✅How To 2.5x the Profit Per Member ✅ | Ep 139
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 26 July 2019
⏱️ 14 minutes
🧾️ Download transcript
Summary
"The strongest profit lever in your business is price. And the way to get the price is to add more value." Today, Alex (@AlexHormozi) talks about the most powerful profit lever in business: pricing. He shares data-backed findings from Patrick Campbell, who owns two SaaS companies, and explains how adding value to existing services and implementing upsells can significantly increase profitability without fundamentally changing the business model.
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:
(1:46) - Double customers, double everything already there.
(3:51) - Pricing is a more powerful profit lever.
(5:35) - Scale pricing without incurring service costs.
(9:11) - Enhance value, decrease churn, increase profits.
(11:36) - Add a single upsell to core for extra profit.
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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. Happy Thursday, everybody. Hope you guys have an amazing day |
| 0:27.9 | and start or end to your work week and through entrepreneur. It's just the middle of anything |
| 0:32.8 | because you're working all the time. Anyway, the strongest profit lever in business, |
| 0:38.4 | and how to use it. So a lot of times, I mean, I like talking about this stuff. It's probably my |
| 0:44.1 | favorite topic in the world. And I feel like I've made a few more mindset videos lately. So I |
| 0:47.4 | want to make one about the monies. So I've been in a deep, deep, deep dive reading books. And I |
| 0:54.9 | have come into business a lot with the man named Patrick Campbell. He owns two companies, |
| 0:59.0 | one called Price Intelligently, one called Profit. Well, they are SaaS companies. And Price |
| 1:02.9 | Intelligently is a company that just reviews and just works on tons and tons of data around SaaS |
| 1:07.5 | companies. And the reason that I think it's really interesting is that there are so many principles |
| 1:11.3 | that he's been able to back with data, looking at 10, 11,000 different companies in terms of payment |
| 1:15.7 | structures, and just tons of different data that he used that I thought I would share some of the |
| 1:21.4 | findings that I've had with you. So when they did an analysis of all the blog posts written |
| 1:26.7 | specifically towards SaaS businesses, which is software as a service, you don't know what SaaS means. |
| 1:32.0 | And for many of us, we are in the service business. So a lot of the findings, the majority of them |
| 1:37.0 | apply directly to what we do. And so, anyhow, many of you are maybe some of you've heard of the |
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