4.9 • 4.4K Ratings
🗓️ 22 September 2020
⏱️ 8 minutes
🧾️ Download transcript
Just remember that basically. No one knows you. Even when you think everyone does, no one does. Today, Alex (@AlexHormozi) talks about one of the earlier mistakes he’s made in his career which is not understanding how big the marketplace is and the players in the industry. He also talks about how you can avoid thinking that all eyes are on your business and unnecessary “peer” pressure.
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:
(2:05) - Not everyone realizes that the size of the pie (or the players in the industry) is so big. The downfall of this is that you tend to focus too much time and effort on just one competitor instead of not caring
(3:21) - Because you focus on the activities of one or a few competitors, you end up shifting directions. You become reactive to what they do and think of how you can do better. This confuses your audience
(5:19) - In reality, it’s you and a hundred more businesses splitting a slice in a certain platform (ex. Facebook ads) and there are other slices that exist. We need to be open-minded rather be reactive
(7:27) - Just remember that basically, no one knows you. Even when you think everyone does, no one does.
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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. |
0:06.3 | All right, it's not as bad as I thought. 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 | Even in a local marketplace, do you know how many businesses are advertising on Facebook for the same seven mile radius? |
0:24.4 | Welcome to the game where we talk about how to get more customers, how to make more per customer and how to keep them longer and the many failures and lessons we have learned alone the way. |
0:31.1 | I hope you enjoy and subscribe. |
0:33.1 | What's going everyone? Happy Wednesday. |
0:35.6 | Excited to make this podcast for you because this is probably one of the number of mistakes that I think that I made early on in my career that hopefully I can help avoid or help you avoid in yours. |
0:46.7 | And I've written about this and I call it the size of the pie fallacy. |
0:50.5 | And what the fallacy kind of states is that the size of the pie for most people is not just twice as big or five times as big, but probably a hundred to a thousand times as big as you actually think it is. |
1:04.0 | And where this comes into clarity is that so many of us live in these tiny little ponds. We live in these little ponds, these little buckets of people. |
1:13.6 | We live in two or three Facebook groups and that's honestly what makes up the majority of our news. |
1:19.1 | Right? We only get news from a handful of sources and that's what curates our context in the world. |
1:26.3 | And so we think that if someone knew was coming into our marketplace, all of a sudden everyone knows about that and everyone is trying to leave us to go to this other person. |
1:36.8 | And this happened for me when I was in my gyms. This happened for me when we started gym launch. |
1:41.5 | This happened, I mean, it's just happened over and over again. And I've seen it, you know, on the outside with agencies and I've seen it literally at all levels. |
1:48.6 | And what I can tell you is when I, when I, this is probably two years ago, there was an actually I'll tell you first one is when I said my gyms. |
1:56.7 | I had a new guy, you know, show up on the marketplace and I was like, oh my god, like what are we going to do? |
2:02.0 | All these people are going to try and they're going to leave me to go to this other person, whatever, right? |
2:05.9 | But the reality was that most people didn't know I existed and most people didn't know they used it, right? |
2:10.7 | Because most people don't care. And because the size of the pie is so much bigger than just the two groups of people that I know on Facebook |
2:17.6 | that exist, right? And what was even more is that I looked at all the stuff he was doing. I remember this like then I was like, okay, I'm going to, I'm going to model everything that he's doing, right? |
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