The Game with Alex Hormozi 3 Questions To Ask Yourself For Product And Service | Ep 562
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Jul 11, 2023 Discover the secrets to creating products that thrive on word-of-mouth growth. Learn three pivotal questions to enhance value, improve profitability, and elevate customer experiences. Delve into strategies that small entrepreneurs can adopt to drive sales effectively. Uncover how the ultra-wealthy enhance their success by compounding efforts, and find out why a product’s intrinsic value is crucial for sustainability in business. This episode is packed with insights for anyone looking to stand out in the marketplace.
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Product Improvement over Promotion
- If your product isn't generating word-of-mouth referrals, it's not good enough.
- Focus on improving your product instead of just promoting it.
The 10x Price Test
- Imagine your product is 10x more expensive; what would justify the price?
- This thought exercise helps determine necessary value improvements.
The 1/10th Cost Improvement
- Ask yourself: If my product cost 1/10th, how could I make it even better?
- This encourages finding profitable ways to enhance value.