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The Game with Alex Hormozi

3 Steps That Will Double Your Profits in 8 Weeks | Ep 443

The Game with Alex Hormozi

Alex Hormozi

How To, Entrepreneurship, Education, Business

4.94.8K Ratings

🗓️ 4 October 2022

⏱️ 27 minutes

🧾️ Download transcript

Summary

When something becomes more expensive, people perceive its value in a higher way. Today, Alex (@AlexHormozi) talks about the steps he did in order to make over $5 Million in 8 weeks, why doubling your price is the best option to choose, and explains these steps using a hypothetical scenario at the end of the episode.

Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.

Timestamps:

(2:04) - Business growth wish: Double customers, double price, or extend retention?

(3:37) - Best profit strategy: Double the price; Alex's successful example.

(6:19) - Increase pricing by 50%, maintain product, boost sales.

(7:52) - Pricing tied to emotions; fear of breaking established prices.

(9:38) - Three steps to double profits: Pricing Survey, internal communication, customer communication.

(21:21) - Alex's hypothetical business: Walkthrough of doubling the price.

Follow Alex Hormozi’s Socials:

LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Transcript

Click on a timestamp to play from that location

0:00.0

Mozination real quick, if you are a business owner that has a big old business and wants to get to a much bigger business,

0:06.1

going to $50, $100,000 plus we would love to talk to you.

0:09.5

And if you like that or would like to hear more about it, go to acquisition.com and you can plan anywhere on the page

0:14.3

and talk to one of our team and see if we can help you get there.

0:17.6

If you sell something for twice as much money and you get one third fewer sales, so you have two thirds of what you used to sell in terms of units,

0:23.8

it might freak you out.

0:24.9

But if you sell it twice the price, you make more money.

0:27.7

And so you got to be able to just let the math do the talking.

0:30.4

Welcome to the game where we talk about how to sell more stuff to more people in more ways and build businesses worth owning.

0:36.5

I'm trying to build a billion dollar thing with acquisition.com.

0:39.3

I always wish pesos, musk and buffet had documented their journey, so I'm doing it for the rest of us.

0:43.5

Please share and enjoy.

0:44.6

We doubled the profits of one of our portfolio companies in less than eight weeks and we made one single change.

0:51.4

And we went from making $250,000 a month in profit to making over $500,000 a month in profit from one single change.

1:00.6

Alright, and so what I want to do is break down what that change was and how you can apply it to your business.

1:05.0

First, I'll give you a hypothetical story that you can apply this to.

1:07.8

Second, I'll tell you the service that we ran and exactly how to do it in your business.

1:11.0

Third, I'll tell you how you can communicate it to your team so you can have the highest uptake rate in your team.

1:15.6

And then finally, I'll walk you through how to communicate it publicly.

1:19.5

I'll walk you through a hypothetical example of a CAHV's business because that would be the best business.

1:23.5

That taught people how to grow their CAHVs and sold a CAHV program and walk through the hypothetical example end to end.

1:29.6

So you can apply it to your business using the same process.

...

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