Not that long ago though, my business had gotten so bad that I literally couldn't even give my services away for free. At the end of each month, I would look at my bank account hoping to see progress (but there wasn't). I knew something had to change...but what?
Over the next 48 months, I went from losing money to In that time period, we generated over $120,000,000 across four different industries: service, e-commerce, software, and brick & mortar.
But, unlike everyone else, we didn't have great funnels, great ads, or a wealthy niche. In fact, we didn't even send emails until we had crossed $50M in sales(!). Instead, we were able to do this one thing really well....we created offers so good, people felt stupid saying no.
Here's exactly what this book will show you how to do:
The methods contained within this book are and , it's as if they work by magic. If you implement even one tactic in this book, you'll see the change in your prospects' demeanor. And you'll know the $100M Offer method worked when you start hearing "What do I need to do to move forward?" ...before you even ask for the sale.
The reason I did not give this book a high rating is because the content is too general for me. I have read other books that have better content, such as "1-Page Marketing Plan" and books by Perry Marshall that show you how to create your USP. Instead, "$100M Offers" gives more of an impression that you need to be good copywriters.
However, I cannot deny that this book helps remind you of some important points, such as that you need to narrow your audience because no one can serve two masters. And I also like what he says: "If you play the same game as everyone else, you'll get the same results as everyone else." That phrase reminds me that I have to keep doing something different to get what I want.
In short, the essence of this book is this (spoiler alert!): Step 1: You need to figure out your prospect's dream outcome. Step 2: You need to list all the obstacles he might face along the way. Step 3: You need to turn all those obstacles into solutions. Step 4: You need to think of ways in which you could deliver those solutions. Step 5: You need to narrow those opportunities down to the things that have the highest value and lowest cost to us. Step 6: Put all the packages together into the ultimate, high value deliverables. *Do not forget to apply the criteria of scarcity, urgency and guarantee).
آقای الکس هرمزی کارآفرین ایرانی-آمریکایی کسب و کاری ۱۰۰ میلیون دلاری را اداره میکند. کتاب استراتژیهایی برای رشد سریع چند ده برابری کسبوکار پیشنهاد میدهد.
هر محصولی یک یا چند تا از سه نیاز بنیادین انسان یعنی ثروت، ارتباط با دیگران و سلامتی را به صورت مستقیم یا غیر مستقیم پوشش میدهد. برای فروش محصول خود، آن را برای یک گروه خاص (با تعداد محدود) شخصی سازی کنید. شخصیسازی محصول با یک هزینه کم میتواند تا چند برابر قیمت محصول عادی ارزشگذاری شود. مثلاً برنامه رژیم غذایی را در نظر بگیرید. قیمت محصول ممکن است یک میلیون تومان باشد. حال برنامه رژیم غذایی برای بانوان بالای ۶۵ سال خانهدار را میتوانید تا ۱۰ میلیون تومان قیمتگذاری کنید. دلیل آن این است که افراد ارزش بیشتری در ذهن خود برای محصولی که خاص نیاز آنها باشد قائل میشوند و در نتیجه قیمت بیشتری حاضرند که بپردازند.
سوال: ارزش یک محصول از منظر مشتری (بدون آن که حتی خودش بداند) چگونه در ذهنش تعیین میشود:
چهار عامل در ارزش محصول نقش اساسی دارند: ۱. چقدر محصول آرمان و ایدهآل شخص را محقق میکند؟ ۲. چقدر احتمال میدهد که با خرید آن به هدفش دست پیدا میکند؟ ۳. زمان ارائه کسب نتیجه ۴. تلاشی که باید برای رسیدن به نتیجه بکند
افزایش دو عامل اول و کاهش دو عامل آخر سبب افزایش ارزش محصول میشود. الکس اعتقاد دارد که ارزش محصول در نتیجه حاصل ضرب دو عامل اول و معکوس دو عامل آخر است (یعنی تعیین ارزش از جنس تفریق و جمع نیست بلکه از جنس ضرب و تقسیم است). مثلاً اگر دریافت لپتاپ خریداری شده را به کمتر از یک ساعت در کسب و کار خود کاهش دهید، ارزشی چند برابر بیشتر از شرکت دیگری دارد که همان محصول را با تأخیر یک روزه ارسال میکند.
نکته: هیچ وقت وارد بازی تخفیف نشوید! به جای آن انواع امتیاز (bonus) تعریف کنید. یک هسته کوچکی از محصول داشته باشید و مشتری با خرید محصول یک یا چند امتیاز دریافت کند. به این شکل از لحاظ روانشناختی ارزش نهایی محصول خود را افزایش میدهید و همچنین مشتری هم راضی خواهد بود. بازی برد-برد!
I Suspected That Most of These over-the-top Reviews Were Fake, Until...
I Suspected That Most of These over-the-top Reviews Were Fake, Until I actually started listening to the audiobook. Exactly, like what YOU'RE thinking right now, isn't it? ISN'T IT??? Well, It's really all that and a bag o'chips! It really is that good.
It reminded me of many examples I'd heard about how companies turned themselves around from a failing business into a highly profitable one by going upmarket and raising their prices instead of lowering prices. It's THAT good.
Pure content. No fluff. I felt the content was so valuable, that I actually felt a bit guilty having paid so little for this wisdom. If this were an online course, it could literally sell for thousands of dollars and no one would disagree. Thank god its not. You won't regret this one. I don't.
I’ve been watching Alex’s YouTube channel for a while, so when this book hit my feed it was a no brainer to get. It doesn’t disappoint. This is one of the most accessible and actionable business books I’ve ever read, and I read a lot. I’d say every aspiring entrepreneur should read this multiple times, but hopefully none of my competitors will 😏. I was a fan before but now I am converted. Can’t wait for the next parts of the series to drop.
This is one of the most concise distillations I've ever seen of stuff that's taken me years to learn. I definitely recommend it to anyone needing to get up to speed in business fast. It also helped me make a big list of objections potential buyers might have to my flagship e-course, so thanks to the author!
The only thing that left me feeling less than delighted with this book was that, although most of it is universal principles, it was written with a focus on service offerings. There are a few points that I haven't yet figured out to translate to evergreen course offerings, which is what I do. He'll probably dig into that more in a future book. I must say, I'm looking forward to the rest of the series.
**Future self, note: Also excellent examples of freebies at the end of each chapter.
Highlights: Yellow highlight | Location: 367 For free courses and books so good they grow your business without your consent, go to: Acquisition.com.
Yellow highlight | Location: 429 Grand Slam Offer. It’s an offer you present to the marketplace that cannot be compared to any other product or service available, combining an attractive promotion, an unmatchable value proposition, a premium price, and an unbeatable guarantee with a money model (payment terms) that allows you to get paid to get new customers . . . forever removing the cash constraint on business growth.
Yellow highlight | Location: 502 FREE GIFT #1 BONUS TUTORIAL: “START HERE” If you want a deeper dive, go to Acquisition.com/training/offers and watch the first video in the free course (starring yours truly) about how I differentiate offers in businesses I consult with and get them to charging premium prices. I also created some Free SOPs/Cheat Codes for you to use so you can implement faster. It’s absolutely free. Enjoy.
Yellow highlight | Location: 551 When picking markets, I look for four indicators:
Yellow highlight | Location: 552 1) Massive Pain
Yellow highlight | Location: 562 2) Purchasing Power
Yellow highlight | Location: 568 3) Easy to Target
Yellow highlight | Location: 576 4) Growing
Yellow highlight | Location: 659 And even more niched ‘I solve this type of problem for this specific type of person in this unique counter-intuitive way that reverses their deepest fear.”
Yellow highlight | Location: 673 FREE GIFT #2 BONUS TUTORIAL: WINNING MARKETS If you want to know more about how I pick markets, and find niches that are profitable, go to Acquisition.com/training/offers course then watch “Winning Markets” for a short video tutorial. I’ve also included a Free Checklist to see how your market or niche measures up. It’s absolutely free, enjoy.
Yellow highlight | Location: 698 “Is it legal what you’re doing?” he asked. Wow. That escalated quickly, I thought to myself. “Do they know they’re paying you that much?”
Yellow highlight | Location: 731 As Dan Kennedy said, “There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive.”
Yellow highlight | Location: 735 FREE GIFT #3: BONUS TUTORIAL & FREE DOWNLOADS: Charge What It’s Worth If you want to know how I create value discrepancies for B2B or B2C products, go to Acquisition.com/training/offers course then watch “Charge What It’s Worth” for a short video tutorial. My goal is to gain your trust and deliver value in advance. As such, it’s absolutely free. Enjoy.
Yellow highlight | Location: 749 We are not trying to stay barely above water. We are trying to make egregious amounts of money that will have your relatives asking if what you are doing is legal.
Yellow highlight | Location: 868 FREE GIFT #4: Value Equation Bonus Tutorial & Free Download(s): If you want to know how I break down a businesses core offering into something more valuable go to acquisition.com/offers and select the “Value Equation” video to watch a short tutorial. I also included a downloadable checklist. My goal is to gain your trust and deliver value
Yellow highlight | Location: 942 In general, the dream outcome that most directly increases a prospect’s status will be the one they value most.
Yellow highlight | Location: 951 Pro Tip: Frame benefits in terms of status gained from the viewpoint of others When writing copy, you can make it that much more powerful by talking about how other people will perceive the prospect’s achievement. Connect the dots for them. Example: If you buy this golf club, your drive will increase by 40 yards. Your golf buddies' jaws will drop when they see your ball soar 40 yards past theirs . . . they’ll ask you what’s changed . . . only you will know.
Yellow highlight | Location: 956 when comparing two products or services that satisfy the same desire, the value from the dream outcomes will cancel out (since they are the same). It will be the other three variables that drive the difference in perceived value, and ultimately price.
Yellow highlight | Location: 985 Pro Tip: Fast Wins Always try and incorporate short-term, immediate wins for a client. Be creative. They just need to know they are on the right path and that they made the right decision trusting you and your business.
Yellow highlight | Location: 999 Pro Tip: Fast Beats Free The only thing that beats “free” is “fast.” People will pay for speed.
Yellow highlight | Location: 1,207 FREE GIFT #5 Bonus Tutorial: Offer Creation Part 1 If you want to walk through the process with me live, go to Acquisition.com/training/offers then select “Offer Creation Part 1” to watch a short video tutorial. As always, it’s absolutely free. I also have a Free Offer Creation Checklist for you that you can swipe and immediately deploy in your business. Enjoy.
Yellow highlight | Location: 1,290 Here are my “cheat codes” for product variation/enhancement and a visual to break down the process for you from my consulting deck:
Yellow highlight | Location: 1,304 Remember, it’s important that you solve every problem. I can’t tell you the amount of times one single item becomes the reason someone doesn't buy.
Yellow highlight | Location: 1,332 live with someone). If there’s one type of delivery vehicle to focus on, it’s creating high value, “one to many” solutions. These will be the ones that typically have the biggest discrepancy between cost and value.
Yellow highlight | Location: 1,400 Free Gift #6: BONUS Tutorial: Offer Creation Part II: If you want to walk through the profit maximizing trimming & stacking process with me live, go to Acquisition.com/training/offers and select “Creating Offers Part 2”. You’ll also find some checklists I made to make this process more streamlined for you so you can reuse for each product you make. As always, it’s absolutely free. Enjoy.
Yellow highlight | Location: 1,475 In other words, one fifth of the prospects are willing to pay five times the price (or more).
Yellow highlight | Location: 1,486 Conversely, if we were to promote scenario one again (the $500 price point), we would probably sell fewer slots the second time around. Why? We have no pent up demand. All desire has been satisfied. When you “pull the trigger too early,” each successive instance we promote, we sell even fewer.
Yellow highlight | Location: 1,491 We must endeavor to keep our supply (and satisfaction of desire) under the demand that we are able to generate. This maximizes profits and keeps desire ravenous in our customer base. This is the real key to never going hungry.
Yellow highlight | Location: 1,562 Three Types of Scarcity Limited Supply of Seats/Slots: in general or over X period of time. Limited Supply of Bonuses Never available again.
Yellow highlight | Location: 1,567 Important point: to properly utilize this method you should always sell out. Here’s why: it’s better to sell out consistently than over order and fail at creating that scarcity. This method stacks in effectiveness if it is done repeatedly over time (just not too often). Once a month seems to be the sweet spot for most of the companies that I know who do this with regularity.
Yellow highlight | Location: 1,571 When using this tactic, you must also let everyone know that you sold out. That is part of what makes it work so well.
Yellow highlight | Location: 1,580 Total Business Cap - Only accepting….X Clients.
Yellow highlight | Location: 1,586 Growth Rate Cap - Only accepting X clients per week (on-going)
Yellow highlight | Location: 1,591 Cohort Cap - Only accepting….X clients per class or cohort.
Yellow highlight | Location: 1,595 Pro Tip - Provide Limited Access For Higher Ticket Services These scarcity tactics work especially well for higher ticket upsells. If you want to create one off workshops, trainings, events, seminars, consulting, etc. These are things that by their nature take time and provide more access.
Yellow highlight | Location: 1,598 But always remember have less spots available than you think you can sell .
Yellow highlight | Location: 1,611 Well, you might as well define a number that you are willing to take on in a given time period, then advertise that. Simply letting people know that you are three-fourths of the way to capacity this week will move people over the edge to buying from you. Or letting people know that you are 81% to capacity in your total business, will make people more likely to sign up with you “before they lose the chance.”
Yellow highlight | Location: 1,620 Pro Tip - Extreme Scarcity If you don’t hate money, sell a very limited supply of 1-on-1 access.
Yellow highlight | Location: 1,627 Pro Tip - Once You’re Out, You Can Never Come Back
Yellow highlight | Location: 1,643 Cohort-Based Rolling Urgency For example, if you start clients every week (even in unlimited amounts), you can say: “If you sign up today, I can get you in with our next group that kicks off on Monday, otherwise you’ll have to wait until our next kickoff date.”
Yellow highlight | Location: 1,662 What to do if you just started a cohort and someone wants to buy….
Yellow highlight | Location: 1,668 Rolling Seasonal Urgency
Yellow highlight | Location: 1,681 3) Pricing or Bonus-Based Urgency
Yellow highlight | Location: 1,705 Free Gift #7: Bonus Tutorial: How to Ethically Use Scarcity & Urgency If you want to walk through some live (ethical) examples of scarcity & urgency with me, go to Acquisition.com/training/offers and select “Scarcity & Urgency” to watch a short video tutorial. You’ll also be able to grab my Scarcity Urgency Checklist I use when creating offers. As always, it’s absolutely free. Enjoy.
Yellow highlight | Location: 1,797 Free Gift #8: BONUS...on...BONUSES There are a million and one ways to use bonuses in your offers. You can get people to act faster. You can price anchor and product anchor (little known). You can get more people to say yes than you otherwise would. If you want to a live deep dive with me on this, go to Acquisition.com/training/offers and select “Bonus Creation” to watch a short video tutorial. I also have a Free Bonus Checklist I use when creating offers. Swipe it for your own business on the house!
Yellow highlight | Location: 1,817 What should be a bonus vs part of the core offer if I am the one fulfilling it? Short answer: Wow Factor - in other words - something you wouldn’t want someone to miss. Many times you have so much “stuff” you will be providing your customers (good thing) that valuable nuggets can get lost in the mix. You want to take the most distinct ones that can almost stand on their own and pull those out to highlight them. This is especially true for things that are short in length but high in quality or value. Checklists or infographics can condense a lot of information into a small space.
Yellow highlight | Location: 1,843 Don't be emotional, just do the math. For a guarantee to not be worth it, the increase in sales would have to be 100 percent offset by people who refunded.
Yellow highlight | Location: 1,882 You can also stack two conditional guarantees around different (or sequential) outcomes. For example, you’ll make $10,000 by 60 days, $30,000 by 90 days as long as you do thing 1, 2, and 3.
Yellow highlight | Location: 1,943 [Conditional] Service Guarantee What the Client Gets: You keep working for them free of charge until X is achieved.
Yellow highlight | Location: 2,007 We have an “all sales are final” policy, but that is because our product is so exclusive and so powerful that once used it cannot be unused.” Since it is so standard to have some sort of guarantee, not having one is attention-worthy.
Yellow highlight | Location: 2,017 Implied Guarantees: Performance Models, Revshares, and Profit-Sharing Performance: A) ...Only pay me $XXX per sale/ $XXX per show B) $XX per Lb Lost Revshare: A) 10% of top line revenue B) 20% profit share C) 25% of revenue growth from baseline Profit-Share: A) X% of profit B) X% of Gross Profit Ratchets: 10% if over X, 20% if over Y, 30% if over Z Bonuses/Triggers: I get X when Y occurs.
Yellow highlight | Location: 2,049 That being said, I will show you how to generate unlimited names or “wrapping paper” for your offer. That way it never fatigues, no matter how small your market may be. This is the key to evergreen lead generation.
Yellow highlight | Location: 2,051 Free Gift # 9 BONUS: Create A Winning Guarantee With Me Guarantees can make or break businesses. They are like dynamite, they can be incredibly powerful if in the hands of an expert. Go to Acquisition.com/training/offers and select “Creating Guarantees” to watch a short video tutorial so you can start using this in your business to make more sales ASAP. I also made a Free Guarantee Checklist for you to use when thinking through all the variables. As always, it’s absolutely free. Enjoy.
Yellow highlight | Location: 2,082 Make a Magnetic “Reason Why”
Yellow highlight | Location: 2,090 Announce Your Avatar
Yellow highlight | Location: 2,094 Give Them A Goal
Yellow highlight | Location: 2,098 Indicate a Time Interval
Yellow highlight | Location: 2,106 Complete With A Container Word
Yellow highlight | Location: 2,112 Pro Tip: Find Time To Rhyme
Yellow highlight | Location: 2,113 Google “rhyming dictionary” for an easy shortcut.
Yellow highlight | Location: 2,117 Pro Tip: Alliteration
Yellow highlight | Location: 2,144 What Happens When Offers Fatigue
Yellow highlight | Location: 2,146 Change the creative (the images and pictures in your ads) Change the body copy in your ads Change the headline - the “wrapper” of your offer Free 6 Week Lean Challenge to Free 6 Week Tone Challenge Holiday Hangover to New Year New You Change the duration of your offer Change the enhancer of your offer (your free/discount component) Change the monetization structure, the series of offers you give prospects, and the price points associated with them (Book II)
Yellow highlight | Location: 2,187 Free Gift # 10 BONUS: Create The Perfect Name For Your Product Naming your product properly helps your avatar know the product is for them and is valuable and will solve their problems. If you want to do this live with me, go to Acquisition.com/training/offers and select “Naming Products” to watch a short video tutorial so you can start using this in your business to make more sales ASAP. I also made a Free Naming Formula Checklist for you to use and reuse with your team. It also works for naming promotions. As always, it’s absolutely free. Enjoy.
Really nothing new here, also the author gives off a substantial amount of "ick" vibes... reading between the lines of his massively inflated egotistical prose... I found myself rolling my eyes half a dozen times.
STOP: If you're in business, looking to upgrade your cashflow by finding new ways to baffle your customers with bulls**t or dazzle them with brilliance, the good news is, you won't have to because dishes are done baby. If you're considering passing $100M OFFRES by, you're making a H-U-G-E ERROR of judgement. Why? The goal of marketing is to make selling superfluous. Marketing whatcha got starts with your OFFER. Make your offer so damn irresistible, it's almost impossible to say no. In fact, you feel like a complete dunce. Yup, shame, embarrassment, ridicule are what you'll get if you don't give Alex a couple of measly bucks for his take on the marketing road less traveled, and for the record, if you don't believe Alex, he'll make it worth your while to change your mind.
“Make people an offer so good they would feel stupid saying no.”
A Grand Slam Offer is an offer that cannot be compared to any other product or service available, combining an attractive promotion, an unmatchable value proposition, a premium price, and an unbeatable guarantee, with payment terms that allow you to get paid to get new customers, removing the cash constraint on business growth. If you have a “commodity” offer, you will compete on price (having a price-driven purchase versus a value-driven purchase). Your Grand Slam Offer, establishes you as your own category. We want to make an offer that’s so different that you can skip the awkward explanation of why your product is different from everyone else’s.
In order to sell anything, we need demand. We are not trying to create demand. We are trying to channel it. That is a very important distinction. If you don’t have a market for your offer, nothing that follows will work.
Here are the basic tenets of what to look for in markets:
1) Massive Pain: The client must not want, but desperately need, what you are offering. Pain can be anything that frustrates people about their lives. “The pain is the pitch”. If you can articulate the pain a prospect is feeling accurately, they will almost always buy what you are offering. A prospect must have a painful problem for us to solve and charge money for our solution.
2) Purchasing Power: Your audience needs to be able to afford the service you’re charging them for. Make sure your targets have the money, or access to the amount of money, needed to buy your services at the prices you require to make it worth your time.
3) Easy to Target: make your life easier by looking for easy-to-target markets. Examples of this are avatars that have associations they belong to, mailing lists, social media groups, channels they all watch, etc. If our potential customers are all gathered together somewhere, then we can market to them. If searching them out, however, is like finding needles in a haystack, then it can be very difficult to get your offer in front of any potentially interested eyes.
4) Growth: Growing markets are like a tailwind. They make everything move forward faster. Declining markers are like headwinds. They make all efforts harder.
There are three main markets that will always exist: Health, Wealth, and Relationships. The reason that those will always exist is that there is always tremendous pain when you lack them. There is always demand for solutions to these core human pains. The goal is to find a smaller subgroup within one of those larger buckets that is growing, has the buying power, and is easy to target (the other three variables).
Think about what you are good at in regards to health, wealth, and relationships. Then think about who might value your service the most (is in the most pain), has the buying power to pay what you want (money), and can be found easily (targeting). As long as those three criteria are strong and the market isn't shrinking, you’ll be in good shape.
Order of importance between markets, offers, and persuasion skills:
Market > Offer Strength > Persuasion Skills
- Even if you have a bad offer and are bad at persuasion, you’re going to make money if you’re in a great market. - If you are in a normal market and have a great offer, you can make tons of money even if you’re bad at persuasion. - Let’s say you’re in a normal market and have a normal offer. In order to be massively successful, you would have to be exceptionally good at persuasion. It’s just the hardest path to follow and requires the most effort and learning.
You must stick with whatever you pick long enough to have trial and error. You will fail. In fact, you will fail until you succeed. However, you will fail far longer if you keep changing who you market to, because you must start over from the beginning each time. So, pick then commit.
“Charge as high a price as you can say out loud without cracking a smile.” Don't compete on price. As Dan Kennedy said, “There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive.”
When you decrease your price, you decrease your clients’ perceived value, attract the worst clients and destroy any margin you have left.
When you raise your prices, you increase your clients’ emotional investment, attract the best clients and multiply your margin.
When you raise your price, you increase the value the consumer receives without changing anything else about your product. (Ex. blind wine test). The goal is to be so much higher that a consumer thinks to themselves, “this is so much more expensive, there must be something entirely different going on here.” That is how you create a category of one. Those who pay the most, pay the most attention. You need to have a big discrepancy between what something costs you and what you charge for it. It is the only way to be unreasonably successful.
You should never charge more than your product is worth. But you should charge far more for your product and services than it costs to fulfil it. Think up to a hundred times more, not just two or three times more.
If you can reduce your prospects' time delay to receiving value to zero (aka you realize your immediate dream outcome), and your effort and sacrifice is zero, you have an infinitely valuable product. If you accomplish this, you win the game.
Dream outcome (objective: increase): our goal is not to create desire. It’s simply to channel that desire through our offer and monetization vehicle. It’s not about the money, it's about the status (the perceived increase or decrease in relative standing when compared to others socially or professionally). Talk in terms of things your prospect believes will increase their status, and you will have your prospects drooling.
Perceived likelihood of achievement (objective: increase): people pay for certainty. They value certainty. Increasing a prospect’s conviction that your offer will “actually” work for them, will make your offer that much more valuable even though the work remains the same on your end.
Time delay (objective: decrease): the shorter the delay between the client purchase and the moment when they receive value/the outcome, the more valuable your services or product is. We want clients to have a big emotional win early (as close as possible to their purchase). This gives them the emotional buy in and the momentum to “see it through” to their ultimate goal. By doing this, their decision to work with us is reinforced, and they immediately trust us more. This is also backed by science. People who experience a victory early on are more likely to continue with something than those who do not.
Effort & sacrifice (objective: decrease): this is what it “costs” people in ancillary costs, both tangible and intangible. This isthe reason that the supplement industry ($123B) is twice the size of the health club industry ($62B). They both accomplish the same perceived objectives but one is perceived as more valuable because it entails lower effort and sacrifice. People are more willing to pay $200 for supplements than they are a $29/mo gym membership. Taking a pill, or drinking a shake, is so much faster and easier than going to the gym everyday. Hence, valued.
Convergent & Divergent Thinking
In simple terms, convergent problem solving is where you take lots of variables, all known, with unchanging conditions and converge on a singular answer. Think math. However, life will pay you for your ability to solve using a divergent thought process. In other words, think of many solutions to a single problem. Not only that, convergent answers are binary. They are either right or they are wrong. With divergent thinking, you can have multiple right answers, and one answer that is way more right than the others. Cool right? Our goal is to use a divergent thought process to think of as many easy ways to combine these elements to provide value.
Create a valuable offer that is differentiated and unable to be compared to anything else in the marketplace. We are selling something unique. As such, we are no longer bound by the normal pricing forces of commoditization.
“When demand increases, cut supply.” People want what they can’t have. People want what other people want. People want things only a select few have access to. Scarcity is one of the most powerful and least understood forces to unlock unlimited pricing power.
Enhancing the offer: Bonuses Add bonuses instead of discounting whenever possible on core offers. Whenever trying to close a deal, never discount the main offer. It teaches your customers that your prices are negotiable (which is terrible). Adding bonuses to increase value to close the deal is far superior to cutting prices. It puts you in a position of strength and goodwill rather than weakness.
Enhancing the offer: Guarantees Reversing risk is the number one way to increase the conversion of an offer. Experienced marketers spend as much time crafting their guarantees as the deliverables themselves. It’s that important.
That being said, guarantees are enhancers. They can enhance the magnetism or attraction of any offer, but they cannot make a business. If a guarantee is used to cover up a poor sales team or a poor product, it will backfire into lots of refunds.
Warning: While guarantees can be effective sellers, people who buy because of guarantees can become very shitty customers.
1. Don't be a commodity in the marketplace. 2. Pick a growing market. Niches get you riches. 3. Create your value offer. 4. Charge a lot of money. 5. Shift the demand curve in your favour using scarcity. 6. Use urgency to decrease the action threshold of buyers. 7. Strategically use bonuses to increase the demand. 8. Reverse buyer risk with a creative guarantee. 9. Name your product in a way that resonates with your avatar.
"Entrepreneurship is about acquiring skills, belief, and character traits. To advance, we must determine which skills, beliefs, and character traits we lack."
This is an excellent book for anyone who needs to increase their revenue!
It has many great examples and step-by-step instructions on how to do so.
I'm currently going through my highlights to start implementing the insights within my business.
Flow: 5/5 Actionability: 5/5 Mindset: 4/5
Some of My Highlights:
"We are not trying to create demand. We are trying to channel it."
"If you don't have a market for your offer, nothing that follows will work."
"The degree of the pain will be proportional to the price you will be able to charge."
"The point of good writing is for the reader to understand. The point of good persuasion is for the prospect to feel understood."
"Those who pay the most, pay the most attention."
"In the real world, to have the 'gonads' to charge big ticket prices, you must outwork your self doubt."
"The harder, and more competitive, are the Time Delay and Effort & Sacrifice. The best companies in the world focus all their attention on the bottom side of the equation."
"As such, as business owners, it is up to us to communicate these value drivers with clarity to increase the prospect's perception of these realities."
"The dream outcome is the expression of the feelings and experiences the prospect has envisioned in their mind."
"Our goal is to accurately depict that dream back to them, so they feel understood, and explain how our vehicle will get them there."
"But, after talking further, she revealed tit was because driving a Lamborghini would decrease her status amongst her mom friends, while firing a minivan would show she was a good mother (increase in status). So it's not about the money, it's about the status (the perceived increase in relative standing when compared to others socially or professionally)."
"...people pay for certainty."
"How likely do I believe it is that I will achieve the result I am looking for if I make this purchase?"
"People value this perceived likelihood of achievement."
"People who experience a victory early on are more likely to continue with something than those who do not."
"Many will always be willing to pay (price, for the (value) of speed."
"And you can either sit there and make 'complain' posts about how people 'ought' to be a certain way. Or you can take advantage of the way people are and capitalize. This book is for those people who want to be victors, not victims of circumstances."
"When talking to business owners about their model, I tell them to create cash flow by over-delivering like crazy at first."
"What could you do that someone would immediately say, 'All that? Seriously? Yes, I'm in.'"
This is one of the best books on sales that I've ever read (and I've read quite a few) and hands down the best book on crafting the offer that I've ever read.
It opens with what is by now the usual personal success story (I was poor, then I figured this system out and now I'm rich). He doesn't brag a lot, like some do, and so it's just enough to let you know he is credible. Then chapter by chapter it's packed with clear principles, practical examples and even exercises to get you applying it in your own business.
The principles are powerful and the practical application is actually useful. I came up with 8-10 ideas that I expect to have major impact on our sales process--and I have already had multiple consultants with sales expertise help me design my sales process.
Note: he is clear on the focus on this book up front--it's crafting the offer. His first teaching point is to make sure you understand that if you're in a dying market, no sales technique will save. And if your actual product or service experience isn't good, no sales technique will make things take off. But if you're in a decent market and actually offer something valuable, this is how to create the right package and communicate it to your clients.
He applies this to small business, multi-location, services, tech, hardware, etc. If you don't have a really high conversion rate (% of people who hear your offer that say yes) then I highly recommend this book
Valuable book for converting ordinary business models.
I found the advice given by Alex extremely valuable since if you look around, all the methods of enhancing an offer are used wherever you look. (In profitable businesses) From bonuses, to scarcity (sneakers) and especially urgency / naming.
Alex’s grand slam offer stood out the most, honesty, hard to come by these days.
An incredible action-focused book packed with insights and practical examples that spark offer-levelling-up thoughts. Fundamental to building/scaling a product/service at any level with timeless information.
Invaluable. FILLED with advice and actionable tips for anyone that’s selling anything (which is everyone). My favorite quote was “charge as high a price as you can say out loud without cracking a smile”. Help yourself create value based offers!
An excellent hyper tactical guide, packed with reasons for the methods, stories to demonstrate, examples and extra value in the form of bonuses to see the points in action.
Everyone who owns a business needs to read this. Even a seasoned pro, it'll unlock something you hadn't thought of or at least give you a new perspective. Well done Alex, can't wait to apply this now throughout my offerings!
I’ll pick a book like this one up every now and then to try to learn some new strategies for my business. On the whole, I’m glad I gave it a shot, as it was full of interesting insights and helpful ways of looking at marketing and sales.
I really enjoyed the author’s general business approach. He mentions how his strategy is to give away a lot of his content for free so that he makes tons of entrepreneurs successful. In turn, many of those entrepreneurs decide to work with him. He then takes the most successful of those people, invests in their companies, and makes more money than he otherwise would by charing for his content upfront. I thought that was a super novel and cool idea.
The book is filled with similar counterintuitive, yet really interesting, approaches to running a successful company. There are two reasons I’m not going five stars, however. First, you almost feel compelled to read the subsequent installments in the series; this book doesn’t stand on its own 100%. Second, some of the information in this one is high-level and, thus, a bit hard to figure out how to apply to a specific business.
That being said, I would still definitely recommend checking it out. Though I listened to it, it’s super cheap on Kindle, which makes it a no-brainer.
If you only have time for just 1 book this year, read this first!
I read about 30 business books a year and this is definitely easily amongst the top 2 I've read this year.
The book is without fluff and fillers. Every page is full of gems. It is so good.
And no, it's not another book of regurgitated ideas.
Also, go subscribe to Alex Hormozi YouTube channels. I'm now back watching his videos... And they are so good.
I'm now eagerly waiting for his Volume 2 to this book!
PS, you can see that I've never bothered writing any Amazon reviews for any of the good books I read. This is the first time I'm writing a review.... Simply because this book and his YouTube channel is so good!
Good book! But some of it is less applicable when selling a physical product and mainly relevant when selling a service/information product. Which doesn’t make the book less good, but just less pleasant to read for me for some parts. Good reminder about how important it is to overdeliver on your offers, solve problems, create value and pick the right market.