If this were 10 times expensive or $100,000 or a million dollars is what I charge for my product, what would the experience need to be? And what value would I need to deliver in order for it to be worth that much? The second question is if it were one tenth the cost, but I had to make it better than my current product or service. What else would I create or do or make in order to facilitate that outcome? And the third question, which is probably my favorite, underpins the entire ideology that I'm hitting on here. It's all about getting your product right and then you can juice it and then let it go and take care of
"If it's not going to grow on its own over time, it's not worth doing." Today, Alex (@AlexHormozi) talks about the importance of creating a product or service that is valuable enough to generate word-of-mouth referrals and compound growth over time. He suggests three questions to ask oneself when evaluating a product or service in order to improve its value, profitability, and customer experience.
Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.
Timestamps:
(1:11) - Small entrepreneurs get customers to make sales
(2:44) - Q1: How to create the most value in the product itself?
(4:13) - Q2: If it were one-tenth the cost, what else to make it better?
(4:26) - Q3: What experience makes the customer a raving fan?
(6:40) - Word of mouth is the most powerful and compounds
(8:13) - The ultra-wealthy compounding everything they do
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(This episode is a re-run. Original airdate was August 19, 2021)