You can either be right or you can be rich. This book is for getting rich. If that bothers you, just put this down and go back to arguing against human nature. Hint: You’re not gonna change it.
Be Helpful
People who help others (with zero expectation) experience higher levels of fulfillment, live longer, and make more money.
Easy to Sell = Hard to Fulfill
Whenever you are building a business, you have a continuum between ease of fulfillment and ease of sales. If you lower what you have to do, it increases how hard your product or service is to sell. If you do as much as possible, it makes your product or service easy to sell but hard to fulfill because there’s more demand on your time investment.
Optimize After Cash Flow
I have always lived by the mantra, “Create flow. Monetize flow. Then add friction.” This means I generate demand first. Then, with my offer, I get them to say yes. Once I have people saying yes, then, and only then, will I add friction in my marketing, or decide to offer less for the same price. Practicality drives this practice. If you can’t get demand flowing in, then you have no idea whether what you have is good. I’d rather do more for every customer and have cash flow coming in, then optimize my business but have zero cash flow coming in after (and zero idea about what I need to adjust).
Delay the Ask
The longer you delay the ask, the bigger the ask you can make. “The longer the runway, the bigger the plane that can take off.”
Limited = Wanted
The idea that you can never get it again makes it more desirable... It is the fear of missing out on something. It pulls on our psychological fear of loss to get us to take action. Humans are far more motivated to take action to hoard a scarce resource than they are to act on something that could help them. Fear of loss is stronger than desire for gain.
Four Mechanisms of Urgency
Scarcity is a function of quantity. Urgency is a function of time. Four ways of using urgency on a consistent basis, ethically:
1) Rolling cohorts
2) Rolling seasonal urgency
3) Promotional or Pricing urgency
4) Exploding opportunity.
Bonuses Beat Single Offers
A single offer is less valuable than the same offer broken into its component parts and stacked as bonuses. If you watch those old infomercials, they would sell one knife for $38.95, then include 37 other knives, sharpeners, pens, and guarantees to beat the prospect into submission. They establish the price, then they expand upon it until you feel it’s such a good deal it would be stupid to pass it up.
Risk Blocks Sales
The single greatest objection for any product or service being sold is... drum roll... risk. Risk that it doesn’t do what it’s supposed to do for them. Therefore, reversing risk is an immediate way to make an offer more attractive.
There are four types of guarantees:
1. Unconditional
2. Conditional
3. Anti-Guarantee
4. Implied Guarantees.
Alex Hormozi Knows How to Sell
I’m not “make your first dollar” person. I’m the “make the last dollar you’ll ever need to make” person.
