Margin Madness | Ep 219

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 3 July 2020

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Protect your profit! Today, Alex (@AlexHormozi) talks about a mistake that business owners constantly make when it comes to the pricing of their products or services, why it’s more important to learn the skill in sales, and how to strategically negotiate for discounts.

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.

Timestamps:

(1:28) - Alex shares a story about his 1st time working as a teenager and the mistake one of his co-workers had done by giving a huge discount

(4:32) - Instead of changing prices, you need to work on your skill in sales. Your price is not negotiable. One of the biggest traps that you can do is operating on a fixed mindset

(6:44) - Part of the cost of doing business is knowing those costs so that you can account for them. Remember to never negotiate with “terrorists” & think about your margin when talking about prices with a customer

(8:06) - We need to learn how to sell better and provide a payment plan that covers your losses. One of the reasons why many business owners lose money is because they fail to protect their margins

(11:48) - Alex shares with us his little secret when it comes to properly negotiating prices & discounts

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Transcript

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0:00.0	Real quick, you guys already know that I don't run any ads on this and I don't sell anything.
0:04.6	The only ask that I can ever have are you guys that you help me spread the words.
0:07.8	We can not more entrepreneurs, make more money, feed their families,
0:10.9	make better products, and have better experiences for their employees and customers.
0:14.9	The only way we do that is if you can rate and review and share this podcast.
0:19.4	The single thing that I have to do is leave review,
0:21.9	take you 10 seconds or one type of the thumb,
0:23.9	it would mean the absolute world to me, and more importantly,
0:26.0	it may change the world of someone else.
0:28.4	When people have a cost of goods, when they are selling smoothies,
0:32.3	they are selling products, right?
0:33.9	They usually tend to be more aware of their margins.
0:36.8	In service, we just exist as though time is free, right?
0:41.4	Our time, our employees time is all free.
0:44.8	Welcome to the Jim Secrets Podcast where we talk about how to get more customers,
0:47.7	how to make more per customer and how to keep them longer,
0:50.2	and the many failures and lessons that we have learned along the way.
0:53.6	I hope you enjoy and subscribe.
0:56.3	Good morning, everyone.
0:57.3	Happy Saturday.
0:58.5	I'm going to get some light going on here for a little while.
1:01.2	Watching you.
	...

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