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 self-sustaining growth flywheel for your business. Learn the power of word-of-mouth marketing and how initial investments can lead to ongoing customer acquisition. Explore four key strategies to enhance customer satisfaction, including leveraging reviews, using branded merchandise, and offering discounts. Unlocking services can also play a crucial role in driving sustainable growth.
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Word-of-Mouth Power
- Word-of-mouth drives the highest percentage of sales across markets, especially for high-stakes purchases.
- Leverage social proof and reviews to build trust and credibility, boosting conversions.
Indirect Review Incentives
- Offer a free gift after service, then have a manager offer a bonus to the employee if the customer leaves a review.
- This indirect approach encourages reviews without directly incentivizing customers, leveraging reciprocity.
Layla's Hair Salon
- Layla chose a hair salon with 4.6 stars and 1,000 reviews over one with 5 stars and 20 reviews.
- This highlights the importance of volume and social proof in consumer decision-making.