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The Game with Alex Hormozi

Gym Money Math | Ep 1

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.94.4K Ratings

🗓️ 3 July 2017

⏱️ 14 minutes

🧾️ Download transcript

Summary

Welcome to The Gym Secrets Podcast where you can listen in on the Top 1% of Gym Owners to hear the secrets of what they are doing differently to get more customers, make more profit per customer, keep them longer, and do it all without sacrificing their personal lives. We've got roll up your sleeves kind of hustle with a little bit of cleverness and a lot of heart. We are 1% of gym owners and this is our podcast. Hosted by Alex Hormozi.

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Transcript

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0:00.0

Hey guys, real quick. So Layland, I are definitely working on our social media presence if you guys haven't noticed and we're just breaking now into linked in.

0:06.4

Alright, it's not as bad as I thought.

0:08.1

It's actually been pretty awesome so far and you guys have been really cool in there and people are sharing our stuff a lot.

0:12.2

So if we aren't connected on LinkedIn, go ahead and let's connect and let's rock and roll.

0:17.0

Welcome everyone to episode two of Jim Secrets Podcast.

0:21.7

My name is Alex Ramose and I will be your host on this magic carpet ride.

0:27.3

Hope you guys have an awesome morning or whatever time of day that you guys are listening in.

0:32.5

One of the concepts that I want to talk about today is probably the first thing that I bring up with every single gym owner that I get on the phone with.

0:39.3

And I usually talk to two to three new gyms a day and it's going to be central to everything that I talk about with regards to Jim.

0:46.4

So I figured it would be salient to bring it up in the first podcast and it's and it's this basic concept between how do you attract customers?

0:56.0

And what is your initial offer going to be on one hand, I would say most gyms, grooves, whatever it is, what a spouse doing a low barrier to offer an LBO is probably how I refer to it going forward.

1:12.1

And here's here's going to be a numerical demonstration of why I don't think that's why that makes any sense.

1:19.0

And then I'll maybe talk I'll touch a little bit on the psychological reason why I don't think it makes sense.

1:23.5

But the biggest one is it's going to be the dogs since that's reason.

1:25.8

So no matter what you're doing or where you're advertising and if you're not advertising them or do we need to talk but.

1:32.5

But no matter where you're you're running your ads or you're getting a traffic from whether that's YouTube ads, Instagram ads, Facebook ads, you running newspaper ads, direct mail, whatever it is.

1:42.5

Right you're going to be paying a certain amount for a certain amount of attention right and then you're from that you're going to be able to convert a certain amount of attention to increase and from this increase a certain amount of those into sales right.

1:52.1

So it's going to come the cost of acquisition is going to be really important to understand and then how it relates to cash flow.

1:59.1

So I'll break down this if you were to think about this mentally is two different sides of piece of paper on the left side you have an LBO and on the right side you have what I would consider a medium ticket offer which would be like a 500 600 dollar offer.

2:11.3

Which I think works best for the introductory offer for a low ticket pricing recurring.

2:19.4

So if you're recurring is like around the you know 100 to 200 dollars a month range and then I would consider that a low ticket recurring which is usually a large group of boot camps your CrossFit's.

2:29.4

And you know circuit style whatever you want to call it training facilities.

...

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