The Game with Alex Hormozi

Latest Episodes:

The Biggest Mistake I’ve Made in Business | Ep 177 Feb 05, 2020

Show notes

"The number one reason that people fail is because they are successful, then they change something." Today, Alex (@AlexHormozi) discusses the biggest mistake that successful entrepreneurs make: not being able to repeat successful actions. He explains that it is important to focus on quality assurance and consistently do the same actions to sustain success, even if it is boring.

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:

(1:10) - Not repeating successful actions leads to common mistakes.

(3:22) - Learn to say no, as the temptress of skill increases.

(4:10) - Bergman trap: fail and know why you failed correctly.

(6:51) - Profit comes from repeating the same actions, entrepreneurs get bored.

(8:41) - Quality assurance and consistent actions for continuous successful profit.

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The ONLY Marketing Number that matters | Ep 176 Feb 03, 2020

Show notes

"The only number that really matters in marketing from an acquisition standpoint is cost per acquisition." Today, Alex (@AlexHormozi) discusses the importance of measuring marketing success based on cost and lifetime value ratios, rather than just the cost per lead. He walks through each step of the funnel and emphasizes the need to measure as close to the sales stream as possible.

Timestamps:

(1:12) - Cost per acquisition is the only important marketing metric.

(3:58) - Aim for a 3:1 or higher LTV to cost of acquisition ratio.

(8:21) - Analyze marketing success based on cost and lifetime value ratios.

(10:38) - Lead quality can improve 3-5x based on pre-opt-in information.

(11:54) - Non-opt-ins due to program details save time and effort.

(12:51) - Measure revenue per show to evaluate campaign success.

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Pain is the Pitch - Business Logical Fallacy | Ep 175 Jan 31, 2020

Show notes

"Talk about in terms of pain avoidance (…) people tend to be more responsive to it." Today, Alex (@AlexHormozi) discusses the importance of availability for making sales and the difference between talking in terms of pain avoidance versus opportunity for gain. He shares a story about reframing his message to gym owners and seeing a huge response as a result, and emphasizes the importance of using math to guide business decisions instead of emotions.

Timestamps:

(0:37) - Importance of availability for sales; availability impacts marketing throughput.

(2:56) - Wasting two-thirds of ad spend.

(4:09) - People focus on avoiding pain instead of seeking opportunity for gain.

(7:11) - Opportunity for gain and pain avoidance as math.

(8:14) - Let the math guide you, not your emotions.

(11:10) - Gym owners need availability for business success.

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19 Failures & Lessons | Ep 174 Jan 29, 2020

Show notes

"Never get too far away that you can't see the problems." Today, Alex (@AlexHormozi) shares his failures and lessons learned in business, people management, and relationships in the year 2019. He emphasizes the importance of focusing on one thing, protecting the core, and balancing comfort and distance in relationships.

Timestamps:

(2:41) - Product must solve pain, not be a gain.

(4:44) - Effort is success, not an outcome.

(8:50) - Stay close to problems in the organization.

(16:20) - Balance comfort and distance for variety.

(21:56) - Success created with skills, sustained with traits, beliefs.

(28:52) - Time and effort required for success, not outsmarting it.

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You're Managing Your Sales Team Wrong | Ep 173 Jan 27, 2020

Show notes

"Normal people have concerns. You need to overcome them." Today, Alex (@AlexHormozi) shares with us how to manage sales conversations and sales teams using the Closer framework, regular communication cadence, call recordings, cutting the bottom 10% of sales team, and keeping the team competitive through leaderboards and competitions.

Timestamps:

(1:51) - The C-L-O-S-E-R framework

(7:57) - Use Gong for call recordings. Suggested communication cadence.

(9:10) - Cut bottom 10% of sales team regularly to increase productivity.

(9:37) - Use leaderboards and competitions to keep the sales team competitive.

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Max Client Value Extraction | Ep 172 Jan 26, 2020

Show notes

"The amount of goodwill you have times the number of times you ask for a sale equals revenue equals how much money you make." Today, Alex (@AlexHormozi) discusses the importance of maximizing value extraction from customers by providing multiple revenue streams and upsell opportunities. He uses the example of a rental car company and outlines a choreographed process for upselling and ascending customers in a pipeline.

Timestamps:

(0:30) - Enterprise businesses extract and provide value to end users.

(1:51) - Goodwill times sales equals revenue.

(2:27) - Upselling includes multiple revenue streams and conversations.

(6:52) - Upselling for gym owners: sell to goals, multiple revenue streams.

(12:22) - Consistent value extraction is key to increasing revenue per customer.

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Use THIS to Increase Sales "ACTUALLY" | Ep 171 Dec 19, 2019

Show notes

"The best salespeople have conviction. If you can bring that conviction to the table, they will feel it." Today, Alex (@AlexHormozi) discusses the importance of conviction in sales and how to maintain it even when facing potential failure. He emphasizes the need to compare alternatives and sell in the mind against them.

Timestamps:

(0:58) - Lack conviction, need to believe in results for sign up.

(2:23) - How to maintain conviction with potential failure?

(4:01) - Highest conviction leads to highest closure

(6:36) - Script doesn't matter, conviction does.

(11:05) - Increase closure by analyzing alternatives to signing up.

(16:11) - One favorite close: "fair enough."

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Real World In-The-Trenches Sales Tactics [That work] | Ep 170 Dec 05, 2019

Show notes

"Consider the alternatives. You can't expect the same if you change the variables.” Today, Alex (@AlexHormozi) talks about some of the most used sales tactics he learned in the trenches, including using the phrase "just how we've always done it" and asking customers which product they prefer. He also emphasizes the importance of having conviction in your service or product and believing in your vision in order to be successful in sales.

Timestamps:

(2:26) - People need to see others do it before they comply.

(5:22) - Asking what someone wants is the easiest way to sell.

(6:55) - Changing variables changes outcomes, the most important sale.

(9:28) - Conviction is key in the sale between you and your service.

(11:58) - Conviction comes from considering alternatives.

(15:18) - Belief in your service overcomes excuses, leading to success.

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How To Never Pay For Rent or Food Ever Again... My $724,000 lesson. | Ep 169 Dec 03, 2019

Show notes

"If you monetize it properly, it can allow you to get a lot of the things that you normally pay for free." Today, Alex (@AlexHormozi) discusses the concept of monetizing a business's distribution network to generate passive revenue. He uses the example of a gym's members purchasing supplements and food to demonstrate how businesses can capitalize on their clients' purchasing habits to make money without extra effort.

Timestamps:

(3:23) - Distribution base monetization for free products and services.

(6:49) - Supplements sold with food covering normal expenses.

(8:51) - Take care of your people to take care of customers.

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You Work Harder Than your Partner Does | Ep 168 Nov 29, 2019

Show notes

"You probably think you work harder than your partner does, and your partner's reading this thinking that they work harder than you do…” Today, Alex (@AlexHormozi) talks about the challenges of partnerships in small businesses and the importance of clearly defining roles. He advises against partnerships and suggests that entrepreneurs should develop all the necessary skills to operate a small business or hire someone to do it for a fraction of the cost of a partner.

Timestamps:

(1:16) - No clarity of roles in partnerships leads to issues.

(3:11) - Clear division between entrepreneur and integrator is necessary.

(5:14) - Clearly defined roles are key to success in partnerships.

(7:25) - Define tasks and acknowledge strengths/weaknesses for success.

(10:24) - Small businesses require fundamental skills.

(12:26) - Establish buyouts early on to avoid conflict.

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