Book Review - Alex Hormozi’s "$100M Offers"
By VICKY BROWN
I know when I started my company, I couldn’t believe how inadequate I was around sales. I hadn’t every even thought of it – I wasn’t a salesperson. But sales is the lifesblood of any business – so if you run a business, you better get better at sales, and FAST.
One thing I did was read everything I could get my hands on – still do as a matter of fact. And just recently I came across Alex Hormozi’s book: “$100M Offers: How To Make Offers So Good People Feel Stupid Saying No” What can I say – he had me at the title. I loved the insights in this book. It’s all about how to craft irresistible offers that will skyrocket your business.
Now, you might be wondering what creating irresistible offers has to do with you as a new entrepreneur. Well, my friend, it’s simple: to grow your business, you need to attract clients and customers, and the best way to do that is by having a fantastic offer they can’t say no to. This book teaches you exactly how to create those kinds of offers, which will not only help you generate more revenue, but also make it easier for you to hire and retain the best talent. After all, success attracts success!
The first step in crafting a great offer is understanding your customers’ needs and desires. What problems are they facing, and how can your product or service help them solve those issues? Once you know this, you can design offers that cater to those needs while providing a sense of urgency. Remember, you don’t want to just be another option for your customers; you want to be the solution they can’t live without!
Next, let’s talk about pricing. Now, I know this can be a tricky topic for new entrepreneurs, but it’s essential to get it right. Alex recommends using a value-based pricing strategy, which means pricing your product or service based on the value it provides to the customer, rather than the cost of production. Now, this approach allows you to charge a premium price while still giving your customers an incredible deal.
And pro tip – never reduce your prices. Instead, add bonuses that complement your main offer and provide additional value to your customer. For example, if you’re selling a software tool, you might include free training or a customer support package as a bonus. This way, your customers feel like they’re getting even more bang for their buck.
No one wants to take unnecessary risks, especially when it comes to spending money. That’s why risk reversal is such a powerful strategy. By offering guarantees, warranties, or free trials, you can minimize the perceived risk for your customers and build trust in your brand. This, in turn, makes it more likely that they’ll take the plunge and invest in your product or service.
“… repeat business is the lifeblood of any business“
We all know that people tend to take action when they feel a sense of urgency, so use this to your advantage. Create a sense of scarcity around your offer by using limited-time promotions, exclusive deals, or limited quantities – or even make the bonuses a limited time offer. This can prompt your customers to act quickly and make a purchase before it’s too late. But, of course don’t just make things up. If you say the offer is only good until the end of the month, and the same offer is running 3 months from now…well then, you’re just lying…and breaking trust with your potential clients. That’s a huge no-no.
As new entrepreneurs, we sometimes get too caught up in the details and forget that our customers don’t know our products as well as we do. That’s why clear messaging is crucial. Make sure to communicate the benefits and value of your offer in a simple, concise, and easy-to-understand manner. Focus on how your product or service solves the customer’s problem or fulfills their desires. Remember, if your customers don’t understand what they’re getting, they’re much less likely to buy.
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No matter how much we would like it to be so – no offer is perfect right out of the gate – but that’s okay. As a new entrepreneur, it’s essential to continuously test and optimize your offers to maximize their effectiveness. Use customer feedback and data to make informed decisions about what works best for your target audience. Don’t be afraid to iterate and make changes.
And finally, let’s talk about the importance of building relationships. As a 20+ year, 7 figure entrepreneur, with 2 businesses, I can’t stress enough how crucial it is to establish long-term relationships with your customers. It’s everything. Just provide excellent customer service, consistently deliver value, and genuinely care about their needs. This will absolutely foster loyalty and help generate repeat business. And repeat business is the lifeblood of any business.
I recommend you pick up a copy of Alex’s book – it’s easy reading, and so eye opening…well, I couldn’t put it down.