The Game with Alex Hormozi 4 Ways To Build A Growth Flywheel For Your Business | Ep 809
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Dec 19, 2024 Discover how to create a powerful growth flywheel for your business. The podcast dives into the impact of word-of-mouth as a catalyst for expansion. Learn four key tactics to build a self-sustaining growth strategy, focusing on customer satisfaction and leveraging positive feedback. The discussion highlights the interconnected nature of these strategies, illustrating how they can transform your business into a thriving ecosystem.
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Word-of-Mouth and Reviews
- Word-of-mouth drives the highest percentage of sales across markets.
- Reviews are crucial, especially for high-stakes purchases, as they build trust and social proof.
Incentivizing Reviews
- Offer a free gift after service, then have someone else (e.g., manager) suggest a review, incentivizing it for the original service provider.
- This leverages reciprocity and makes the review feel less transactional for the customer.
Merch for Reviews
- Offer branded merchandise (merch) in exchange for multiple reviews across different platforms.
- This tactic increases brand visibility and generates organic word-of-mouth marketing.