The Game with Alex Hormozi 80% of Your Customers Will Bankrupt You | Ep 478
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Dec 27, 2022 Exploring the power dynamics of customer spending, the discussion highlights that 20% of customers account for 80% of revenue. Understanding who your ideal customers are is crucial for maximizing profits. Also covered are strategies for refining messaging to attract the right clients and the importance of patience in following customer journeys. Insights from industry experience reveal how to better serve valuable customers and enhance their lifetime value for sustainable business growth.
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Vista's Customer Focus
- Alex Hormozi learned about customer segmentation from Vista, a private equity fund.
- Vista prioritizes customer research, focusing on the top 20% of highest-paying, longest-tenured customers.
Customer Survey
- Survey existing and past customers, gathering detailed demographics, before-and-after stats, aspirations, and buying process information.
- Offer a small incentive for survey completion, like exclusive content.
Target Messaging and Sales
- Refine messaging to speak directly to your ideal customer's qualifiers, including demographics and aspirations.
- Reverse-engineer the sales process based on the best customers' buying experiences.
