MBA2173 Must Read: $100M Dollar Offers by Alex Hormozi

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Hey oh welcome to the Hunter. Powering up your business every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company. I started my co founder back in 2014 and today's episode is a must read episode. On our must read episodes I share with you a book that I've read that has influenced me as an entrepreneur. I share with you its takeaways, its insights and why you should read it too. Today's must read is $100 million offers by Alex Hormozi. You might have heard of Alex Hormozi recently because he's basically blown up on all social media platforms. Instagram, YouTube, TikTok, you name it. That's why I sort of looked into Alex and wanted to see what he's all about. He's the founder of acquisition.com in recent years he sold three of his companies which were making millions of dollars a year and shares how he got those businesses to such high numbers in his book $100 million offers. Now I understand a lot of people have trepidation when they see a larger than life person, somebody that is all over social with a huge amount of success in huge numbers is head scratching and maybe a bit intimidating. But it's important for us to learn from other entrepreneurs. He's doing something right and maybe he can share something with you. Even if you grab one or two insights from his book, it'll be worth it. And in today's must read, I'm going to show you why it's well worth it. What are some of the things I thought were absolute gems in this book in helping you create better offers for your business, for your products to make more money? So let's get into it. Let's get down to business, guys.

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A little personal story. I actually met Alex and his wife Layla Hermozi in person at a conference. We both had the same business coach, Dan Martell, who is a coach for sas. This is about three years ago, before Alex sold his businesses. I remember just seeing this hulk of a man. If you've ever seen him, he's a bodybuilder. He looks huge. That's his background, fitness and health. I just remember him talking about the numbers he had in his business, his sales, how much money he was making every single month. Tens of millions of dollars every month in sales. It was just mind boggling. I was like, what is this guy talking about? Is he serious? What is this guy selling? How is he selling? That led me down to learning more about him in later years and then eventually checking out his book. Now Alex Hormozy's book, $100 million offers is one of the top business books on Amazon. It's got over 8,600 reviews and an average of five stars. It's very hard to ignore that kind of success. You got to figure out what is going on here. So I decided to buy the book and read it. In fact, I didn't even buy it. It's part of Kindle Unlimited. I pay for Kindle Unlimited because I love reading books off my Kindle and it's free With Kindle Unlimited. It's $0.99 on Kindle if you don't have that. So really low barrier of entry. He starts the book with sharing his story about where he started, started with nothing really less than nothing in debt. And then some of the mind shifts and pivotal moments in his life and how it affected his business and sales. And then he shares what are those things that he did through the chapters. There's a lot of great information here, but one of the things I want to touch on is his pricing. He talks about pricing in a chapter by itself and he highly encourages business owners to price their products high to leave lots of margin. In fact, he talks about like think of pricing your product to the point where it just seems ridiculous. And as you read the book you start to realize because in your head when you're reading this, you're like, well, who's going to buy this product that's so expensive? And you start realize that most people that buy products, whether they're expensive or not, price is not the biggest factor. It gives countless examples. And I'll just give you an example off the top of my head. Let's say I said to you, if I can help you get to a million dollars in revenue in the coming year, would you pay me $100,000? You might say, hell yeah, I'm happy to give you that kind of money if you're going to make me a million. But you probably have some follow up questions like how long is this going to take? What am I going to have to do? And those really are the questions here that really matter that you need to address because people want a solution that's not that painful and it's not going to take forever. So in this example, I just sold a hundred thousand dollar product. Now I just phrased it in a way for you to see the value and in fact you can actually get paid that way to make sure it's easy to sell. And he talks about different ways to make your offer and he talks about guarantees later on. But the pricing chapter alone is worth the book because he wants to start training you to change your mindset when it comes to price because as long as your margins are thin, it's going to make it really hard for you to grow as a business because you don't have any money to be able to invest back into the business to serve your customers better. He says the best companies in the world have crazy margins. A good example of this is Tesla. Tesla installs the hardware for you to be able to do automated driving. It's called Autopilot right It costs them nothing for them to enable Autopilot, but it actually costs you. The price is $10,000. Talk about margins. So he really drills home in this chapter, you got to stop coupling your cost with price. You need to value your products and really talk about value versus price. Just like the example I gave where I help you make a million dollars, you'd be happy to pay 100,000. Now what I find interesting is that he talks about pricing very early on in the book because he really believes if your prices are off, it's very hard for you to actually make compelling offers and to create value for that offer and therefore sell the product or service. Coupled with pricing is audience. And I love this chapter. I love this part of the book because it's probably the part of business that most people ignore. And it talks about you need to find your niche, you need to niche down your business because you can command higher prices when you're niched. An example of this is, let's say I have a software that helps people become more productive. So productivity software. If I sell productivity software, I'm competing with all the other productivity software. But if I said, hey, this productivity software is specifically for doctors, doctors want to be more productive, now I can charge a bit more. And he shares some examples from Dan Kennedy, who's a big time marketer and understands this very well. So maybe my software that was just about productivity was $10 a month. Now I can charge $100 a month because it's specific for doctors. And doctors are saying, well, this is specifically for me and it's going to suit my needs and my productivity needs, not everybody else. This is just for me, for doctors. Now you can even issue more down, not just any doctors, for chiropractors now I can charge even a bit more. I could charge $500 a month because chiropractors are going to come to me. I'm going to have all the chiropractors that want to be more productive come to me because I'm the only software out there. I become a market of one that is for chiropractors who want to be productive and therefore I can command the price. So niching down allows you to have more pricing power. Such a huge point and worth the book alone. Again, just on this chapter in section three, he talks about value and creating your value for your product or offer. And he talks about how to make offers so good people feel stupid for saying no. Basically saying, how do you create no brainer offers where it's just so easy to say yes to this. And it's a combination of things that he prescribes in this book. Showing the value, bonuses, bundling your offer, showing the return on investment, a whole bunch of other stuff. He then talks about how you have to be willing to experiment your offers, meaning sometimes the combination of things that you're putting together in your offer need to be tweaked. If you put an offer out, you shouldn't just give up if it doesn't convert. Change things up, change the wording, maybe change the name of the offer, change what's included, change how you show the value, all kinds of things like that. He says, if you try 100 different offers, I guarantee you're gonna hit an offer that you like that's actually gonna convert. And that's all you gotta do is find that one offer. Because once you find it, it's gonna be a cash cow for your business. One of the exercises he shares in the book is how do you create an offer that's compelling, that solves the problems of your customers? A lot of people try to say, like, my product does this, this, this, this, this, and it's not really compelling. It doesn't really tell people why they is what's called convergent and divergent thinking. In simple terms, convergent problem solving is where you take lots of variables that are all known with unchanging conditions and converge on a singular answer. He goes through this exercise of the book to help you come up with great ideas on how to show the value of your product. Meaning your product has a lot of great benefits that solves a lot of problems. But through this exercise, you're going to be able to identify them really easily. I don't want to spoil it for you. I'll let you read it in the book. Another way to show value of your product is start with the problems. List all the problems your customers have, the things they complain about, things they hate, the excuses. He gives a lot of examples in the health and wellness industry where people say, well, I don't have time to buy food that's healthy from the supermarket. I don't know what to do when I go eat out, what to order. If I'm supposed to be on a diet, I don't have the right shopping list. I don't know how to make sure my macros are covered. All kinds of things like this. He lists all the problems and then he comes up with how the product, the offer will then solve these problems. That's how you come up with a great offer, because you're basically coming up with the answers to all the problems that your customers might have when they're learning about your product or service. You're basically crafting a great product and service for your customers through identifying problems. And this is much easier because as human beings we like to identify problems. We point out things that are wrong. It's easy to do that than to come up with solutions. So all you gotta do is just list the problems first and then just find the opposite and create that value in your product or service.

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Maybe score a two for five dollar deal on a sausage McMuffin with egg and more limited time only. Price and participation may vary. Cannot be combined with any other offer. Single item at regular price.

$100 million offers has a lot of great insights on how to craft a powerful offer for your products and services. But I want to say you need to read this book and understand how to apply it to your business. Not everything is going to be applicable to your business. Most of it will be. And you don't have to agree with everything he says. Maybe it's a little bit too aggressive for you because he's a hardcore salesperson. You don't have to follow it to the T. But you do need to understand the essence of the methodology, the thought process of creating these offers and apply the details that work for you. I'm a big believer that you can learn from anybody. Whether you agree with them or disagree with them, or like their style or like their brand, it doesn't matter. Great entrepreneurs are not biased, right? They're not the kind of people that judge people or judge how they do business or market or sell. They're learners. They look at somebody and say, hey, this person's doing something right. They're successful. Let me see if I can learn something from them. And most of the things he shares in the book are basically sales and marketing principles from the beginning of time, like scarcity. He talks about how you can show real scarcity, truthful scarcity, to be able to sell more products and services. Whether it's a scarcity of the amount of your product or service or spots for your services, or scarcity of time, or a combination of both. How to create urgency, how to make sure they understand why they should buy. Now there's a couple more chapters I want to talk about, and that's guarantees and naming Your offer having a money back guarantee or some sort of guarantee, which is called a risk reversal is very important and in today's business, because people want to feel like it's not the end of the world if they say yes to this offer. Meaning that they have reassurances that if things don't work out, they'll be compensated or things will be okay. Whether it's a money back guarantee or it's I'll continue to work with you until you get the result you're looking for. Or the reverse where they get to try before they buy. Like with us and a software company, Webinar Ninja, they don't need to make the decision or when they sign up because they get 14 days for free. And this is one of the best ways to have risk reversal because you get to say to them like he shares in the book, you get to have all the information to make the decision. The only way to have all the information is to be inside the actual application or product. By signing up for trial, you'll have all the information to make the decision to stick around or say no, thanks. So these are great ways to show guarantees. And he shares a whole lot more in the book. So you want to check it out. One of the last things I want to touch on is naming your offer. Whether it's 30 days to $10,000 in business boot camp or be a better skier in her five day challenge, whatever it is, naming the offer actually has a lot to do with how well it converts because it sends a message to the buyer. He gives you some really good techniques and some really good catchy examples of what makes a great offer. Name to an offer, guys. That wraps up my must read episode on $100 million offers by Alex Hormozi. Pick it up. It's 99 cents on Kindle. It's worth a read. You're going to learn, you're going to get a lot of great insights and practical things to do in your business and in your offers immediately. This is what I love about the book. It's very practical. It allows you to really jot down notes on your notebook and say, hey, I'm going to do this, this, this, this. And it allows you to get really focused on what you have to do to sell more with your offers. If you love today's podcast, share it with a friend on social media, send them over to 100- MBA-NET so they can subscribe to the show. Before I go, I want to leave you with this, the last chapter in the book. Talks about your first hundred thousand dollars. He says your first hundred thousand dollars is the hardest money you'll ever make. We're talking about profit here. And he gives some advice on how to to just get there. Because once you get there, it's going to empower you to do a whole lot more. It's so much easier to scale your business. Hire out, use capital as leverage to be able to grow your business with ads and marketing and human capital. Right? Like I said, hire some some team members. I found that bit in the book really interesting. Check it out. I hope you love it. That's it for me today guys. I'll check you in tomorrow's episode. I'll see you then. Take care.

Dear McDonald's, your breakfast menu. Fire tens across the board. I could be happy with anything even though I ordered the same thing every time. Thanks for not judging me. I'll try something new next time.

Maybe score a two for five dollar deal on a sausage McMuffin with egg and more. Limited time only. Price and participation may vary. Cannot be combined with any other. Offer single item at regular price.