WHY WE DONT COPY...AND WHY THIS MAY MAKE YOU MORE MONEY THAN ANYTHING (and give you peace of mind) | Ep 44
The Game with Alex Hormozi
Alex Hormozi
4.9 • 4.8K Ratings
🗓️ 4 May 2018
⏱️ 12 minutes
🧾️ Download transcript
Summary
"Most people don't do their research." Today, Alex (@AlexHormozi) discusses the importance of not copying others in the industry and instead focusing on solving customer problems uniquely and innovatively. He emphasizes the need for research and testing to find successful solutions and avoid copying ineffective strategies.
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:
(1:40) - Avoid copying others' pricing strategies, profitability varies.
(3:32) - Innovate, avoid typical guru business models.
(6:04) - Innovators enjoy full curve of success and profit.
(7:58) - Focus on problem, solve it, deliver unique solution.
(9:20) - People copy wrong aspects without understanding their purpose.
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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 | I'll take you 10 seconds or one type of the thumb. |
| 0:23.9 | It would mean the absolute world to me. |
| 0:25.2 | More importantly, it may change the world of someone else. |
| 0:28.1 | Going on everyone, I hope you guys have an awesome Saturday. |
| 0:31.6 | This was totally an impromptu thing, but I saw something on my news feed and I was just like, |
| 0:35.6 | man, this is a good, this might be a good video. |
| 0:38.8 | So why we don't copy and why this might make you more money. |
| 0:42.1 | So one of the things, people always, I don't know if you've been in this space a while, |
| 0:48.9 | but a lot of us consider us innovators in the gym spaces that we're always coming up with |
| 0:53.9 | the next thing and what's new. |
| 0:55.9 | And the reality is that the majority of the revenue and the income of the profit goes to the first |
| 1:02.3 | mover in the marketplace. So we are the first ones to do a lot of things. |
| 1:08.4 | And the reason, because of that, we're rewarded for it. |
| 1:12.0 | But I want to tie this back to to ring the gym. |
| 1:15.0 | So I remember there was a time where I was, so I had one location this time and we were doing |
| 1:22.4 | pretty well. I was probably taking home like 10, 10, 10, 12 somewhere in there. |
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