You Don’t Have A Marketing Problem
Summary
- Some of you think you have a customer problem or a marketing problem when really, you just aren't making enough money per customer.
- It's important to identify whether you have a marketing problem or if your issue is not making enough revenue.
- Everyone wants cheaper customers, but that often signals a weak business model.
- Aim for the market auction to get so expensive that no one else can buy customers except for you.
Video
How To Take Action
I would suggest implementing a few key strategies to start seeing tangible improvements in your business or personal growth:
Assess Revenue Per Customer: First, look at how much money you're making per customer. This is crucial. You might think you have a marketing problem, but maybe you're just not charging enough. Review your pricing strategies and see if there are ways to add more value so you can justify higher prices. This could be adding premium options or bundling services.
Identify Real Problems: Take a hard look at your business to find out if you're struggling with marketing, or if the issue is low revenue per customer. Track your sales and marketing data. If you're getting leads but not closing sales, the problem might be your pricing or value proposition.
Enhance Value Offerings: Increase the perceived value of your product or service. This could be through better customer service, higher quality materials, or additional features. When customers feel they are getting more for their money, they're willing to pay more.
Target High-Value Customers: Instead of focusing on getting cheaper customers, find ways to attract and keep high-value customers. These are people willing to pay more for a better product or service. This might mean improving your marketing materials to speak directly to this audience or using targeted advertising.
Embrace Competition in Auctions: Don't shy away from competition in ad spaces or marketplaces. The goal is to make your business so efficient and profitable that you can afford higher customer acquisition costs than your competitors. Focus on improving conversion rates and customer lifetime value so the initial high cost pays off over time.
By implementing these steps, you'll be better positioned to identify your true business challenges and create solutions that increase your revenue and grow your business sustainably.
Quotes by Alex Hormozi
"Some of you think that you have a getting customers problem a marketing problem when in reality you're just not making enough money per customer"
– Alex Hormozi
"Being really clear I hope today uh through the Q&A and the round taes you can at least identify like do I actually have a marketing problem or am I just not making enough"
– Alex Hormozi
"Everyone wants cheaper customers sure but that usually is a sign of a weak business model"
– Alex Hormozi
"What you want is for the auction of the marketplace to get so expensive that no one else can buy them except for you"
– Alex Hormozi
Full Transcript
some of you think that you have a getting customers problem a marketing problem when in reality you're just not making enough money per customer being really clear I hope today uh through the Q&A and the round taes you can at least identify like do I actually have a marketing problem or am I just not making enough because everyone wants cheaper customers sure but that usually is a sign of a weak business model what you want is for the auction of the marketplace to get so expensive that no one else can buy them except for you
