"Want to know the key to building wealth as an entrepreneur," he asked us. "Here it is..."
I was having dinner with my friends, Rich Schefren and Jay Abraham, two of the smartest guys I know in the entrepreneurial world.
That afternoon Jay had spoken to the crowd at the Titans Of Direct Response event. And now he was letting loose a bit.
I believe we were on our second bottle of wine. We were certainly having a good time.
I don't remember if Rich replied to Jay's questions or not, but I did...
"Sure," I said. "I'd love to hear it."
Jay smiled then said, "Take the profits out of your business and put them into other cash producing assets. And do it monthly. Consistently."
I'd heard it before. And was already doing it. But, it was nice to get confirmation from someone of Jay's stature.
The wealthiest entrepreneurs I know do exactly as Jay said -- they grow their businesses to produce lots of income, then use that growing income to acquire other outside cash-producing assets.
The wealthiest athletes do the same. As do many of the wealthiest actors and actresses.
Becoming a high-income entrepreneur is one thing; becoming wealthy is another.
For the majority of entrepreneurs, wealth is not achieved purely through income from their business. Wealth is achieved through what they do with that income outside their business.
Unless you're building a business which gives you an opportunity for a big payday upon exit, the same holds true for you.
Think about it.
(🤯IF YOU'RE INTERESTED: Anytime Rich and Jay chat about business, there's always major gold nuggets shared.
I think it's cause they like to one-up each other. Which usually leads to a ton of juicy stuff being revealed and divulged. Some may say, stuff about business which probably shouldn't be divulged publicly. Lol.
Anyway, this Tuesday night (June 22nd @ 6PM ET) Rich and Jay are chatting about how to spot breakthrough marketing ideas before your competition does. I'll be on there for a bit. If you want to listen-in as well, go here.)
With that, let's get to this week's goodies...
😍 Enjoy the Memo? Share it with your friends, fans, or followers...
MY FAVS THIS WEEK
- This Is How To Quit Bad Habits Without Willpower: 4 Secrets From Neuroscience
Bad habits are driven by brain chemicals. Most people don't know this. They don't understand how much of their behavior and thinking is also driven by brain chemicals.
The more you learn about this, the more control you can reclaim over your repeated negative behaviors.
This article gives you a nice introduction to the topic.
- Warren Buffett’s “2 List” Strategy: How to Maximize Your Focus and Master Your Priorities
This will not be easy...
But, if you're willing to follow the three steps shared in this article, there's no doubt... you'll have laser-like focus on your most important actions.
It's all about elimination and an Avoid-At-All-Cost list.
- Build An Impact Focused Growth Team Culture with Win Emails
Whether you have a two-person team or a twenty-person team, it's important to regularly acknowledge, praise, and celebrate wins. Big and small.
This article covers a simple way of doing it.
(My team does this in Slack. Though, not as often as we probably should.)
🚨SWIPE OF THE WEEK
This week's Swipe File is a famous promotion from the legendary Gene Schwartz.
Of course, everything from Gene is worth fervent study. He was a copywriting beast. His copy was and is matchless.
I've included the full letter for you; eight pages as a PDF.
Download it and study the heck out of it.
Pay extra attention to how simple and easy Gene makes the solution sound. Like... something which anybody can benefit from... and quickly.
WHAT I'M TELLIN' MY TEAM
This week on our internal Team Marketing Training...
I showed the guys an example of how to turn a compelling proof point into a compelling marketing idea.
All marketing ideas and campaigns need proof, evidence, support.
Sometimes, you start with a marketing idea and hunt for proof points to back it up. This is most common.
But, other times, you may start with a powerful proof point and then develop a marketing idea it can be used with.
For example, while reading or watching a video, let's say you come across an undeniably convincing statistic related to your marketplace or product or topic.
Well, that statistic could be then potentially be used as the foundation of proof for a marketing idea.
Your job is to then think about and develop a compelling marketing idea which that statistic proves is valid.
That's how you go from proof point to idea, rather than idea to proof point.
TEAM TAKEAWAYS IN THREE BULLETS:
- Evidence and proof is just as important within a marketing message as is compelling claims and promises.
- Our biggest claim should not be any bigger than our biggest proof point. Meaning, we should never claim something beyond what we have proof to demonstrate.
- We know people make decisions out of emotion. But, they also need the logical reasons to support their emotional desire to buy. So, we need both in our marketing: emotional triggers and the logical support.
A question posted inside the E5 Nation Facebook Group...
Below is my response:
Are you giving them a compelling reason to want to learn more?
Are you promising them a payoff they desperately want?
Are you making them aware you have a unique and superior solution for giving them that payoff? Something better than everything they've tried in the past?
Are you presenting your marketing message with a fresh and interesting idea?
If your answer to any of those questions is No, that's the problem.
Never underestimate what it takes to get a prospects attention and interest today.
It takes work. A lot of it.
Specifically, research... so you understand what your prospects care about, what they're interested in, what they have and haven't heard already, their problems, their desires, their fears and concerns, their beliefs, etc.
Knowing these is critical. And is what you need to know, first, so you know how to present your product the right way.
More often than not, when a marketing campaign isn't effective at getting marketplace attention, it's because the message is off the mark. It's not exciting to the prospect, not compelling, not new, not different.
NOTE: If you're not in the E5 Nation Facebook Group with us yet, you're missing out on the opportunity to have me answer your questions. Not too mention, some killer content and live streams only shared inside the Group.
Storey is an app which displays static testimonials and reviews as mini video clips.
To be clear, I have NOT used the app yet.
In fact, I just stumbled across it this morning.
But, have already passed it along to my team. I've asked them to test it in one of our campaigns.
What interests me about the app is how it changes-up the way testimonials and reviews are displayed.
So, it's a different way of providing social proof.
I'm always on the lookout for new and different tactical ways of executing proven marketing strategies.
In this case, the proven marketing strategy is social proof; the difference in tactical execution is the change in format and delivery with the app.
I'll keep you posted on the results.
PIC OF THE WEEK
It's 2016 here. My daughters are enjoying some early evening beach time.
My oldest had just completed her sophomore year of high school, and my youngest just graduated from middle school.
Now, we're only weeks away from my youngest going off to college.
While it might be cliché, it's true: time goes by fast. Especially as we get older.
And, as UCLA professor, Margaret Peters, said, "Time has a wonderful way of showing us what really matters.”
It certainly does.
WANT MORE HELP GROWING YOUR BUSINESS?
Here are some epic ways we can help you scale your business…
1. Fed up with your marketing being ignored?
Grab your copy of this book and over $1,100+ in bonuses.
2. Your offer not converting or AOV in the tank?
Grab this bundle that’s working insanely well for almost everyone who uses it.
3. Want our personal help in scaling your business from 6-figures to 7-figures and beyond?