3 Ways To Increase Wealth Through Business Now
Summary
- Pick the right market for your business because a good entrepreneur can’t overcome a dying market. For example, a friend with a tech company targeting newspapers struggled as the newspaper market shrinks by 25% annually.
- Ensure your market isn’t a negative one. If you’re in a good or neutral market, you can focus on the next growth lever.
- The second lever is your offer, which includes your products, services, pricing, and terms. A unique and compelling offer can make a huge difference in a normal market.
- Avoid having a subpar or standard offer. Aim to present a “Grand Slam” offer that is irresistible, repackage your services attractively, and you can significantly grow your business.
- Work on your persuasion skills because, without them, even a great offer won’t reach its potential. Persuasion is the last of the three levers but requires significant effort and practice to master.
- To grow a business quickly, rework your offer into a Grand Slam one, then improve your persuasion skills, and once you excel at these, find a great market to apply your skills.
- If you’re not growing, assess which of these three levers – market, offer, or persuasion – needs work and take action to address it for better success.
Video
How To Take Action
I would suggest picking a market that is either stable or growing for your business. Avoid markets that are getting smaller, like newspapers. Even with great products and sales skills, a shrinking market can hurt your success. If the market is good, then focus on your offer.
Make sure your offer is hard to resist. It should be like a “Grand Slam” – rare and powerful. A good way of doing this is by making your services or products unique and attractive to customers. If your offer is already strong, then work on improving your persuasion skills.
Here’s what to do step by step:
- Check your market:
- Is it growing, stable, or shrinking?
- If it’s not shrinking, you’re set. If it is, consider targeting a new market.
- Improve your offer:
- Can you make it a “Grand Slam” offer?
- Repackage your products or services. Think about what makes your offer special and how to show that to customers.
- Boost your persuasion:
- Are you good at convincing people?
- Practice your sales and marketing skills. The better you get, the more customers you’ll bring in.
If your business is not growing, look at these three areas. Ask yourself which one needs more work. Maybe your market is fine, but your offer is just okay, or you need to be better at selling. Once you know what to fix, take action!
Remember, start with creating an amazing offer first. This doesn’t take long and can help right away. Then practice your selling and marketing to get even better results. Lastly, find the best market where you can apply your new skills and watch your business grow.
Quotes by Alex Hormozi
“If you’re in a horrible market, it doesn’t matter how good your offer is, it doesn’t matter how good your persuasive abilities are, you will not be able to outpower a bad market”
– Alex Hormozi
“If you have an incredible irresistible offer, then more people will say yes and you can make a tremendous amount of money”
– Alex Hormozi
“When you have a grand slam offer, you can knock the ball so far out of the park you can win for a thousand years”
– Alex Hormozi
“Making the actual best offer is going to be the second biggest lever on your business”
– Alex Hormozi
“The only way for you to be hyper successful is to develop persuasion abilities”
– Alex Hormozi
Full Transcript
for growth in a business three big levers for biz growth all right going up all right the first is going to be your market all right and so the reason that uh investors look at this stuff is because they know that if you put a great entrepreneur in a bad market or a bad market or a a bad entrepreneur in a great market the market will usually win and so let me tell you a quick story about this to illustrate this point so uh one of my friends lloyd owned a uh a great tech company he started it probably a decade ago and they grew pretty quickly and then it sort of plateaued and then it started to go down and he was trying to figure this out and he was struggling with it and he called me up one day and he was like hey dude what do you think the issue is with this and i was like dude you’re you’re selling your software to newspapers because that was his exclusive customer for his his ad product and despite having an amazing offer and being a great salesman because there was a zero risk offer for them he only just rev shared with them despite both of those things he was not able to grow because he was in the newspaper market which was shrinking by 25 every single year over eight years that he had the business right he still has it to the side but for eight years she was trying to figure out what was going on and he looked at every single piece of the business except for probably the most obvious one which is the market itself and so what i want to introduce with these three that levers and that’s the first one is the market is you have to do these from the top down all right if you’re in a horrible market it doesn’t matter how good your offer is it doesn’t matter how good your persuasive abilities are you prob you will not be able to outpower a bad market and so the way i look at these levers is is this going to be a plus is it going to be uh you know a neutral or is it going to be a negative right and so as long as your market is not a negative and is either a neutral or a plus you can move on to the second lever for business growth all right the second lever is your offer all right and what i mean by that is what you’re literally giving a customer in order to transact with them all right this is the the the products and services that you offer in exchange for money and in the terms under which you offer them and what they need to do to redeem them all right that is in essence what an offer is all right and so these are the terms the price etc and what they get now if you’re in a normal market or a good market if you’re in a good market it doesn’t matter right uh if you were you know selling toilet paper during covet it didn’t matter uh what uh what your offer was or how persuasive you were which is the third one uh you were just you were in the right market at the right time and you’re gonna make a ton of money right but most of us are in this market most of us are just in normal markets that are growing a normal amount and the nice thing is if you’re in one of those markets you can still make a tremendous amount of money by offering a unique offering and a good product right and so the offer is going to be the second thing now if you have an incredible irresistible offer then more people will say yes and you can make a tremendous amount of money but again here you can have an amazing offer you can have a normal offer or you can have a shitty offer right and as long as you do not have a a shitty offer or a normal offer you can move on to the next one all right which is the third big lever all right which is persuasion all right so some people are naturally good persuaders they’re good um they’re good marketers they’re good sales people and the thing is is that each of these is more important than the rest all right so it goes from the top down so i’ll give you some examples if i were in an amazing market it doesn’t matter if my offer persuasion abilities are good i’ll make a ton of money if i’m in a bad market it doesn’t matter if i’m in a good persuasion and good offering i’m not going to make any money and so basically you can just move from the top down and check these off your list and so most of us are going to be here in this normal market right a normal market you serve dentists you serve chiropractors you serve normal people who are in pain those are normal markets they’re not growing they’re not shrinking they’re just normal right now from there we move to our offer now the thing is is that this is typically the easiest lever on any business to grow the business because any business it takes a little bit of time to go from a normal offer to an amazing offer you can’t really go from a normal market to an amazing market with your business unless you change your entire business but with an offer you simply can repackage the value proposition how you charge in the terms under which you offer your services and you can move from having a normal offering or a subpar offering to an amazing irresistible offer i call them grand slam offers and the reason i call them that is because grand slams are both very rare and very good but the difference between baseball and business is that when you have a grand slam offer you can knock the ball so far out of the park you can win for a thousand years and that’s the difference right in baseball you can only win four runs no matter how good your offer is in business you go in for life and so making the actual best offer is going to be the second biggest lever on your business now let’s assume that you’ve got a great offer now if you have crap persuasion skills you’ll still make money if you have normal persuasion stills you’ll make a lot of money if you have fantastic persuasion skills you’ll make a tremendous amount of money alright which leads me to the next piece so let’s assume that you just have a normal offer not an amazing offer all right then it takes us to our third portion here the only way if that is your scenario you’re in a normal market you’re normal you have a normal offer the only way for you to be hyper successful is to develop persuasion abilities and so that’s learning how to market and sell how to acquire customers through multiple channels right and so the thing is is that this one is usually the most difficult to acquire in my opinion it takes a lot of time takes a lot of effort takes a lot of volume to a lot of practice a lot of failure in order to get good at this all right and so if i’m looking at a business and i’m trying to grow it the first thing i’m going to do is check this off is just say like are we making sure that we’re not in a bad market and we’re at least in a normal or good market you’ll know if you’re in a good market believe me like i said if you’re selling toilet paper cover 19 if you’re selling hot dogs outside of a baseball stadium as soon as the game lets out you know you’re in a good market right but most of us are here so as long as i’m not in a bad market i move on to the next one and so if i’m looking at the business i say okay what is the current offering what are we doing in exchange for money what are we giving clients right what are the terms of the agreement what’s the price point and what are they getting in exchange all right and so then what i will do is shift the business from here in this direction to create a grand slam offer and the beautiful thing is this can literally take a half a day maybe a day right where you just re recombine repackage reposition rename the offers change the terms under which you you make you you offer your businesses and services and products and overnight you can take a normal business to an extraordinary business by doing this one thing all right and then finally the last thing that you can do is you can develop all the skills of persuasion so if you’re looking at the entrepreneurial journey my recommendation for most people is i start here this is the first thing i will do the second thing i will do is get them to focus here you know improving this skill and going from a normal sales person to a normal marketer to an exceptional sales person marketer because they should already be being reasonably successful because we fixed the offer first and then move up to the top the biggest lever and say now that we understand how to make amazing offers how to persuade people in masses now let’s go find a market that we know we can apply this skill set to that we think is going to crush it so right now if your business is not growing it might be because you are lacking one two or all three of the levers that create success and so if that hopefully that found you you found that valuable hopefully you can think about your own business within this context am i in a a great market a normal market or a shrinking market is my offer insanely compelling is it normal or is it bad uh my are my persuasion abilities exceptional can i acquire clients at the snap of my fingers whenever i want uh do they come in kind of semi-consistently but you know i can’t really grow it or do i have no idea what i’m doing and i get i get people on the phone and i can never get money right and so if you can rate yourself on these things then you can identify where you have opportunities for growth and then follow these steps to get to where you want to go so hopefully that you found value in that hopefully that was cool in terms of in terms of framing how growth and the biggest levers that exist in business overall uh and keeping awesome and i will uh see you on the flip side bye [Music] [Music] [Applause] you
