let's collect them and then I'm gonna go into the next. Let me see the next power pipe. I do, but not yet. I want to see what's next. First of all, I've got it here, but I want to see what else I have to do. That's that. That is that this that's more subordinate to it. Let me see what you got. I got that silly thing on my screen again that Okay, thank you. thank you. Oh, yes, good. By the way, I'm sorry for my voice,

2:20:23but this is executing pretty damn well for what I wanted it to be. It's pretty I mean, it's I learned a long time ago that the PowerPoint has nothing to do with the outcome. I mean, it's more about a way of thinking than specifics. Because I can give you more specifics. But if your mind doesn't understand what to do with it, it's moot, it's totally moot. And that's where the advantage is when you decide I'm going to adapt, adopt, figure this out totally for my application, hopefully we've got that. Okay, let's go through this in a minute. It could collect anybody that has anything and I'm not offended if nobody does. Let's just find out where we are. So when I leave on the run, I don't have to do it at the end and let me just check one thing. Are you talking to me? Are you talking to, okay, you do it for me. That will be good. Do that and then give them for me so I can see them, but not now. I won't look at them until I leave. I'll be surprised at how many of you or how few of you, okay, or none of you. And I'm always surprised and there's nothing that offends me. I'm just always intrigued with everything. Okay, so I haven't looked at this. I create all these things and I forget it. I've been called the ultimate intellectual gigolo

2:21:48and somebody said something and it's funny when I tell it to you, but it's actually true. I've got more concepts that I forget I've created and they say, you'll come up with something, Jay, you'll have your intellectual way with it overnight and then you'll throw it out in the morning and never call it again. And it's really true because I have so many things I've created that I don't even remember them. Unlike most people who are vertical, I mean, I'm strategy, business model, value creation, distribution, channel power partner, you know, higher performance, preeminence. And I got all these derivatives and because I help constantly, this enormous swath of diverse types of businesses and corresponding high level experts, I'm always being stimulated by all this stimulus, all this really amazing new found understanding and exposure. And so I'm always thinking about things and I'll come up and I haven't looked at it for a while. So let's look at my 61 points of leverage and I'm gonna power through this. Go ahead, Brian. So what I think this means is you want everything integrated. Congruency is so important. And if you think about it, Most people, particularly small medium, and I'm not suggesting you're all small medium,

2:23:15but you don't really have those most integrated sequential communications that just keeps constantly advancing, enhancing your relationship. I've had more relationships that have seemingly not been interested in me that I turned into massive successes because I didn't give up on them. It was just a matter. assumed I'm having a meaningful discussion, whether you're responding right now or not. I just kept advancing the different communication until they submitted to me and you might think about that next. So this comes back. All of my work is about leverage, upside leverage, geometry, asymmetric performance, de-risking the downside. This is just the quote from Archimedes, and it's a great one. Give me a lever long enough and a fulcrum and I'll move the world. Next. Okay, next. Everything has leverage inherent in it. Oh, by the way, I was thinking last night, I was going to bed and I forgot of something I wanted to say. I got interviewed a couple of weeks ago and somebody said, how do you know when you're making progress? And I gave them a really interesting answer. I said, you're always making progress if you learn from whatever It doesn't matter what happens. If you learn from it, to do more of it, less of it differently, you've made progress, haven't you?

2:24:46And if you don't learn, it's a waste, even if it works. Is it? You're always making progress if you do anything with it. Okay, so everything you do in turn, like so, that's it. Okay, when hiring people, go get it, that's all right, go ahead, forget it, I just said it. Okay, when you're hiring people, ask yourself, what can they teach me that I don't already know? We don't do that. We don't do that. We don't really try to learn from the people that we hire. What did you learn that I don't? What'd you learn about selling? What'd you learn about marketing? What'd you learn about psychology? What'd you learn about sales process? What'd you learn about the mind of your market? What'd you learn about managing people? What'd you learn about hiring as an example? Who is your industry? Who is in your industry? Maybe left the company and they have superior knowledge and skill. We've done this many times. we'd find somebody who was at a high position in the company. They either left and went to somebody else or they retired. And we'd call them and say, can we pay you for your time and pick your mind? And most of them won't even take the money. They're just so flattered. You can offer them two, $300. And you can, I think you all should learn

2:25:50Socratic interviewing because it's how you compress and draw enormous knowledge from people and it's an interactive process. Next, what are the facets you're testing with your sales forces? Were you testing lots of different variables? Remember this, if I didn't say it yesterday, you can only test one variable at a time. But each variable you test can do breakthroughs for you. And there's many variables in any sales situation. I call it revenue system optimization. It's all the integrative factors in your revenue system. Have you tested multiple different variables, different ways to open a relation, different ways to advance the relation? Have you tested a multitude of sequential communication that are different, like I said earlier, about the 12 different email sequences that we did next. And I'll put some of the ones up so you guys can see them. Have you tested on this website? Have you tested different messages to reach people that is value-based or provocative, sustainable, aggressive communities that can be built? I don't know what that means. When communicating, I wrote it, but I don't remember now. When communicating with someone, do you test different premises, propositions, preemptive ways of addressing issues.

2:27:08Yeah, how many ways? Let me ask yourself on the way home, if you're not driving, how many different ways could you come at your product, your service, your advantage, your benefit that you're not now? How many? How many? Yeah, and make a list. And then list everything and then put a hierarchy on it. Which ones you think might be the most impactful? The second, how many do you list? In what ways are you defining? Oh, excuse me. In what ways are you defining your signature and delineating your product service company people? How many ways do you compare? Do you denominate? Do you contrast? Do you demonstrate? Do you animate? Have you tested what you can do to accelerate the purchase? How many ways can you elevate accelerate purchase? Stephen M.R. Covey, a really cool guy, he's the world authority on corporate trust building has proven that if you master the 13 characteristics of trust, you can accelerate sales process, you can get all your team engaged better, you can get people to do everything more, but if you don't know that, you don't know the power of that, you wouldn't be able to test that. If you tested what you can do, okay, I did that. Have you tested what you can do to upsell the purchase? Have you even tried to see what else people would buy?

2:28:30But remember preeminence is not letting it buy less than, less quantity, quality, consistency, combinations, frequency, that will deny them the optimal outcome. Have you tested anything? Cause you can test, I mean, again, you can test a small little subset, may not be fully definitive, but if it shows any life, then you expand it. Next, if you tested what to do after the purchase, particularly if you have nothing else to sell them, give the sunk cost in the relationship. What else can you ethically, equitably, meaningfully do to add value and get rewarded for it to the people you've already had a relationship with? And that relationship may be a compensated one or a non-compensated, maybe it's a lead. Maybe it's a vendor. Maybe it's somebody else. What have you tested? Who might be someone that would endorse you to their list, to their database, to their audience. So I'd ask, who could you become the recommended provider for? Who would pardon? And we'll give you this planning guide. I just have to have it put up next week. How can you make the media you use more high yielding? What else can you do? And if you don't know, who can you ask? How much have you studied to find out? What research you've done? What experts have you interviewed?

2:29:58What advisors have you paid for their time? What, you know, who else in your field that isn't competitive or is competitive but is out of your range, have you called and asked what they do different? Any, many? Can you move your media costs from fixed to variable? How many ways could you do that? You can definitely do it with endorsers. It's a different denomination of media costs. It's much higher performing media costs. Can you use barter instead of cash to get your media or any other expense acquired either on a reduction or a deferred cost and a discount well, well, well below what you could possibly get from cash? By the way, this is so cool. I'll tell you the ultimate barter I've ever seen. There was a man who was the number one barter king to radio stations for about 20 years. His name was William Tanner. And he was really brilliant. True story. He was in the jingle business. You all know what a jingle is on a station. You say it easy, whatever. So the jingle business is very competitive and everybody would sell a jingle for whatever, $10,000 one time. And it was hard to get someone to buy your jingle. Don't ask me why, there's a lot of competition and they would just use a jingle till it got sickening. He came up with a different idea.

2:31:30He would never charge for his jingle. He would provide it gratis and all he wanted in exchange was one prime time, 60 second commercial a day, or excuse me, he wanted one every time they used his jingle he wanted a spot. And he wanted the ability to sell that to other people at a discount who weren't existing advertisers. So you and I are beating it out to try to get 10 grand. He's getting a hundred thousand dollars a year. We're getting one time, he's getting it forever and he still owns the jingle. That was really cool, but he did something even brighter. He went to stations and this was how he used, I used ethical, what I called it. There's a word I have to be very, and I'm getting tired so bear with me. He used ethical, It was an incentive, but it was so cool. It was almost using, I have to come up with the right word in a minute. He would go to stations and say, I'll tell you what, I will give you an American Express card to use and your people can use it for gas, taking people out. All I want is three times that in terms of best of all nation advertising. So let me explain what I just said. So you and I are buying advertising for rate, okay? He's getting three times that for less than we're paying because he's giving you an American Express, right?

2:32:58It was insidious, but people like Barto, they get really turned on crazy for things that seem like they're sort of nasty and edgy and not really, you know, and he did that all over. Always be glad it's American Express cards and everyone else is paying full rate. And he's getting three times at best of all nation means the lowest rate you could buy. I thought that was pretty clever. Next. Next. Where could you put incentives or bonuses to increase your yield? And what would they be? And they don't have to be necessarily your extension of your product or service. Think about it. In the insurance field, they found that a gold embossed journal out pulled any bonus they ever tried when getting appointments. Sports Illustrated created the swimsuit edition because that was far greater bonus than anything else they ever tried. What have you done to make your database provide more performance yield? I don't know what that meant. I really don't remember what I meant by that. In what ways are you continually optimizing, maximizing the three ways to grow a business model and the advanced three ways? Have you built a power parthenon? Have you built multiple impact and access points? It's forced multiplier effect. How many referral strategies do you or will you be currently using? Where are all the

2:34:21places and activities in which you are embedding the strategy preeminence, not just external but internal, and how you deal with everybody? How many of the 21 power principles? You wouldn't know them because I didn't cover them. How many of the 34 x-factors? That's another whole program I I did next, I can't read it. Jeez, what happened to that one? How many relational capital strategies have you applied? How are you using your time, your ability, your opportunity cost, how many different sources have you tested through online and offline marketing? How many different headlines, copy points, positioning elements have you tested? How might you go to your competitors and try to buy their non-sold prospects or even buyers? much earned media are you trying to get? What value do you create above and beyond your competition? These are all small. Okay, I can do this one because I can read it. Okay. Once you get a buyer, how do you enrich the relationship with that buyer after they have purchased? It's amazing. Everyone's in great to get the buyer and then they drop it. We have many, we have had salespeople in our lives that worked their heart off to get them and then they never call him again." And I go, why do you do that? I mean, there's so much more

2:35:40value in a relationship that you nourish and nurture. What do you do that is extraordinary for your buyer? Anything? Do you contribute other things? Do you speak differently to them than you do to prospects? Everyone isn't the same. Value isn't the same. You have a hierarchy. If If you don't know who the 80-20 rule is, then you should deal differently. It was interesting because during COVID, they were cutting service on everybody and the ones that you want are the ones that are the loyalists, the most valuable. It's just very interesting. You look at categories of buyers and analyze where they came from to see what unique correlations and implications exist. By that I mean, all ads don't pull the same relative value buyers, All propositions don't pull the same relative values. All media doesn't pull the same values. Different salespeople don't pull the same values. Different kinds of buyers, types of buyers, product service buyers aren't worth the same lifetime values so they don't justify the same allowable investment acquisition costs. Do you have anybody in your database who's very influential that you're not really collaborating with in an industry and a group? Are you leveraging testimonials and success stories

2:37:08for all their work? Are you putting quotes from people in everything you do to reaffirm to other people? I don't have time to show this. I do have time, but it would burn through opportunity costs for you that I won't do. We have this new, really fabulous 20-minute sizzle reel that one of our team members made, and it's so cool that you can't watch it not go, whoa, because Tony's saying about three times throughout about me, Damon is, all these people are. And by the time you watch it, you go, whoa. And if you don't have a whoa, you should. All things being equal, if you have a whoa and your competitors got a huh, who wins? Whoa, right, thank you. Are you leveraging, okay, did that. Are you getting quotes, we did that next. How could you leverage thought leadership locally, nationally, in your industry? How many ways can you elevate? Do you all have a book? I have a way to create a book, by the way. It's really easy. A lot of people don't have a book and you can. Almost anybody that does anything better than 51% of the other people doing what you do, you're an expert. And if you could articulate it and you can put it into a readable form, an easy way to do it for a lot of people I can't get started or get finished,

2:38:30figure out what the book's supposed to be, break it into its phases, break it then into its pair, its chapters, figure out the talking points in the chapters, and then get somebody you trust who's very, very equal to you and you respect who can ask lots of clarifying questions to interview you in each chapter, one chapter at a time, two, three hours a week, record it, send it out, get it transcribed, go through the transcription, organize it, fill it in with stories or examples, then send it to a journalist student, like a master's grad student, have them clean it up and then you can get a ghostwriter and you can write a book like that. I've done it for many, many people. It's not hard at all. And it gets people that can't get through, you can write seven books that way. I've done it with lots of people. I'm working with a private equity guy on it right now who hasn't been able to write his book for five years. And when I explained it with you, He said, wow, that sounds really cool, cool, man. Okay. Are you really working on distinguishing yourself and your bonus? Okay. Can you make your communication style and voice more distinctive, more compelling, more authentic? Roger Love is the world expert on strategic communication.

2:39:50He studied how to make your voice more authoritative, more credible, more authentic. Sally Hogshead, funny name, has studied how to make yourself, how your scene can make more difference authentic. And if you don't study these things, they are very real and they're measurable. You get your people, yourself, your salespeople, your management, your leadership doing it, you get more results. And that's the key, more results for the same time, effort, risk, asset allocation or less? What allocation, okay, are you exploring and testing new access vehicles to your market? Do you know what all the new ones available are? Are you studying what other people are doing and how they're doing it different? Do you know what your competitors are doing? Do you know what their strengths, weaknesses, how they market, what their positioning is, what their value prop is, what their entry level, what they do, what's different? Have you ever found people that left who are high ranking are no longer there so you could pick their mind. What allocation of your budget is set aside for trying wild, innovative things? I don't know if I talked about this yesterday, but there's this concept called the, and it's taking 5% of your growth profits

2:41:12and doing it into wild things that usually won't work, but you're looking for the breakthroughs. And if you do it right, you're gonna lose more than you win, But when you're gonna find breakthroughs so significant, it'll transform the business. Who is a non-competitive mind in your field that would be valuable to sit down with, call, talk to, pick their mind? You study all the competitors, sales materials, sales approaches, marketing approaches, websites, communication, reviews. Next, how could you make arrangements with conference providers to get the rights to video or audio or transcribe or use segments to give away as value added to your market? Do you form your own mastermind group in your community with non-industry successes you collaborate with to discuss problems, opportunities and learn, insights, applications, methodology, philosophy, ideology that you're not using that could be extrapolated, applied? How are you leveraging the front end and back end of your business better? What can you do to make it easier for someone to start a relationship? So get someone to start a relationship, the sooner they make the next transaction or the first transaction. What would happen if you added one more dimension

2:42:37of purchase revenue that was more expensive to the back end? What would that do to your lifetime value? And what would that profit increase due to your allowable acquisition costs You could then invest, not spend, to bring more people in the front door next. Whose bigger problem can be solved by figuring out how to solve yours? What can you do that blows people's minds? And people can be your team, your vendors, your market, your competitors, the media. Are there people in other markets that have produced selling, marketing, operational, cash flow, production, fulfillment, that are better than you, that you can find, license, partner, you know, model? Do you have things you can do the opposite? How do you leverage everyone else's knowledge base that you come in contact with? Or do you even try to come into contact? How do you leverage everyone else ethically? How do you leverage your team's performance? How many different ways are you using right now to bring in prospects and first-time buyers? How many different ways you're trying to ethically improve the sale? Next, if you don't have product or services to add, how many ways are you trying to find them, partner with them, license them, create them? How many products or services have you acquired?

2:44:06Are you adding one more product every year? How many ways you're trying to continue the integration of the progressive sale? Are you looking at all the performance metrics of everything and everyone looking for under-performance you can improve. Are you adding one more market every year? Do you acquire one competitor or acquire a complimentary business or a product or a Salesforce or URL? You can acquire a podcast or a discussion group. Ta-da. Okay. I think we have less than an hour and I have to leave right on point because my wife is a donor to our hospital and she's on the board. And if I don't go to her dinner, I'm in trouble. I'm always in trouble, but I'm really in trouble then. So here's what I wanna do. I want you to take five or so minutes and we're gonna go around the room as many people as we can do. And then if I have to leave, they'll finish. And I'm gonna play Dr. Allen at the end. They will. But I want you to tell me what three things you're gonna do, absolutely, positively, first, second, and third, when you get home, how and why, but I need you to be very fast about it. So take five minutes to go through the whole spectrum of things and figure out the highest and best three that you have to do. You must do, they're the most priority.

2:45:23They're the most high yielding. They're the most mission critical. Take a few minutes. Yes. Ooh, tell everybody that. So I love that. Well, Jay was talking, I took some of those, of the 61 different ways to market. And I put them into a prompt in the chat GPT, and they came back and spit batting access that I could take a look at modify change and adapt. So when you take a look at the 61 that we're just done, you have to adopt them to the language pattern that Sam shared. And you can use it to your advantage to spit out just tons of information. You have to go through and figure out what's gonna work and not gonna work. And you can turn into a rabbit hole. And I'm gonna run to the bathroom. Turn me off for one second, John, so I can go to the bathroom while I'm waiting so that I don't have to dance while we are talking and I'll be right back. And then I'll do a quick wrap at the end. I don't care where it is.

2:50:45Okay. Okay, let's hear it. All right. So we need to do some work on our front end product. Our front end product is a pretty high price thing and I think we'd get more people into our system. If we did less, Definitely add to our current referral systems. And I think we need to rethink our JV strategy. We're going for JVs with big corporations that have a very slow decision cycle and a very short attention span and last figure out how we're gonna work together more and how to introduce that to my team. That's great. One of the things I will say is I have found that smaller businesses sometimes have a great affinity with an audience and they're hungrier. They're much easier and the yield is much more appealing to them than large corporations. They're not bureaucrats, they're not politicalized. And usually the owner is the person, okay, let's do it. What, I can make $300,000, let's do it. All right, that's a start. I'm actually operating in about eight different businesses. So it's something that I'm trying to wrap my mind around all of it. But first one is I'm gonna use one of the increased clients models from that for each of those businesses. I need to do at least one for each. Second one, I'm going to set up a licensing model somewhere.

2:52:04I'm going to figure out how to do it. Use that as a stepping point to start seeing where to use it. You can almost go almost anywhere and look at any business that is successful on any kind of a relative basis. And they have one or more elements that are driving that. And if you can figure what it is and codify it, you could license it. Something like that would be great. It's an infinite number. Thank you, but I do have the third one and that is I need to set up referrals. I'm going to explicitly ask for two of my businesses. It would work well. Uh, the top clients pick them out and then set up the referrals, three referral system models for those clients, two of those businesses, very good. Uh, I'm going to use chat GPT to help me create a script for a YouTube video that educates, so it's a longer form. And then I'm going and aimed at baby boomers who want to retire and need help setting up their business great. So that's one, I'm going to take that I'm going to change my focus, so that I become a referral based business and really promote that. And then I wanted to look, taking the Baby Boomer information, I wanted to look for an icon, or two, and set up a board of advisors, but at least start with one.

2:53:24Very good. Okay. Okay, so at my end, I've been collecting a lot of, doing a lot of referrals, but I've not started doing the way that Jay had taught today, which is to ask anyone who comes to us, who refer you. So I'm going to do that adjustment and with regards to testimonials, I'm going to also change my mindset by telling my customers that they are actually helping somebody. Yeah. When they do a, and finally is I'm going to find ways to do butter trick. Very good. Cool, cool, cool. We had about 10,000 clients last 12 months and we don't have a backend offer for them. So that's what I'm going to work on. I'm going to make a video of me and Jay Abraham at the gala. I'm just kidding. Dancing. Yeah, definitely. You definitely going to start utilizing chat GPT for marketing, financial analysis to pitch partners for us, data analysis, research, our competitors, um, booking time to work on growth and go through more Jay Abraham content, adding upsells, downsells, cross-sells backend. Very good, working on our back end, helping our clients to build their businesses basically to help them be more successful, which is not only gonna give us a back end, but also it's gonna make it more enjoyable for us.

2:55:02Like we're gonna enjoy it because we see them being successful. Also using YouTube, both for content and for ads. We've posted a few videos, I have a small following, but haven't been posting regularly. So we've done Facebook ads, not getting the results we wanted. So I want to switch to YouTube because we can better target our audience there. And like Amy said, using chat GPT, creating content and who knows what else. That's great. Okay. I'm going to go to similar businesses like ours with similar buyer profiles and make a common enemy as the marketing companies that cost a lot and say, hey, I'll use your list, you use mine, I'll endorse your service, you endorse mine and see what that brings out. And then build a YouTube channel to answer potential clients' questions and then change hourly employees to performance. Okay, it's a lot, good, keep. All right, so the first thing I'm gonna do when I get back is I'm gonna cut out any marketing mistakes. so that provides instant cash flow and more yield for us right off. So then I want to change, I want to empathize better with our our sales people and change them to more to a partner aspect, turn them into multipliers rather than diminishers, and to do that I'm going to have

2:56:31to train them better so that they're in the consultant and advisory status, not a salesperson status so they can and try and teach them about referrals. And third, I think I'm going to go to the Amazon School of Marketing with chat GPT so I can create the so what factor and get a better reason why for for using us. And really, I don't know, did I explain that the animal and I can't talk the amazon.com school. It's been in other ones. But yeah, why don't you I'm going to have have to go, Brian, but one of you have about a few minutes, one of you guys share it when I leave. Okay, continue. And that's just to create a better USP. So those are my three things I think. I'm impressed, thank you. Robert? My three things are what the first one's gonna be is create a client loyalty program that rewards clients annually for purchases, referrals and endorsements. The second is to review all of our processes and take a look at the log jams and then solve any of the, or remove any of the obstacles in the way make it easier for both internal and external to be able to utilize the organization. And then the third is utilizing chat GPT and the 61 leverage marketing concepts and then prioritize low cost and low risk opportunities.

2:57:46But the most important is you can call third of the fourth but take action today, not tomorrow the next day but take action today. I love that, thank you. So mine are, we have two things that I think our distributor who does all of our US based business with or we do all our U.S. business based business with them, can do one, I think that they can be a good referral source for us because they sell other things that we don't. So they will have other nonprofit clients. The other thing that I'm thinking is they also sell competitive brands to what we sell our clients for Cisco Meraki. And they're kind of like, they'd be like downsells for us. So if they can hook us up with the people that are selling that, we can make relationships with them and maybe do use them as a downsell for clients. And we did chat GPT. So what the other thing is work on, I think we need a more central message for our team members, how to motivate them, elevate them when we give them a project to make sure we're really clear about what we expect the outcome to be and make sure there's a lot of better communication. And I didn't do the 13 characteristics for Steve and MR Covey, but one of them is clarify expectations. Because if you think I'm hearing you and I'm not,

2:59:10then everything goes wonky on it. Good, thank you. What really hit home during the past hour, as you were mentioning before of how you, if you can master the 17 aspects of trust At the end of the day, you will own the market that you are. It's quite profound. It's quite profound. So I'm gonna have to read the book on my flight back home. Yeah, it's a great, he's got three books, Speed of Trust, Smart Trust, and Trust and Inspire. They're all fabulous, but Speed of Trust is the first one, really good. Steven M. Arkum, it's fabulous, fabulous. Jay, can I ask you a question? You were mentioning a book that you are writing now, or has it just come out with Anthony Scaramucci? Not done yet. Not done yet. It's a slow, arduous process because he's had a lot of things go on in his life. But the concept, the working, there's two titles. It's sort of fun. The title that I like and the direction that I like and I started was called, now I'm gonna sneeze from this, it's very strong, is called the Alpha Life. And the concept in a nutshell is to use hedge fund beliefs, asymmetric upside, de-risking the down and overlaying in every aspect of your career, life, business, everything. The one he likes, he was worried that hedge fund had a little

3:00:35bit of a negative context, so he gave another one, which I like also, you'll laugh about this. This title is called Enjoy the Process because we all know how it ends. And they're both cool. I'm trying to I'm trying to integrate the two and it's been a pain in the ass, but yeah, it's a work in progress not done yet. Any idea when it might come out. Now we've been working on for three years or something. three years or something. I have one I've been working on for five called rule, relevancy rules. And it's all these rules for being relevant. And everything in our life flows from a font of relevancy, but most people understand. And it's all about networks, not networking, but all the different relationships you have and how dynamic and ever changing you are. And I started Jesus five years ago with this colleague of mine, and we got on a roll, and then he got diverted, and it sort of stopped that it's half pregnant. But but I have lots of books that I start, never made, we have lots of books, but I'll let you know when it comes out. Please do. And then I'm just going to echo what other people have said. I have to, I'm one of the culprits of not having a good referral system in place. I have lots of referrals,

3:01:52but I don't know who they come from, when they come from, that have grown my business. So that's the first thing I'm gonna step into together with chat, GVT, and work, and everything else. By the way, in Italy, it was outlawed. The, yeah. Yeah, I think they're worried that it will. For privacy. You know, we have the GDPR over there, which really, you can't sell your list. Does that mean if you got on it, you'd be arrested? No, because apparently the Italian authority on privacy on privacy has now stepped down and said that it's going to be allowed again. So what I do- Do they have it, is it in Italian or do you have to do it? No, you can do it. You can do it in Italian and I played around with it. And then just as much another peculiarity of Italy is the fact that Google Analytics has also been banned. Really? So you can't use it. So there again, you're missing out on a lot of data because the authority on privacy has said, you are not allowed. That is still wild. It is, it's crazy. Okay, but. Yeah, it's really easy. That being said. Well, but you're gonna go, damn the torpedoes, full speed ahead. I don't give a rest. Like Indiana. If you ask me, it's good media. I'm gonna revamp our training to be, again, more referral based,

3:03:26but also no more transactional selling, consultative selling, then all our our communication also is going to be much more consultative instead of just products out there. Second, I'm going to distill and segment down our highest paying, most profitable, high end clients using the 8020 method and then again and again, that's good until I figure out who they are and then service them with a new website and a new retail location. It's then I'm going to develop a whole set of complementary line of products to upsell within the company, and hopefully change. Thank you. God bless you again. Very good. Good afternoon. I'm gonna offer my new sales reps a higher commission for all new business they bring in to really incentivize them and get them excited. And then I'm going to set up all my new customers that I just signed up at the trade show I just attended as wholesale accounts. Like right away we're just going to enter them into the system and turn them into wholesale accounts so they can purchase online. And then the final thing is I did write a book on chat GTP already and it's really phenomenal. I'm blown away at the process and how dynamic it is and I really love what you shared about the interview process, getting someone to interview

3:04:52me on those chapters so then I can and put my more of my own personality into the copy. That's really great. I love it. Thank you. You're welcome. First thing I'm going to do is verify our assumptions about the value that we bring to the market by talking to our two biggest clients that represent a lot of our repeat business. I can just take them out to lunch and just verify those assumptions and make sure that's good. Second, I want to create a system for developing my team members rather than just kind of on the fly adjusting what they're doing, but actually systematize it like you were talking about earlier in the program. And I think that will help motivate them to the results that we're looking for. And third, I'm going to try to have one potential breakthrough conversation a month on the periphery of my network like you were talking about. So I'm thinking people from church, my kids, volleyball team, parents, and my wife's gym clients are probably where I'm going to start to get out there to the periphery. I love it. Thank you. For me, it's going to be to go back out and do R&D because years ago when I put together my program, I traveled, I went all over the place and I think it's a good program but I think that was years ago so I need to

3:06:05see what else is out there to make it better and I'm also going to see my team members as my clients and I'm going to look at my 80-20 list of clients. I love that. First of all, I'm going to be here for 22 more days. So there is no question that what I would do after going back. Today only I am going to do that, that all the ideas which I will listed down, I will be sending it to my team through email with the name. Who is going to look after what idea? Because my business runs on that type of things only, that I delegate more of the things. Number one thing which I observed that I'm like, I'm not into technology. So JPT is being used by my team, but I believe that the perspective which we can bring as an entrepreneur to that entire thing, they cannot. So I will learn that JPT myself first and then, you know, teach it to them that how to leverage that thing. Otherwise, they are using that thing themselves only. I'm not aware of zero knowledge about that thing. Second thing, I would be creating my mastermind group instantly as soon as I go back and creating, you know, aggressively creating my community over there. Then printed newsletter. Now, everywhere, you know, that e-newsletter are there, I would be doing zag.

3:07:31I would be introducing paid printed newsletter in my community so that, you know, to nurture the relationship again and again, you know, every month they would be getting that printed newsletter from me. from me like that then one contest I'm going to create that from other industry would you observe irrespective of whether we can adapt it or not that I would be deciding I would be going through every single idea through that contest so I would be getting a lot many ideas so that contest would be created for my 300 people in the team so that way I would would it be, you know, leave it at the end. That's really good. That's really good. Thank you. You're welcome. Thank you. So I'm going to discuss a new buyout strategy to try to solve the gridlock at the top of our company between the two partners. And then the second thing would be to contact a strategic partner for a specialty equipment rental business that has come up. And then the third would be to implement the referral source question that we talked about earlier. Very good, thank you. All right. And, and from far away, Leandro is going to get us started from the people there. Yeah. It's here. It's been active. Identify our sticking points and apply a solution to each one of them.

3:08:51Think creatively to monetize the relationships we have. Study and use AI in our advantage, possibly to fix some of our sticking points. Get into partnerships with those who could be competitors. Somewhere in the world there is a way to monetize, leverage their sales teams to promote my services, layering strategies, leverage cheap GPT to act as my own sales advisor, monitor my deployment of time resources, look to maximize more empowering quadrants as taught by by Perry Marshall, create a new referral culture, I like that, add one new product and service each year, adopt a rewarding referral system for existing clients, moral and ethical obligation to clients to show them that they deserve more than what they have and need to show how we can offer that over competitors, adopt AI to make everyday tasks easier, create more time to invest in reflection on current practice in order to optimize what we currently do, Summarize all ideas for seminars and public speaking. Summarize all ideas for marketing on seminars and public speaking. Write a book to use as marketing. Work to identify the barnacles and turn them into Renaissance time. Study how to do risk reversal for clients and employees and vendors.

3:10:24Learn Socratic interviewing. Are these a bunch of different people? Oh yeah, these are all different people. Okay. To learn from everyone. Mattias priority to learn my new talk as a public speaker so I can get started to implement all marketing and sales strategies learned here and use chat GPT and AI for research and creating text. Andrew my first priority is to look on LinkedIn to see experienced people that are retired or out of their previous employer and possibly hire or barter with them through testing and charting time activities that he's been doing the last few months, continue learning subscriptions to help work, open up time to put more Jay teaching into actions and into life areas. And thank you, Jay and Scott. Okay, cool. That's fabulous. I am impressed. I am impressed. Let me do a wrap. And first of all, Desiree, you collect any and all white papers? I'll do it now so that I can review them and I'll leave them for you when I leave. I want to see how many of you are interested and you're not going to offend me if you're not but if you will thrill me if you are and we'll reflect on it but collect anything anybody has and then I want to talk about what happened here yesterday and today and what you

3:11:47should do with it and why and how and I'm very impressed to hear that. So obviously I'm not a linear presenter. My style is very different but hopefully what I do and how I come at it opens your mind and keeps the spigot running and doesn't let the window close. I have been very privileged in my life to experience an enormous amount of higher achievement and very remarkable and world-class people who have seriously impacted my belief systems, my world, my everything. And I've tried to distill it down and share it with you in a simple but a very powerful way. And one of the things I believe, and you can all take a lesson for this, the more you use metaphor, similes, storytelling, analogies to help people see the implication, the application, the real world translation of anything you're trying to say, whether it's your team to your audience, it's like this, or here's an example, or you know how this is that, this is to that, it makes it much more easier for people to learn. I am very grateful that you all came, you all contributed, you're a very quality group. I'm sorry, I don't have a deeper connection with you that are on Zoom.

3:13:21And by the way, any of you, not that you do, but if you wanna do anything, send Brian a very clear communication and give him the same things. Contact, what, why, how, numbers, and if you're serious about it, how serious, And if you're not, that's okay. But if you are serious and I have my office, try you, please be responsive or we will never do anything together. I hope this is a beginning for you, not necessarily the beginning with us, although that would be great, but the beginning for you at a whole new world of adventure and journey into higher performance and truly being an exponential entrepreneur. Brian put that at the end and I didn't let him show you that. There's a couple other slides, but you did a lot and we processed a lot very little time and I think you need to think about it. What I try to do is look at my notes afterwards, reflect on it, think deeply because there's a lot of stuff I gave you and it's a mindset more than it is the specifics. I really appreciate you but I appreciate my team because they had to build this and my daughter Michelle and my assistant Desiree worked their hearts out. Brian, Scott, Laura, who you don't know, who's somewhere in the vapor, John helps out so much. And we appreciate everybody.

3:14:42And I think you should watch Dr. Allen, because I think it'll be a good conclusion. It's only about 30 or so minutes. And then depending if you're not leaving, I would go to dinner or at least hang out with each other and just talk some more, because you may not have this kind of dynamic available. And if I never do business with you again, I hope this has exceeded your expectation. The last three years has been hilarious as we tried to evolve this methodology. And I think it's pretty powerful. It certainly can be iterated, but I think I've taken it pretty powerfully in the realm that it has. And I hope it takes root in all of you. If I do anything with you, and I'll commit myself at the highest level. And it looks like a cold, but a nice evening. So if you guys are walking down the Boulevard, there's some nice restaurants in the area. There's nice people in this room and I have appreciated you and I'm gonna pack up and leave. And did I forget anybody? I don't think so, did I? Cool. So thank you, Brian. Why don't you share with them as soon as I get up and get out of here, are you and Scott or whoever, the Amazon School of Business, the mind of the market. And I saw, when you get me also, when you get me all the videos, if you can do it,

3:16:04get me Sam's for Dr. Gard, because that was really cool. If you can't, it's okay, but if you can, that's great too, just the raw footage from this. If you can't, it's okay. He's really good and all of you, I have no economic relationship. I'm so impressed with Sam, it's unbelievable. Wasn't he impressive? Such a great presenter, such an articulate guy, such a cool voice. Desiree, I need my stuff in the refrigerator too. Okay, good. And I am off. Oh, you know what? You guys can talk about this too, Michelle, if you guys want to. Sorry, I didn't do that. And I am off. Yes. What? Yeah, yeah. I am going to go to dinner with the hospital board. And listen to all, I mean, do you all know that there's a huge shortage of nurses? Terrible. And also a lot of doctors don't wanna be doctors anymore. And it's gonna be really, it'll be traumatic for, I mean, we're all gonna, with luck, we're all gonna live a longer life and there's no one to take care of us. It's gonna be, and they don't really care. I mean, the pressure, the stress is so much worse than the money they made. And people, I mean, managed care sucks. The insurance companies remit suck. Medicare doesn't pay enough. It's terrible. I mean, it really is. And I have a differing perspective

3:17:30and it's just very, very interesting. So I think we all need, we need all the help we can get, believe me. Our world is very, yes. Oh, okay, you wanna, I gotta get out of here right at 5.30. Okay, well, you set it up. take a picture. So let's do a group picture. Do you want to do that? Well, I think, well, I got to get out of here right at 5. 30. Okay. Am I fine? Jesus. Jesus. If you want to do that. Well, all the, all the people on zoom wanted to have their cameras. Hold on. Everybody I'm sitting on the table. You want to share a picture with you too. I'm going to try to get that one. So virtually everyone, just go to that new thing with Dolly and put your face next to Jay's. Yeah, let's do that. Because we have the light coming in. Is that a good place, Ben? Okay. So let's gather up in this kind of corner and we're going to have some fun. and you get to see behind the curtain. I highly, highly recommend going around that way so that you don't have to step over cords, dogs, and yeah. We are gonna have fun.

3:19:03I'm not saying you can't do it. I'm just saying I highly recommend. So if you're a rule breaker, get over here. I'll make it more difficult. Yeah. Everybody, we're gonna go just kind of curve in, pack it in, tall people towards the wall. people my size and below come up front too much all right let's go outside everybody never mind we're going outside get out there but it but if you walk by Jay we'll get you on camera just look at the camera real quick we're gonna come But your back against this wall, we're looking out that way towards the ocean. Because that way we'll get the light. Yes, we are.

3:24:32Yeah. Did you want to go over Amazon school because I mean it's not big. Okay. Break it up. Let's come back in like three minutes, do the restaurant run, and then we're gonna go into the license market and have some fun. Test one, test, test one, test one, test one, test one. All right.

3:29:15No, no, no, it's all good. Yes, sir. Thank you, Chair, and I'm talking to our coach that everybody can join the WhatsApp team. A lot of people are in it already. Yeah. So yeah, just walk around. Yeah, I know, I know. We've done it already, but we want to put it on screens. Yeah, can you, I'm trying to think of how to send that to me. Yeah, just send it to my email, brianatabraham.com and then I'll click it and post it. All right, any volunteers for how to use the Amazon School of Marketing? Is there something that you would like to research, learn about or know about? And I will use that as kind of an example to go through this and explain it. Yeah, so anybody want to learn something about anything, your business, just I need a volunteer here, so I have something to go on, so this is actually tangible to you and not theoretical? Great, your business, soft goods, home furnishings. Okay, so we're thinking inside of a home. So your client is living in a home and they're buying bedroom sets there and they need to put the soft goods on top of those and things like that, right?

3:30:49Pillows, sofas. So what the Amazon School of Business does is you look for the topics related to what you're looking for. So in this case, I would choose interior design and I would find the top And, and, or maybe even search pillows or maybe even search coverings. And I'd find the top books, the top articles, and, and I would look at the titles and then I'd go and I'd look at the subheadings because oftentimes books are sold on the promise more than the content. So they invest a lot in coming up with those titles, how they phrase the titles, how they phrase the subheadings, how they phrase the chapters. how they introduce things, how they explain concepts. Look who endorses it. That might be someone that would endorse your products. So look at all of the dynamics of the books that come up in your search or the results that come up in the review sites. Then you want to get into emotion. If you want people to resonate with your products, you need to tap into them emotionally. And the best way to do that is to read reviews because people get emotional when they're really excited about the best night's sleep they've ever had. This pillow felt like a dream.

3:32:23It helped me sleep better than ever before. It was like being caressed by a lover as I slept. It brought me to a new world of perceptual enjoyment of sleep that I didn't even know existed. So that's the kind of copy you're gonna find in the enthusiastic column. In the other, you're gonna hear things like what people don't want. And oftentimes this comparison and contrasting can really articulate. I can't believe the sandpaper texture, this fricking blah, blah, and just delete those F words out. And I feel ashamed to have had kids that have been exposed to these toxic materials that seem to be gassing off formaldehyde smelling substances that is offensive to me and my family and I just want to go and punch them in the face. So you get these extremes in reviews that are hard to find in other places. And you can use, like if you read this enough you will find that you start to emulate Jay in dictating copy that is just so phenomenal because it's tapping into emotion. Is this making sense? Scott, are you ready for your yes and? Right, good job, thank you. So Brian did a good job. Is my gain okay? Okay, so you think in terms of all the places where you can look for this data, you've got Amazon, you've got Yelp, you've got Google, you've got Reddit.

3:33:56Anywhere that your client is going to go, you might be able to connect with them. Now, the other thing that you can do is you could reach out to your best buyers and your best clients and ask them for a testimonial. And then you take that testimonial and you look for the commonalities of what people are saying and what they really like and what they're excited about. You can then take that testimonial and kind of Frankenstein it together and then go to chat GTP and drop it in there and do some research on what people would say for how you could write an ad using that testimonial. So like you would literally put this in the command, take this testimonial and use it to write a three point ad that talks about the best benefits of my product of being one, two, and three. And so the details that you can look up are the complaints, the commonalities, the things that people are excited about, but you can also start looking for the holes of what you're missing. I wish, I hope, I need, I want, I wanted. And you start clueing in on what people are saying that your product is missing in the marketplace so you could team up with somebody or you could fulfill that for a product or service that you already have, that you haven't thought about.

3:35:17So like a lot of times people will say, like I found the positive, but wherever there's a forward, there's also a reverse. So you look for the negative as well. What is your product missing that you could bring in joint venture with somebody on. Now here's the other thing if you're looking at your competitors and there's a common complaint that's probably true in another marketplace as well so you could go into a parallel market in an area that you don't serve and you don't have competitors and you can offer products and services from there. I think that's it. Yeah. We want to run radio campaigns with testimonials from clients but they're like 60 seconds long. What do you think would be a good way to structure that, you know, if somebody's in a research mode and they're going to buy a product like a $6,000 water treatment. And they don't really necessarily know what it does. You could always redirect them to a website like a really cool name like water treatment Tennessee.com something super cool. And then when they get there it's a sizzle reel, which is a bunch of testimonials combined Frankenstein together. And the thing that you want to do is anytime that you have an objection, you always want to tie it to a testimonial.

3:36:42So like for a product like that, the first testimonial could be something about like, no matter what the price is, you should buy this thing. So like in, in home services, there's like six objections cost too much. Not right now. Don't really necessarily need it. They're going to be always your top three. But the goal for anybody is to always tie a testimonial to an objection. multiple testimonials to a single objection is cool. You got to be careful though, because you can trigger an objection if you do too many of them. You want to, yes, and Hey, go ahead. I picked up an idea last year at the breakthroughs at the beach for a radio commercial. It was 122nd radio commercial and, um, to structure it as an interview. So, uh, and 120 seconds is long. I mean, people are not used to that. And then in that timeframe, you have time to create a whole interview and people think they're listening to the broadcast. So you have an external presenter or interviewer asking you questions about your product, about your... And in 120 seconds, you can actually tell quite a bit of information. And I did it and it worked quite well. Well, it was different for people because it's so long and it was really attracting the right attention

3:38:08and customers, so that's an idea, it was great, yeah. Right, can I give a super yes and here if we got a second? All right, so if you take a look at the way that people purchase, you can make a really cool buyer's guide. What you do is you take the 10 most frequently asked questions, so 10 FAQs, 10 should ask questions, And in those 10, you don't sell, you don't do any type of selling, like, my company's the greatest. Scott Co is amazing. We've got amazing tacos and bald people. And then what you do is like on the 10, so like the next 10 are gonna be the 10 most common mistakes that people make. Number 10 is if you have a problem, call me. It's meant to be high leverage material. So there's a couple of different ways you can do this. You could do this in writing, but one of the coolest ways to do it is to have somebody interview you because if you're being interviewed by expert you're the by default you're the expert. So you could do the Charlie Rose, just a black screen behind you, super simple. You can take that, you can have it transcribed, you can turn it into a buyer's guide, you can have people download it, you can chop it up and do Hormuzi style ads on TikTok, Facebook, Instagram Reels, YouTube. But you're going to base this content on everything that you pull from the Amazon

3:39:30school of business or from what your sales people are telling you you have an objections for that are real or what your call center uh keeps saying hey here's an issue that we're running into but the 10 10 10 10 common mistake i'm sorry 10 frequently asked questions 10 should ask questions 10 common mistakes and then what you can do is you can break up and put in testimonials in there qr codes coupons if required premiums or bonuses when people go through everything True and false quizzes, videos. I mean, the list can go on and on. You can modify it multiple ways. I would like to introduce Dr. Alan Bernard, the number one constraint theorist in the world. Cool dude, all around fun. Super awesome dude to hang out with and have conversations with. Is he here or are we doing recording? Well, live from a couple of months ago. We've got Dr. Alan Bernard from the University of South Africa. for the whole process, and we're going to work it through a little bit today, and then we're going to get into one or two of the other categories, but now on first of all, welcome. I'm going to get a doctor's appointment on the third. Let's see, I'm not going to tell you what. Dr. Mark, you're going to need to unmute your very.

3:40:54Thank you, Jay, for the kind introduction. Can everybody hear me OK now? Yeah, I love his backgrounds. He always has these beautiful backgrounds, wherever he is in the world. So what? Hey, look at that. It's all a little shiny right there. I'm going to sit down. We've been talking about and that we talked about on Sunday morning, and then also if you can overlay the things that I tried to steer you to on the call with the lions and then I'll intervene, but you can run with it and then I'll add context and whenever I think it's possible, are needed, go ahead. Sure. So as Jerry mentioned, I'm CEO of Goldratt Research Labs and our main focus is really partnering with organizations to help them make better, faster decisions when it really, really matters. You know, we as business owners, as executive managers, even as individuals, we make thousands of decisions every day, most of those luckily don't matter, but there's a few that do matter a lot and getting those right or wrong can make all the difference. So what we've done over the last three decades or so in our partnerships with both very large companies, as Jay mentioned, we've had the privilege of working with companies like Microsoft, with Cargo, with Tata Steel in India,

3:42:31Daiwa House largest construction company in Japan, is to isolate one of those avoidable and consequential decision mistakes that business owners and executives can make and provide them with insight of very simple decision rules that they could use to make much better, faster decisions. The initiative that Jay was talking about is an initiative that we had launched some time ago. And in our collaboration, we fought wild. I mean, the data at the moment from COVID-19 is just absolutely terrifying. A couple of weeks back, we got some data that showed that the number of businesses that have now permanently closed down is exceeding the number of businesses that have temporarily been closed down. And you know, myself and Joe was talking about this and saying, not only we should be doing something about this, but we can. And I shared with him an initiative that we had a few years ago where we were partnering with companies with a very ambitious target. We said to him, we'd like you to imagine your business. So take your current sales. So say you've got a business of $10 million and you are making a reasonable profit, maybe 2.5% or 5%. So you've got somewhere between a quarter of a million and a half a million dollars net profit. What we'd like you

3:43:59to do is to think about taking your current top line, that 10 million dollars, and turning it into the bottom line in four years or less. So make your net profit to be 10 million. And that's a kind of a target that when you share it with business owners especially in a climate like this, they go you know that that's very nice but it's just impossible. But if you don't understand our business, you don't understand our industry. And what we found surprising is that, Jay has got 40 years of experience. I've got about 30 years of experience, is that when you analyze companies, really analyze them. You find out that by far the majority of the companies that we look at, actually has the potential to be able to deliver that type of performance. And that's super exciting. So we thought, well, what if we could share this, this insight, this target with business owners and being able to automate a lot of what we are doing at the moment would allow us to bring this kind of insights to even small business owners, something that we previously only the top companies could afford what we were doing. But now, with all the modernization and automation and the ability to go from one to many, we are able to bring this. And that was sort of what sparked the discussion is,

3:45:25we wanna return hope back to business owners to say, yes, this COVID-19 thing sucks. I mean, Jay's business has been massively impacted. My business has been massively impacted. And yes, as business owners, our first priority is how to ensure that our businesses survive something like this. But at the same time, and maybe in parallel, we need to be thinking about how we can leverage this. How can we grow our businesses exponentially? And a good starting point is to set a target for yourself that you are absolutely convinced is impossible. And then what I've developed a very simple technique that I shared with Jay is, how do you get somebody to challenge a limiting belief? So, you know, part of my research is in psychology and there's quite complex ways of doing that. One is you can spend five years with a psychologist or even a psychiatrist, but there's often very simple questions that you could ask yourself. And one of the simplest questions I've ever come up with is what I call, it's impossible unless. And the background to this is a story that a couple of years back around 2005, I was asked to do a presentation to a big mining company. They own the largest coal mine in South Africa. And I was asked to come and present

3:47:00and I had some from what I understood, some problems with output in their mine. They needed to increase the output. And I was asked to come and present about fear of constraints, constraint theory about how to be bottleneck systems to them. But I walked into the room and I saw 60 miners there pretty intimidating big eyes looking like the last thing that they want to be doing right now is to look at a bunch of slides. And I quickly perverted and realized if I was gonna present any of my slides that I was planning to present, they'll throw me out of the room and they probably won't open the window. So I said, okay, I wanna understand this quickly. What's the problem? And basically it was very simple. They had 12 million tons to produce for the year, so a million tons a month. They were in month four, they had only hit three million tons. So there were already a million tons behind. And if you extrapolate it forward, that would mean that they would end with nine million tons, three million tons behind. It would cost massive penalties for them to their customers. They would have to buy product at a premium from competitors and probably a lot of the guys that were sitting in front of me would be fired. So I said, is that my understanding correct?

3:48:24Yes. I said, okay, so we're just gonna do two things today. The first thing is we're gonna look at what's currently, you know, demanding all your attention and budget. And I asked them to please write it on the flip chart and stick it up on the wall. And when I got to about a hundred things that they had to invest their time and attention in and their budget, I asked them to stop. So you can imagine this room full of flip charts all around the walls. And these were the things that were causing them daily to be firefighting, to be multitasking, to be jumping from one thing to the other. Many, many, many different things that you can improve and change in your business. I'm sure that might resonate to you. If you just put a list down of all the things that currently is demanding your attention, you probably come up with quite a long list. So what I asked them to do is to say, okay, we've just agreed that the number one problem for you to solve is to find a way to get more times. That's the number one problem. If you can't do that, nothing else will matter. And I said, yes. So are you still there? I'm listening, I'm making notes of sort of a hierarchy I wanna have you address, but keep talking. Sure, so I said to him, we've just agreed

3:49:56that the number one problem that you need to solve in your business is to get more terms. And I think that that resonates with all of us, right? If you think about it and somebody asked you, what is the number one problem you have to solve in your business right now? it probably won't take you a lot of time to come up with that one. That if you don't solve that, nothing else matters. Of course, there's many things that you can improve and change and other problems to solve, but there's normally one or at least very few that if you don't solve that, nothing else will matter. So they said, yes, they agree, there's one problem. So I said, what I wanted to do is to go back and to look at all the things that are currently demanding your attention and budget and write down for each of those, for each of those, I want you to write down how many more tongues that initiative will give you. And you can imagine what happened is that by far the majority, and by far majority, I mean literally, you know, 97 out of 100 would have no impact on tongues, zero. And I suspect that that might be true for many of you. that most of the things that's currently demanding your scarce as resource, which is your limited attention and the budget that you've got available,

3:51:30probably us not going to make any substantial impact on the one problem that you need to solve to both ensure that your business survives this pandemic or similar things like this and to be able to fully capitalize on a potential. And essentially what we did then was to say, okay, what are we going to stop doing? because by me giving you some new strategies or tactics, right, it's just gonna add pressure, it won't add value, because you're already overloaded, right. So unless we can decide what to stop doing, I'm not going to be adding value to you today. And very quickly, we managed to get half of those stuff stopped. And it was like this massive load was lifted off people's shoulders. It's like, are you sure we're actually going to stop that thing? We're not going to be spending more time on that thing? Yes, absolutely. We're all agreed, signed off, done. And, okay, now we get to the second part, which is, okay, now that we've got the attention and budget right to invest, what the hell are we going to do? Of all the things that we can do, what should we be focused on? What are those few things that will make a big difference? So what I did was, I don't know much about mining, especially not coal mining, but I got to understand the basic process.

3:52:51It's like five boxes. The first box was exposing the ore, bringing in these big pieces of equipment, taking the overburden away, basically the dirt away to expose the ore where you can actually extract it. So I called the first manager up and I said to him, okay, so how are we going to do this? How are you going to get, you're currently doing about 750,000 tons a month, you need to not just get back to a million, but you need to get to about 1.25 to catch up and stay ahead. How are you going to do that? I mean, I'm a pretty big guy. I'm like almost six foot six. But staring at this guy was pretty intimidating. And he basically said to me, it's excuse the French fucking impossible. If it was possible, we would be doing it right now. Now, imagine yourself in my shoes. You have no domain knowledge of mining. You can't suck up this silver bullet from somewhere and say if you just did this in terms of the way that you extract a call or process that you can dramatically, essentially all that I have is a question that I can ask him. And at that moment, the only thing that came to my mind as I said to him, it's impossible unless, And psychology, this question is called a disruptive question. It disrupts our brain pattern, and it

3:54:19helps us to discover and overcome a limiting belief, like something I really want, but think it's impossible. And it was fascinating, because here the two of us were staring at each other, and he looked at me. I looked at him, and he said, OK, I'll play your game. He said, it's impossible unless these idiots, and he was pointing to the senior management and accountants, would bloody allow me to get some of the additional equipment, because there's an area that they told me is unprofitable to mine, it's bullshit. I think it's profitable to mine. I don't understand their costing numbers, they allocate too much bloody cost to everything. And I said, okay, so let's do the numbers together. I said, you make about $100 per ton on coal. Yes, I said, how many more tons will this give you? at least half a million tons. I said, okay, that's $50 million, right? So what would be the cost? Let's be not conservative. It's like, how much would be the maximum cost here? We did the numbers. It was like worst case scenario, $10 million. So I said to him, what do you think they will tell you? If you went to them and he said, by investing 10 million at most, you will get 50 million at least. He said, well, if they weren't idiots, they would approve it.

3:55:44So I said, well, ask them. And it was approved on the spot. Now, his assumption was not only that it was impossible, but his assumption was because they're already losing money, they can't spend any money. And that kind of gave me this insight of when you are facing a real crisis and you think it's impossible to get out of the crisis or to achieve some massive target, You can use this very simple technique called, it's impossible unless. And that sort of the spark is, if you go back to this initiative of setting a target that might feel impossible, which is how to turn your top line into your bottom line, right, it might feel impossible, but you could ask yourself, it's impossible unless. And that's kind of the initiative that we were planning to do is to think about what are the assumptions that business owners would have to overcome that we could help them with, what are the assumptions or beliefs they would have to challenge to show them that it's not only possible, but highly probable that if they could figure out how to focus on only those few high leverage opportunities that Jay knows and I know and probably many of you know exist in every business if you just need to know to look. It can unlock potential that you simply couldn't believe before.

3:57:10I'm loving this but I want to give you some thoughts to put on a piece of paper to shuffle around as you're talking, okay? Sure. Can you write it down? Yes. Okay and they're not in order. I want you to cover obviously the three secrets we talked about. Yeah. I want to see how they they resonate. I want you to talk about obviously going to time versus attention. I want you to talk about how we can't predict what's going to happen, but we can prepare because I love that. And you can you can shuffle this because I'm out of order. I want you to help people understand how to identify, I'm going to kill you on time, but it's okay. How you identify the number one priority and problem so you can reconcile how to deal with it too if you have a thought. You don't have to do all these, I'm just giving you my sublime. Then I want you to go through your four scenarios, high risk, low return, high risk, high return, low risk, low return, low risk, high return, and talk about that and then that what it costs to get back from your 50% loss. If you can do that, I'll still be thrilled. Okay, so that's hopefully set the scene in terms of just getting the right mindset and the right mindset always starts with setting a really ambitious target for yourself.

3:58:35As soon as you think that the target is realistic, increase the magnitude to reduce the time and that will make it very quickly reach impossible and then you're in the right mindset. Now you're ready to think out of the box. So what we talked about is what would be the one thing that we would need to convince business owners of that if we could convince them, that would change everything. And what we realize is that most business owners are at the moment overwhelmed by all the many things that they need to improve and change, and they don't even know where to start. They don't know how to judge what change should I make and what not. And there's a very, very simple framework that you can use, not just in business but in life, is as Jay mentioned, we know that it's theoretically impossible to predict the risks that will hit our business, both positive risks and negative risks or stresses, right? So positive stress will be that we end up selling more than what we expected. Now we have a capacity problem and negative stressors we sold much less than what we expected and now we have a cost problem. So it's impossible to predict the stressors that will hit our business, but it turns out it's quite possible and in most cases quite easy to predict the stress response.

4:00:06What will be the impact of that stress on our business and what's the best way to respond? And what we realize is that there's basically two main insights that we want people to gain from the initiative that we work with them is that the worst possible change that you can make is a change that has a small upside if it works and a big downside if it doesn't. And the reason why we would make a change like that, which sounds like it's stupid, right? Nobody would do such a thing. It's because we assign much more weight to things that we think are certain than things that we think are uncertain. And that can often cause us to make a really bad decision. An example I shared with Jay was sometime back was contact by CEO of Fortune 500 company. recognize the name, you know, I've never met a guy. So the name popped up, you know, how can I help? And he said his chairman, that's a common friend of ours, asked him to phone me. And I said, so what's the issue? He said, well, you know, they've just declared their results and they share earnings per share is 10% below expectation. And as a result, he's planning to announce 10% layoffs. and his chairman is disagreeing with him, thinking that it's not a good option.

4:01:34And I said, okay, look, I can't help you to decide what to do, but I can help you decide how to decide, right? How to think through this. So I said to him, so I can understand how you got to that, which is that you probably set the target, your team only hit 90% of that target, but they probably asked for all the resources that they needed to get to the target. So I can understand why you said they probably are sitting with 10% too much resources, why 10% layoff would make sense. And he said, absolutely, could you tell our chairman that? I said, no, no, I just said, I understand how you got there, but let's think about whether this is a good option to exercise, right? A good change to make. I said, let's think about what's the maximum upside of this change. So this 10% layoff, what people will it impact? And he said, mostly wages, lower income people. He said, okay, what percentage of the sales is that as a number? He said about 20%. So I said, okay, so the maximum impact from your bottom line would be 10% of 20%, that's 2% increased margin. And looking at your numbers from what you shared with me, that's noise, that's a very small impact. You need a lot bigger impact. I said, but now let's look at the maximum downside.

4:02:57What's the worst case if this layoffs go wrong? He said, well, the next six months is gonna be, my team is gonna be occupied just in terms of how to fairly identify who to lay off so that we don't contravene any of the labor legislation. We might lose some of our top people, our competitors can come in and disrupt this thing. You know, I said, okay, so you've just told me that this option has a small upside if it works, big downside if it doesn't. And it's just like went quiet. He said, so what should I do? I said, just find an option that has a big upside if it works and a small downside if it doesn't. And we thought that that of all the things that we could potentially share with business owners, that would be the number one thing is that currently business owners, at least in our belief, and not all of them, of course, but many of them are struggling with, how do I identify of all the things that I can improve and change in my business, which one should I? And this very simple technique of being able to judge whether a change is a good option to exercise or not, we think it's important to share. Now, related to that, there's gonna be sort of three fundamental mistakes that they can make or false beliefs that they have,

4:04:21And that's the free secrets that Jay asked me to share with you today to just check how it resonates. But before I do that, I'll just pause a little bit and check if there's any questions or comments. So go ahead and raise your hand if there's some point or uncertainty that you need clarification on. And very authentically, Allen's gonna get into really cool stuff now. So I would ask people not to divert and communicate with Carlos or anybody right this moment. Because I think if you concentrate, this is quite profound and his work with larger companies has created billions and billions of profit dollars. I believe in my heart that the collaboration can create millions and tens of millions for entrepreneurs like yourself. And what you're gonna get is a distillation of 30 years torqued down to a very simplistic and elegant, understandable way. So please pay attention, go ahead. And it looks like people are taking notes. They're really loving it. People are saying they're gonna review it and nobody raised a hand, so it sounds like it's very clear to everyone. It's a great job. Pay keen attention if you can, please. Not you, Alan, no, you too. Thank you Jay. So the first part is to say, so if this resonates is to say that we need

4:05:52to be looking for those changes in our business that we can make either on the sales, marketing side, operational side, finance, doesn't matter, but what the criteria should be, it should be a change that doesn't have a small upside if it works and a big downside if it doesn't, those we should stay away as far as possible. It should have a big upside if it works some small downside of a dozen. So kind of the false belief is that if I want changes that has a big upside, I need to be making big changes with my business. I need to add a lot of new futures to my product or service to get a massive impact on sales, or I need to add new products or services, or I need to go into new markets that I haven't done, Well, I need to redesign my whole organizational structure. Why is that a problem? Because we have this heuristic in our mind that says, big results requires big changes, but big changes are high risk. So even if we could find these, we often don't do them because we associate high rewards with high risks. And the problem is that most people are, we think are unaware that small changes can have massive impact if it's made in the right area. But unfortunately it goes both ways. A small change in the right area can have a huge positive

4:07:30impact. A small change in the wrong area can have a huge negative impact. And I want to share with you two examples of that. I want you to think about a business that has, say, a hundred in sales, that could be a tiny business with hundred thousand dollars in sales or like when we worked with Microsoft, it's a hundred billion dollars in sales, right? And I want you to think about a one percent change in the average selling price of the products and services that they sell. That's a very tiny difference, right? Imagine you buying a product and paying a hundred dollars or $101. Does it matter to you? Most of the time, no. Now, the question is, what's the impact of this tiny change on the bottom line? And where most people make a mistake is they assume that net margin remains fixed. And as a result, if their net margin is only 5%, then if this change represents a million dollars, only 50,000 of that will go to the bottom line. And of course, Because that's not true. If you can increase your average selling price, your variable cost doesn't go up. Your fixed cost doesn't go up. So that whole difference will drop to your bottom line. Almost every business owner knows that. But let's think about it. So you've got a business that's doing 100 in sales and maybe, you know, 0.5 in profit.

4:08:57So they've got a profit margin of 5%, right? So 100 to 101, so that one will drop to the bottom line. Sorry, the 100 sales and the five is net profit. So the one will drop to the bottom line. So your profit will go from five plus one to six. That's a 20% increase in net profit for every 1% change in the average selling price, right? Now, I don't know about you, but there's not many other changes I can think about where just a 1% movement can increase my net profit by 20 times, 20 times. Can I interrupt with respect? Yes. So I have found multiple times in my work privately with clients that they will erroneously look at their revenue and they'll translate it to transactions and they'll impute a certain allocation of what it costs because they're taking whatever their reality is right now and they won't understand incremental profit and what it's worth when they get above that fixed level. So I would really encourage people to think about that because when we get the data that people prepare and send us when we're working with private clients, I have a very comprehensive 200 question assessment, They almost always default to that delusional and not mean disrespectful, but they really don't understand that it may cost them

4:10:36$300 a transaction for the thousand sales they're doing now but for another 500, it mainly costs them $30. Yep. That's all. So I think the thing, two things to highlight is the opposite is also true, right? imagine you or a salesperson giving away just 1% discount that you didn't need to, right? That 1% is gonna be $1 million, right? On a $100 million business, that's gonna come off your profit. Your profit will go from five to four. That's a 20% reduction in your profit because somebody just said, could you do something special for me on the price? And you said, yes. And you give them a discount, not of 1%, typically, but of 10%, and you don't realize that you could have wiped out all your profits of your company just by giving away unnecessary discounts. So that's the first part of that secret is that small changes can have big results if we know where to make them. But there's a second point that Jay asked me to share of why is it so important to protect my business against big downside risk. And many, many years ago, I was asked, my father had a small electrical contracting company, and I was asked to do a project on quality for them.

4:12:10But while I was there, he said to me, Alan, you're pretty good with numbers. Something that bothers me is when I look at my last 10 years or so of my sales, you know, we are in the business of doing tenders. So we put a lot of tenders together for government contracts. Some years we get more, some years we get less, but pretty much over time, we think that they should balance out, but yet my sales are dropping every year. There must be a mistake in the book somewhere. And the first thing I did was I noticed that he was right. Say they start off with a baseline of a year that they had 100 sales. the next year, they would increase that by 20%. And then the next year, they might reduce it by 20%. And over time, there's like, when they win, when I have a good year, it's plus 20%, when they have a bad year, it's minus 20%. And our intuition screams, but surely that should cancel out. And yet, I couldn't find anything in the numbers. And then I did this stupid little thing. I will never forget it on my smartphone, right? And if you have a smartphone handy, just try it quickly, right? Open up your calculator and put in 100 and then plus 20%, right? You should get an answer of 120. And now here's the interesting part.

4:13:34Now type in minus 20%. Anybody wants to put in a chat box what they got as an answer? Most of you probably can do it in your head, right? As you'll get 96. You've just lost 4% of your wealth in what feels like a fair game. And this fascinated me. And I dove into it and what I discovered is actually a formula that you could use to determine how much gain you must be able to make on a trade when you win to compensate for loss or think about you buy houses and sell houses or you buy products and sell products, right? What is the gain that you have to make when you win to compensate for loss? And the formula is very simple. It's the loss in percentage terms over one minus the loss in percentage terms. So if you think about it, if your business could lose 5%, how much more would you have to sell in the next period just break even again. It would be five over one minus five or 100 minus five would be 95. That's only 5.2 percent. But think about it, what will happen if your revenues could potentially go down by 50 percent? Which is what's happened with many businesses with this COVID-19, right? Is that you've lost six months of sales. How much more would you need to sell in the next period just to recover. And the answer is 50 over 1 minus 50 or 100 minus 50. So 50 over 50,

4:15:25that's 100% you'd have to sell more just to break even. And this to me was profound. So again, thank you all for being a part of this. And Scott, how much do you discount your stuff? Zero. Okay, so don't discount. Find a way to increase value is one of our biggest takeaways. and we did a whole accelerator session on just that very thing. But the world is hurting. With chat GPT, it's changing a lot of things. Facebook algorithms are changing, internationally laws are changing. There's a lot going on, people need leadership. And after these two days, you are now better equipped to be the best leaders in the world to move economics a little bit further for your team, for yourself, for your clients, you are going to be transformative, if what? If you take action, you gotta get started. It's impossible to take action, right? It's impossible. You don't have the time, you don't have the resources, you don't have the information from Jay Abraham. It's impossible, unless what? Unless you just do it. You've got it all. You've been here, you've learned it.

4:16:57You you you know that the information is transferred from J to your heads, your notebooks, but here's where most people fail, where they drop the ball. Is they get home and life gets in the way. So before you leave this room, put something in your schedule twice. What I'm going to do when I get back to the office and what I'm going to do when I get off track in two weeks so that I don't have what happens to everybody else, and then I have this perpetual decline of losing out on all this knowledge. Two months from now, I'm gonna review this again. Three months from now, I'm gonna see if I'm still on track to those goals and implement a new thing. So it is those things. Now, here is the key. You don't have to do this alone. So I want to hear about how that goes. You know, if, if you do shaved ice, you know, like I'd love that. And I may know a connection that you don't see because I love all you. So contact me, contact Scott, um, tacos at Abraham.com, Brian at Abraham.com. I'm not kidding. Uh, and, uh, we want to be with you on your wins. But we also know that life has a way of, of sending up some losses too. We don't want you to be alone on those and and it as an entrepreneur as a leader, it's tough to find people that can listen to that hardship and Scott.

4:18:35I've talked to him about some real personal stuff. He's an incredible listener. And I think the reason why he's that is it's mutual, you know, I mean he's just an incredible person he listens he cares he wants you to succeed. wants you to succeed, maybe even more than he wants himself to succeed. And I know I feel the exact same way. I want you guys to knock it out of the park in ways that will truly transform the world. I don't want to be living in this same place. I want to see it change because of people like you taking action on what you learned over the last two days. So seriously, Ryan at Abraham.com tacos at Abraham.com, celebrate your wins. And let us know, you know, like what you learned. If you, if you are having trouble teaching your team and you don't need a facilitation of how to, you know, actually apply this talk to us, maybe we have an idea, you know, if, if you are buying a business and you're nervous about how do I acquire this thing, you know, I mean, Scott's worked with Roland for ages. So connect, stay connected because it sucks to do this on your own. You're not alone. And, uh, you truly do have the power to transform your world and ours too so thank you any any last comments before you go so yeah I think

4:20:18that at least speaking for myself I found this whole course and which I've had the privilege of being able to follow not just once but also twice has been so enlightening of different things that I've learned and I'm sorry to see stop. So I would like to know if there's any possible way that this could be reiterated in the future. I don't know exactly how, but I found it so fruitful also in developing my own mindset and wanting me to go ahead, that I'd like to have more of it. Even if it's on a monthly basis, even if it's just the the opportunity to get all together on a Zoom call and say, look, I'm going through this. Can anybody give me an insight as to how they would deal with this kind of problem? Whatever it is, because we're all coming from different industries, different backgrounds, different countries and yeah, but the principles are always the same. And that I think is very important. 80-20 applies, we've seen it. It's fractal, it applies in everything we do in our marketing and in the numbers. And yeah, I would appreciate the input that I can receive from all of you because I have a lot yet to learn. Same time, she wants to bring one or two of her friends to this that are paying people to be able to help educate them in their business problems

4:22:05as well as I would to be able to recreate this group but also bring others to the group monetized to have the efforts of Jay and you and Scott or Scott and everybody else. So it's the bigger picture. I like this. Be safe out there. My pleasure. And thank you everybody on Zoom.