Pricing, Focus, and the Seven Growth Sins | Ep 935
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The Game with Alex Hormozi
This episode is titled:
Pricing, Focus, and the Seven Growth Sins | Ep 935
Notable Quotes
"The questions that you ask have absolutely a huge effect on the likelihood of someone taking the purchase."
"Almost all of these, the right decision is the one that's worse today."
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Get More InsightsEpisode Summary
In this episode, Alex Hormozi addresses common challenges faced by business owners in their growth journey. He begins by highlighting the impact of pre-framing on sales conversions, illustrated by a simple checkbox leading to a significant sales boost. Hormozi then introduces what he calls the 'seven deadly growth sins' that often hinder businesses. The first is avatar selection, where entrepreneurs struggle choosing between different client types for optimal focus.
Next, Hormozi discusses the importance of data in decision-making, emphasizing the need to either collect sufficient data or to make educated guesses. He critiques the idea of spreading focus too wide, reminding listeners that maintaining a core business focus is essential for success.
He warns against overexpansion, suggesting that businesses grow efficiently only when they match team talent to operational demands. Hormozi also addresses underpricing services and hiring practices, urging business owners to adjust compensation rates to attract the right talent while avoiding imminent cuts that could lead to greater financial trouble.
Finally, he speaks about the importance of diversifying offerings to enhance customer lifetime value, stressing that businesses need to continually evolve their products or services to sustain growth.
Next, Hormozi discusses the importance of data in decision-making, emphasizing the need to either collect sufficient data or to make educated guesses. He critiques the idea of spreading focus too wide, reminding listeners that maintaining a core business focus is essential for success.
He warns against overexpansion, suggesting that businesses grow efficiently only when they match team talent to operational demands. Hormozi also addresses underpricing services and hiring practices, urging business owners to adjust compensation rates to attract the right talent while avoiding imminent cuts that could lead to greater financial trouble.
Finally, he speaks about the importance of diversifying offerings to enhance customer lifetime value, stressing that businesses need to continually evolve their products or services to sustain growth.
Key Takeaways
- Choose your business avatar carefully to optimize your market focus.
- Collect relevant data to make informed decisions or be prepared to make educated guesses.
- Avoid overexpansion by ensuring your team is adequately skilled to handle growth.
- Regularly assess your pricing to reflect the quality of services offered.
- Invest in diversifying your product offerings to increase customer lifetime value.
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