80% of Your Customers Will Bankrupt You | Ep 478

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 27 December 2022

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Who is your customer? Today, Alex (@AlexHormozi) talks about the concept of 20% of customers spend 80% of the money, why researching and profiling your customer is incredibly important, and providing more valuable products customers consume because after all, the buying power lies within the customer.

Welcome to The Game Podcast where we talk about how to get more customers, make more profit per customer, and keep them longer, and the many failures and lessons we have learned along the way to $100M in sales. We've got roll-up-your-sleeves kind of hustle with a little bit of cleverness and a lot of heart.

Timestamps:

(2:17) - Researching lets you know exactly who you choose to serve & who you choose not to

(5:21) - The 4 steps to understanding your customer better

(13:43) - Pick the people that we feel like we can serve the most and create the most value for

(21:26) - People try and solve all of these other problems in the business rather than thinking

(25:15) - Knowing your ideal customer journey forces patience

(26:53) - Fortunes are created when we sell stuff that people won't stop giving us money for

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Transcript

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0:00.0	What's going on everybody?
0:01.0	I'm bringing some more books, but I wanted to say that if you haven't checked out $100
0:03.8	million offers, I would definitely suggest that you start there.
0:06.3	I've gotten some solid feedback and it couldn't be happier with this number one ranking
0:09.9	on Amazon for direct marketing and over 5,000 five star reviews.
0:13.8	So thank you guys so much for that.
0:15.2	It's 164 pages.
0:16.2	I really can help you out.
0:17.8	It takes about four hours to get through.
0:19.6	Check it out on Amazon.
0:20.6	The Kindle book is 99 cents.
0:22.5	The audiobook is as low as they'll let me put it on for it.
0:24.7	So I think it's 12 bucks.
0:26.2	So enjoy that and let's start the podcast.
0:29.0	No, there's a reason that companies that serve enterprise or Fortune 500 or Fortune
0:33.9	100 companies get the highest multiples when they sell.
0:37.0	It's because those customers are the most valuable and they stay the longest and pay the
0:41.9	most.
0:42.9	Serving a better customer makes you a better business.
0:46.8	The wealthiest people in the world see business as a game.
0:49.1	This podcast, the game, is my attempt at documenting the lessons I've learned on my way to building
0:52.5	acquisition.com into a billion dollar portfolio.
	...

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