How to (Legally) Destroy Your Competition

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 22 July 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

"You only need ONE of these for your business to get absolutely massive." In this episode, Alex (@AlexHormozi) shares 9 ways to legally acquire market share from your competition and dominate your industry. No matter what kind of business you have; service, e-commerce, SaaS, or other; something here will be applicable to help you acquire more customers and keep them for longer.

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:

(00:39) - Network effects

(03:46) - Exclusive control over a resource or technology

(06:52) - Government regulations and licensing

(09:44) - Economies of scale

(12:12) - Vertical integration

(15:35) - Strong brand identity

(17:42) - Strategic pricing

(21:24) - Exclusive contracts w/ 3 different parties

(25:09) - Huge capital requirements

(27:24) - Intellectual property

(30:56) - Acquisitions and mergers

(35:51) - Innovative business models

(40:03) - Control over distribution channels

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Transcript

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0:00.0	Hey guys welcome back to the game where we get things done and make money and so today
0:05.0	we're going to be talking about something near and dear to my heart which is
0:06.8	monopolies and there are 13 ways that I know of that you can integrate monopoly style strategies into your business
0:14.4	to make your business more competitive as it grows rather than less which the
0:18.7	vast majority businesses degrade with scale rather than compound with it. And so this matters because if you think
0:25.5	about this strategy day one and you weave it into your DNA as a company, you only need
0:31.5	one of these to become a billion dollar plus business and if you do it right it can happen fast.
0:37.0	The first way to legally destroy your competition is network effects.
0:41.0	So you can have different types of network effects. The first type is a customer base. So that's having a large very established user base that by the nature of it being large attracts even more people to the network. So if it's just you, that's not a network.
0:54.5	If it's you and two other people,
0:56.2	all of a sudden people are like,
0:57.0	I want to join that group.
0:58.0	But when you have that fourth really good person,
1:00.0	now a fifth wants to come in.
1:01.2	And as every additional person gets added that network becomes more valuable.
1:06.0	And so if you're like how does this actually work in the real world?
1:08.0	We'll give you two very different examples.
1:10.0	So one is you can think of Facebook, right? Social platforms.
1:12.6	So a platform isn't valuable until lots of people are on it.
1:15.2	But once lots of people are on it, well, no one wants to join the small
1:17.8	platform because there's no one's on it.
1:19.8	But if everyone's on this one, then they can instantly connect
	...

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