@AlexHormozi recently got featured in @Forbes explaining the 4 keys that allowed him to successfully scale his companies. Here's what I learned:
A THREAD
A THREAD
Most successful business owners are people who have followed a structure and intentionally learned from other people. When you follow tried and tested methods from successful people, it will reduce your chance of making similar mistakes.
^ This is how you make it.
^ This is how you make it.
1) Niche:
When starting out it’s crucial to meticulously focus on one niche. But don’t just pick a niche because you’re “passionate” about it. It needs to have product-market fit.
When starting out it’s crucial to meticulously focus on one niche. But don’t just pick a niche because you’re “passionate” about it. It needs to have product-market fit.
The best way to guarantee this is to study what other people in the industry are doing and how they are able to appeal to their customer base. Don’t reinvent the wheel.
Do this then ask yourself how can you make their process more efficient/easier/more effective for your niche.
Do this then ask yourself how can you make their process more efficient/easier/more effective for your niche.
2) Pricing Power:
Being able to charge the most premium price possible for the value you provide will unlock your company's ability to scale. But you need to hit the sweet spot where you’re able to do the above but still overdeliver for the customer.
Being able to charge the most premium price possible for the value you provide will unlock your company's ability to scale. But you need to hit the sweet spot where you’re able to do the above but still overdeliver for the customer.
Before deciding on a price for your product/service you need to fully understand your niche’s pain points.
If you can demonstrate understanding to your prospects (unlike anything they have felt before) then they will always be willing to buy what you offer.
If you can demonstrate understanding to your prospects (unlike anything they have felt before) then they will always be willing to buy what you offer.
Expert tip - in the beginning when trying to set a price for your product, run tests with various prices, get feedback from customers, and investigate what works for your niche.
3) Offer enhancement. This is how to increase the value (and price) of your offer while increasing the likeliness that your prospect immediately takes action and buy.
There are a few ways we do this:
There are a few ways we do this:
Scarcity - This refers to quantity. Let your prospects know that your product is limited in quantity and they will miss out on having them in the future if they don’t take action now.
When the customer knows there is a surplus of our product they will continue to shop around.
When the customer knows there is a surplus of our product they will continue to shop around.
Bonuses and guarantees - Bonuses instantly increase the value of what you’re offering while the guarantee helps your clients feel secure and confident about their purchasing decision.
Urgency - When you create a sense of urgency for your product, it makes clients feel they need to buy your product immediately.
Think of the main reason why purchasing your product now will reap more benefits and then communicate this in your marketing.
Think of the main reason why purchasing your product now will reap more benefits and then communicate this in your marketing.
4) The name.
When you choose a good name for your product, it will dictate the perspective consumers have about your brand. It’s important to choose a name that will be memorable and catchy in the mind of the consumers.
When you choose a good name for your product, it will dictate the perspective consumers have about your brand. It’s important to choose a name that will be memorable and catchy in the mind of the consumers.
In summary, to scale up your business you need to:
Choose the right niche
Give more value to your prospects than the competition.
Add enhancers to increase value (and price)
Pick a catchy name for your product and service to increase perspective.
Choose the right niche
Give more value to your prospects than the competition.
Add enhancers to increase value (and price)
Pick a catchy name for your product and service to increase perspective.
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