Create Things That People Never Stop Buying | Ep 349

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 25 November 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Buy, buy, buy! Today, Alex (@AlexHormozi) talks about one of the most insightful takeaways he had when he sold his business and the criteria they look at now when buying companies.

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:

(1:14) - The key to creating a fortune through business is to sell something people will never stop buying

(3:53) - Optimize around this question: “What is the one thing I can create that people will never stop buying?” & “How do I structure it in a way that I give them the best value and want them to come back all the time?”

(4:25) - A customer surplus is when you are getting far more than what you pay for. This is when you create a higher value than the price offered, leaving people wanting to buy more and more

(8:04) - The 3-step process companies should go through when creating a billion-dollar unicorn company: Getting enough promotion out, optimizing the product, delivering more value to your customers

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Transcript

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0:00.0	Real quick guys, if you can think about how you found this podcast, somebody probably
0:03.8	tweeted it, told you about it, shared it on Instagram, or something like that.
0:07.5	The only way this grows is through word of mouth. And so I don't run ads, I don't do sponsorships,
0:12.2	I don't sell anything. My only ask is that you continue to pay it forward, do whoever showed you,
0:16.4	or however you found out about this podcast that you do the exact same thing. So if it was a review,
0:21.0	if it was a post, if you do that, it would mean the world to me and you'll throw some good comment
0:24.3	out there for another entrepreneur. One of the biggest and most profound takeaways that I had
0:28.6	from selling that business and what we look at when we're buying our own companies.
0:33.3	Welcome to the game where we talk about how to get more customers, how to make more
0:36.3	customers, how to keep them longer, and the many failures and lessons we have learned
0:39.5	along the way. I hope you enjoy and subscribe. I'm willing to go my wife and I sold our
0:44.4	eight figure software company and that deal closed 30 days ago. And so what I wanted to share
0:49.8	with you was one of the biggest and most profound takeaways that I had from selling that business,
0:55.4	and what we look at when we're buying our own companies. If you guys don't know who I am,
1:00.2	I'm Alex from azionacquisition.com or my wife and I ownacquisition.com. Our portfolio is about
1:05.1	$85 million dollars a year in revenue and I have nothing to sell you. So what I want to talk about
1:09.3	today is one of the things that took me way too long to realize in looking at creating products
1:15.1	and ultimately buying and selling businesses that are valuable, right? And the biggest piece or
1:21.5	biggest takeaway that I've had in creating quote fortunes is understanding one concept. It's so
1:28.0	simple to understand and so hard to do. The key, the one way direction to creating a fortune
1:37.5	through business is to only sell things that people do not stop buying. I'll say it again.
1:44.9	The way to create a fortune in business is to only sell things that people do not stop buying.
	...

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