Scariest Decision I Have Made | Ep 343

The Game with Alex Hormozi

Alex Hormozi

Entrepreneurship, Education, Business, How To

4.9 • 4.4K Ratings

🗓️ 4 November 2021

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Small tweaks + big changes = lots of impact! Today, Alex (@AlexHormozi) talks about the 2 moments where he had to make a big decision in which one gain a lot of profit while the other…did not. It’s all about selling with conviction!

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:

(1:19) - During this time, Alex had sent out a mass letter to customers regarding an increase in prices for the subscription along with a discount

(5:07) - Alex offered two weeks for free of this new service, but after the trial, the cost will be the new price. After a month, ⅔ of his customers stayed

(7:05) - In most cases, providing more value while charging a higher price in order to provide the higher value to the customer will make you more money. Reversely, lower value means no money

(7:47) - What should I do with my prices? Here are the 6 ways your LTV can increase: increase the price, decrease cost resell, upsells, cross-sells, downsells

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Transcript

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0:00.0	Hey guys, love that you're listening to the podcast. If you ever want to have the video version
0:04.8	of this, which usually has more effects, more visuals, more graphs, you know, drawn out stuff,
0:09.2	sometimes it can help hit the brain centers in different ways. You can check on my YouTube channel.
0:13.3	It's absolutely free. Go check that out if that's what you are into. And if not, keep enjoying the show.
0:18.4	If you can sell something that you truly believe in, you'll make a lot more money.
0:23.0	Welcome to the game where we talk about how to get more customers, how to make more
0:25.9	customers, how to keep them longer in the many failures and lessons we have learned along the way.
0:29.8	I hope you enjoy and subscribe. I want to say about one of the scariest institutions I ever made
0:34.4	my entire life, which was when I had my gyms. I was selling a bootcamp at the time. This is
0:40.5	before I knew a lot about pricing and I was charging $99 a month. And I got really fed up at one
0:46.7	point and I was like, I don't think I'm helping people. I want to have semi-private because this is
0:50.0	where people are really going to transform their bodies and I want to sell with conviction, right? So
0:54.4	keynote, side note, pro tip, life hack. If you can sell something that you truly believe in,
0:58.8	you'll make a lot more money. And so I had gotten to the point where I didn't really believe in bootcamp
1:03.2	as a vehicle for personal transformation in terms of body wise. And so I was so convicted about
1:08.4	our semi-private program because clients were getting way better results there that I wanted to
1:11.1	switch all my clients over that. Now I couldn't do that in $99 a month. And so I sent a mass letter
1:17.6	out to my customers that said we were going to go from $99 a month to $299 per month. So I was
1:26.4	going to triple my prices. Add more value, but I was going to triple my prices. And at the end of
1:32.0	this video, I'll tell you what happened when I sent that email out. Now what I want to do is tell
1:36.0	you a secondary story of a similar situation that happened later on in my business career.
1:41.7	And it was we were selling our program at $42,000 per year at the time. And that was being
	...

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