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The Game w/ Alex Hormozi
$100M Leads Audiobook Part 8 – Customer Referrals | Ep 593
Aug 19, 2023
35:10
Snipd AI
In this episode, Alex discusses the importance of customer referrals and different types of lead-getters. He emphasizes the viral nature of referrals and strategies for maximizing them. Alex shares the power of word of mouth referrals and their impact on product sales. The chapter also highlights the benefits of referrals, ways to get more referrals, and building customer goodwill.
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Quick takeaways
- Referrals can save time and effort while bringing in more engaged leads, resulting in higher lifetime gross profit and lower customer acquisition cost.
- To maximize referrals, businesses should focus on selling better customers, setting better expectations, increasing the perceived likelihood of achievement, decreasing time delay, decreasing effort and sacrifice, and having a clear call to action.
Deep dives
The Power of Referrals
Referrals are key in getting other people to advertise on our behalf. By leveraging referrals, we can save time and effort while getting more engaged leads. Referrals not only bring in more leads, but they also result in higher LTGP (lifetime gross profit) and lower CAC (customer acquisition cost). Referrals have exponential growth potential and can help a business compound its growth month after month. To get more referrals, it is important to focus on giving more value to customers, setting better expectations, increasing the perceived likelihood of achievement, decreasing time delay, decreasing effort and sacrifice, and having a clear call to action. These strategies can generate a strong word-of-mouth marketing effect and create a loyal customer base that actively promotes the business to others.
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