The Game with Alex Hormozi - How to Create the Acquisition Machine | Ep 231

Episode Date: August 25, 2020

What kind of story are people sharing about you? Today, Alex (@AlexHormozi) talks about the systems that drive client acquisition, the biblical secret behind breaking beliefs, and why the stories people say about your company will matter in the long run.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:(1:00) - Beliefs for customer criteria & importance of key stories.(3:14) - Goal: From external to internal motivation through habit.(4:38) - Referrals, testimonials, and stories benefit sales and community.(5:59) - Storytelling in sales deck for impactful pitch.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

80% or more of our clients have come in after consuming multiple pieces of content. Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer, and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe. Hey, what's going everyone? Happy Friday. I'm stuck in traffic and I was super alert, so I figured I would make something what was on my mind, which is putting together the pieces of the acquisition machine.

So the last, I would take my focus for the, the last few months has been on the difference between inputs and assets. And so what that means is like assets being one-time things that once I build them, they can continue to provide value over time. And then inputs are, once I create this machine, what are the inputs that are required to make the machine go, right? So an example would be building a car. The inputs are really a driver and gasoline, right?

That's kind of the example, you know, at a basic level, right? And so when you're thinking about, at least for me, when I'm thinking about, acquisition, I know that there are certain beliefs that I need someone to have in order to become a customer, right? And so what's kind of interesting is we just did a big data review of the people who've been coming on to sign up for gym launch. And interestingly, 80% or more of our clients have come in after consuming multiple pieces of content, which makes sense because people are skeptical and like to consume multiple things to make sure that, you know, whatever they're buying is legit. And only 20% bought directly from an advertisement, which was

really interesting for me because it means my advertising is really only scooping up the after effects of what our content is doing. And I've always, I mean, I've been making videos and podcasts and, you know, head east toward east hot, two, three years without any real tracking for ROI. I just, I kind of did it for me, but the ROI seems to be definitely there. And so when I'm thinking about this, because now I'm thinking about in a really structured format, what are the stories that someone needs to hear to become an ideal prospect right and so in in one of my trainings I talk about having a story bank and this I got this from Dan Kennedy and he talks about having all of the key stories that were the things that broke your beliefs along the path to becoming who you are right

and so when you're selling a prospect who's coming in in a quarter mile use the like kind of techno babbley stuff of like this is what the training is this is the macros this is the workouts right and then you lose them because they don't care. And that's ultimately not how you actually were sold into the change to begin with. Right? Right. And so what's important, or at least what I found as important is when I was selling fitness just as much as when we were selling gym launch versus, you know, now we're talking

two lanes to turn. Is one of the key stories that shifted perspective. And so as an example for fitness, if I'm talking about accountability, I would continue these stories to illustrate the point. I would say, hey, you know, do you remember when you were a kid and you were to go to bed night and your parents said that, hey, you have to brush your teeth. And you were like, no, I don't want to brush my teeth. And they were like, no, you have to brush your teeth. And then finally, you'd go to, you know, go and brush your teeth and you go to bed. Right. And they did that

every single night with you. And now you're an adult and you probably brush your teeth, don't you? Right. Right. And so the goal here is to get you from having somebody externally motivating you to some, to you having that internal motivation because of the habit that has been established. Right. And so that's a simple epiphany bridge story of why accountability would work. Another story for the same concept would be, all right, have you heard of the amazing race? It's a show where they drop people in the middle of an island and then they all have to find some other place, not using conventional, you know, means. And they actually had a couple that won so many times that they had to change the rules of the game because of what they were doing. And do you want to know what they were doing? What they

were doing is every time they'd get dropped off to some whatever place, they would actually find a local, put them in the back seat, and then have them guide them and direct them, be like, oh no, there's a shortcut here. Oh, forgot, you know, don't worry about that pothole. Oh, there's traffic on here always, right? And so they had the inside knowledge that would get them to shortcut their speed to success, right? And so because of that, you can understand why coaching is such an important part because it's going to short track your path to success. And so these things, these key stories are the things that I think you put inside of your arsenal. And when you're selling a prospect, for each of the key points that you have within your program, whatever it is, right? Fitness, nutrition, accountability. Each of those should have

key stories that you can relate to if you see the person is not resonating with it right if they're not understanding the value you have to meet them back to where you were before you had that epiphany and then walk them through the story itself and going through this process i can't tell you how viable it's been because it creates the stories that stick and they become part of the stories of the community your trainers start talking about them your coaches start talking about them because no one remembers the program or the macros but they remember the stories and depending on you know whatever your belief system is, independent of whatever your belief system is, every major religion in the entire world, if you believe that God did this, he put all of them into a book

of stories. Why would the most powerful person in the universe of all time use a book of stories to be the thing to persuade and break beliefs, literally building belief systems? Mosy Nation, real quick, if you are a business owner that has a business owner that has a a big old business and wants to get to a much bigger business going to $50, 100 million plus. We would love to talk to you. And if you like that, we'd like to hear more about it, go to Acquisition.com and you can play anywhere on the page and talk to one of our team and see if we can help you get there. And so if you think about that and how powerful that is, I've, I've inventoried about

two and a half years ago, I inventoried all the stories that I have and I have about 300 stories that I tell to illustrate different points, how we do assume closes, how I discovered how people are willing to pay more for one time than they are for recurring, client finance equity, all these things of how I stumbled upon these. And what I would, I'm telling you, it's one of the best exercises you can ever do for building a sales deck for every aspect of your business is putting the stories together on paper and putting the cues for what it is the story is supposed to break the belief for. And if you do that, you get this huge arsenal that you can always put to work for stories selling. All right. So, um,

Big picture, I'm doing this right now. I'm practicing my ability to tell stories in different formats, both visual, with words and with audio. Ideally not multitasking. But when you do it like that, there's 14 steps to every story. And I've probably read expert secrets eight times now just in the last three or four months. And it's because I really want to practice getting good at telling stories. I want to be able to tell stories like at the back of my hand. I want to be able to say it like I'm breathing it, right? And so it's already paying off in dividends for me in a number of ways, which I'll get into in another podcast. But especially when seeing the amount that somebody has to consume or likely is going to consume before they do business with us, especially in a lower trust environment, having those stories and consistently weaving them into the presentations that you're giving can ultimately create the belief in that customer that's the belief set that's aligned with who you want to work with.

So anyways, I hope that was valid before you. It's just very top of mind right for me right now, which is building the story bank and weaving them together so that you can ultimately break the beliefs of someone so you can actually change their lives. So I hope that was valid before you. Hope that made sense. And we guys have an awesome Friday.

Lots of love as always. And I'll kid you guys soon. Bye.