Mastering Pricing Strategies

This chapter provides a detailed analysis of various pricing strategies, highlighting the importance of clear market positioning for businesses. It emphasizes targeting the right audience and creating valuable offers, particularly in competitive landscapes. Additionally, the chapter discusses the intricacies of business growth, operational integrity, and innovative pricing techniques aimed at maximizing revenue.

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Today on The Business Method Podcast we have the author of the recently successful and trending book for entrepreneurs, $100M Offers, by Alex Hormozi!

Alex took home more in a year than the CEO’s of McDonalds, IKEA, Ford, Motorola, and Yahoo combined as a kid in his twenties using the $100M Offer Method. In 18 mths of business Alex went from $550k to $28 Million. In the previous 3 years Alex has taken home $1.2 million in profit every single month. Not year, Month!

Alex didn’t start out this way. He started out as a small gym owner struggling in the early days with competition forcing him to sleep on the floor of his own gym, because he was unable to afford rent anywhere else.

Eventually, Alex started to learn and implement systems in his gym to add $10k/mth to his revenue, and over time he became the owner of 6 gyms while everyone else was going out of business. Once other gym owners saw Alex’s success they started asking him how he did it. He quickly recognized an opportunity to help existing gym owners by sharing everything he’d learned. This new company Gym Launch was born in 2017, and it didn’t take long for that business to take off.

Alex and his wife started out traveling from gym to gym, helping owners build more sustainable businesses. Gym Launch continued to grow TO over $24 Million per year with over 40 employees, servicing thousands of gyms, and making over 37 gym owners - millionaires using his consulting and methodology! Alex reinvested everything back into another business that would further support gym owners. Thus, Prestige Labs was launched in 2019

Prestige Labs started out as a supplement company, but quickly grew into another product line. In 2019, they launched Done For You Meals. Alex’s vision was to give gym owners the tools to not only get their clients better results, but also to make the gym owners more money through commissions.

Unlike everyone else, Alex didn’t have great funnels, great ads, or a wealthy niche. In fact, he didn’t even send emails until he had crossed $50M in sales! What’s his superpower? Alex creates offers so good, people felt stupid saying no. Today, Alex has generated over $120,000,000 across four different industries: service, ecommerce, software, and brick & mortar.

We are going to talk to Alex about creating the best offer your business could possibly have, so you can charge a lot more than you currently are, make your product so good prospects find a way to pay for it & enhance your offer so many prospects buy without hesitating!

03:50 Who is Alex Hormozi?

24:45 Alex’s Mindset on Growth & What Really Motivates Him

31:34 Dissecting $100 Million Offers the Book

33:00 Grand Slam Offers

39:30 Finding the Starving Crowd

46:50 Examples of Grand Slam Offers

53:10 Removing a Personal Brand from a Business

60:30 Pricing for Management Services

64:20 When Advising a Company Where do You Start the Transformational Process to Scale?

1:09:00 Growing a Company with a Purpose or a Charity Aspect

1:14:20 Alex on Selling by Phone

1:18:50 If You're Not Getting a Paycheck From Your Business There is a Problem