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Chapter 3

In this chapter Jay Abraham reveals a breakthrough marketing idea. This concept has application for every business but is grossly underutilized. Properly employed this idea can rapidly grow your enterprise at little cost to you. The average business spends hundreds of thousands of dollars in marketing and advertising to build goodwill and develop loyal customers. The cost of acquiring a customer or a prospect is enormous. (Most businesspeople don't realize it but they are in the customer-and prospect-generating business. That's the goal of all market-ing. Don't ever forget it!) A business spends its marketing dollars to reach a vast audience and they only do business with a fraction of this audience. In conventional marketing, this is taken for granted. But what if you could eliminate a lot of the expense of "prospecting" and only spend your time and money on people who are ready to buy? Conversely, what if you could recoup the investment you've made on past prospects whom you couldn't convert into customers - money you have written off as a "cost of advertising?" Furthermore, what if you could do all of this with very little effort? When you advertise and market you pay to get people you don't sell to. For instance, let's say you do a direct-mail, lead-generation campaign. The mailing costs you $1,000 per thousand. If you do well, you'll get 10% response. That's great. You've got 100 people as a result. Now, each one of those prospects has cost you $10 to bring in. If you're good, you'll convert 10%. But that means you didn't convert 90% of your prospects! So you've got $900 "wasted" on those prospects and that cost takes away from your profits.

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