The Game with Alex Hormozi - The 6 Ways to Get More Clients | Ep 243

Episode Date: October 13, 2020

Which way will you go for? Today, Alex (@AlexHormozi) talks about more ways you can start gaining more clients in your business, some pros and cons, and the importance of having more than one way. If something doesn't work on the first try or right away, is it the fault of the platform, or are we actually to blame?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:(1:07) - 1st-3rd ways: paid advertising, outbound, referrals(4:32) - 4th-6th ways: affiliates, earned media, owned media(5:52) - High-volume consistent action is crucial but not easy(8:15) - Alex discusses pros and cons, focuses on paid vs. outbound(11:56) - Keep current method, systemize it, add more ways to get clientsFollow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition

Any of those six channels will get you more clients than you have, but the key is to not stop the one you're doing. You just add this on top. 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. Good morning, everyone. Happy Sunday. Hope you guys are having a restful end of your weekend. I am still continuing to edit the book on offers.

Very excited about it. And recently I tweaked my back and so I was going to the chiropractor and I was asking, you know, it's just normal business talk. I was like, hey, how is, you know, how's business going? How are you getting clients? I was like, have you tried, you know, advertising on Facebook? And he said, I tried Facebook. Didn't work for me.

And I just kind of laughed because like to myself, I wasn't going to try and sit there and, you know, lecture the guy or anything. But it just, it just became really apparent to me that we, we, we, we don't give things a chance so quickly right and so what i wanted to do today was talk about six different sources for getting customers because a lot of us are like man there's just only paid advertising and as somebody who's grown you know a ton of businesses using paid advertising obviously when you get good at a certain type of acquisition you do a lot of it right but um i think that there are other opportunities that we are you know getting into with jim launch

and they're bearing fruit actually pretty quickly. But I think where the biggest misconception is is kind of like the chiropractor, we don't give things enough volume. We don't give things enough time. And so what I want to do is walk through each of the six ways that I know of. I wish there were seven. Seven would sound cooler, but I could literally only think of these six ways. And I think they may be these six ways.

You can leave me a comment if you think otherwise. But first off, you've got paid, right? Paid advertising. So that's all platforms, all paid advertising platforms, all placements, you know, billboards, mail drops, like all of that stuff is paid ads, right? It's buying access to eyeballs to get clicks, actions towards you, right? It's number one. Number two, and hopefully by walking through this, if you're looking for different ways to acquire customers,

or you feel constrained with your paid advertising because let's say you're in a local market where there might not be as many people, then having alternative ways or additional ways, you generate inflow might be valuable for you. So that is number one. Number two is outbound. All right. So outbound. That's cold calling, cold emailing, cold messenger,

paying people to reach out at scale one-on-one. This is again one of those ones where I feel like people really underestimate the volume, right? You need to be counting in thousands, not in, not in tens and hundreds, right, when we're talking about outbound volume. So like a sales rep should be doing, you know, 3,000 plus outreach per month, 100 plus per day on any of the media channels in order to get an inflow that would be acceptable. Whenever I see people who teach outbound and whatnot, the number one issue that they deal with is that people just don't try hard enough. They don't do enough of it. They do not do it long enough. And Outbound is one of those ones that also like pay traffic scales and snowballs with time, right?

The longer you do paid, the more kind of brand awareness in general you have, and the more when you run more ads, people already know who you are. So there's just an inherent trust of being exposed to you multiple times. To the same degree with outbound, if you have people from two months ago, four months ago, who all of a sudden come back into the fold, and that's really just building a pipeline, right? So first is paid, second is outbound and all of the channels that are associated with it, all right? the third is referrals so internal referrals so your clients referring clients to you depending on how you structure this this can be a massive inflow for you gym launched to date I think at our last event I so in two different instances so what we what my finance team tells me is that we're like one-third referrals but when I

went to our event and I asked everybody to raise their hand if another gym owner had referred them like 80% of the room and raised their hand so we might not be be able to track it well, but basically having having a lot of emphasis on creating referral processes, teaching people how to refer, incentivizing referrals can be a huge inflow. The next one is affiliates. So that would be like strategic partners. So people who have your clients that you could send over, that you'd want them to send over. And you can either, you can incentivize them directly or indirectly. In multitude of ways, there's tons of companies that are built 100% on affiliates and partners, like namely every MLM that exists.

You know what I mean? Like, there's strong affiliate bases that if you structure it properly, people can get very incentivized by doing it. The fifth is earned media. All right. So this is, you know, if I make a post on Instagram or you make a post on your Facebook, anything that you, that platforms have given you a certain amount of eyeballs for free because you've earned it from the value of the content that you provide.

Like literally what I'm doing right now is earned media, right? So using that type of media to generate inflow for the business and doing it on a regular basis, right? And then I'm going to wrap up the last one and then I'll talk kind of bigger picture about how to weave these together. And the final one is owned media, right? All the lists that you have access to you. So earn media like, I don't have access to you directly, but I can make a post and hope that the platform pushes this out there. Whereas, you know, if I email or text our list, then that's direct access. That's owned media.

And so those are the six ways that I see about getting new clients, getting new inflows into your business. But what I think is What's interesting is that you have to have one More than enough volume Done consistently right and these all the things that I'm saying right now are all the things that everyone is all the simple not easy Right all these things are simple to do but not easy to do It's like you know the podcast for being a niche podcast it is no longer. I just rebranded it as the game But for the first you know two and a half years it was just gym content right and so being in just gym content

really severely limits the podcast, but I just pulled it up and we get half a million downloads a year, which I was like, oh, how about that? Right. And so, which is pretty cool. I honestly didn't know. I did this just for anybody who's new to this. I do these for me. I do these because I want to document the journey and kind of think about, I want to be able to go back in time, be like, that's what I was thinking about at that time in my career. And so, anyhow, you know, we just started doing outbound sales literally in the last 14 days and we just turned it at our first outbound sale this week we also for the first time started doing uh believe it or not messaging our owned media like i've literally never emailed my list um which if you are on my

list hopefully you saw it um it's just like i'm just going to give really good stuff for a long time and every once in a while be like hey if you want to buy something you know you're welcome to um but uh but yeah but anyways the point is is that uh we're just starting to do these things. And a lot of this came from seeing how all the guys who were doing nine figures plus were doing it is that they didn't just have one acquisition channel. Now, mind you, they built a lot of their business off one, but then once they kind of, I don't want to say tapped it out, they started to roll into other channels. Real quick, guys, you guys already know that I don't run any ads on this and I don't sell anything. And so the only ask that I can ever

have of you guys that you help me spread the words, so we can out more entrepreneurs, make more money, feed their families, make better products, and have better experiences for their employees and customers. And the only way we do that is if you can rate and review and share this podcast. So the single thing that I asked you do is you can just leave a review. If it's taking 10 seconds or one type of the thumb, it would mean the absolute world to me. And more importantly, it may change the world with someone else. And so the big thing with like paid, for example, is that people don't spend enough and they don't have the skill. I think paid is one of the hardest ones because each platform is so

specific and so nuanced and you have to spend a lot of money to learn the lessons unfortunately right outbound again it is is way more work it's way more effort right you're paying in time not in money but a lot of times you're going to pay someone else's time to do it um what i have noticed is that it's cheaper uh than paid um unless a new a new platform opens up you know maybe tictock is going to be super cheap uh for paid ads or whatever who knows um but the point is is that typically i think if you look at business and cycles and you'll watch kind of the what people are teaching and what's what's making money right now I feel like if you look at it on like a 10 year long window it cycles back and forth between inbound and outbound because people will just always use the thing that has the cheapest

cost of acquisition where they can have the most arbitrage where they can buy eyeballs and sell them at the greatest discrepancy and so you know when facebook came out gosh you know 2010 it was just so ridiculously cheap that like it was cheap it was cheaper and so much more scalable than any kind of outbound could be right now 10 years later outbound i would say probably i mean most of the gyms right now that we have that are doing very well have a have a medium to strong outbound component to their inflow and maybe when another platform opens up they're going to be like screw this we're just going to go on the platform or the wise ones will just keep the flow and stack the next flow on top which is what we're trying to do is just keep keep the flows like never turn a flow off

get the process dialed and then just add flows and add flows and add flows and so with each of these they take a lot of work and so I wouldn't say do like in each of them have subcategories like paid is like you've got Facebook and Instagram you've got you've got you've got you've got YouTube you've got Google Display Network you've got AdWords like all of these things are different places and placements for your paid ads and each of them is nuances so like If you, my recommendation would be, if you have one that is consistent, add another of that type in there because the systems and processes don't need to be overwhelmingly changed, right? Like if you have outbound, if you have an outbound team, for example, then you might have, you know, people who do sets, which is by SDRs or BDRs, depending on where you look at it. And so then it's really just like, okay, we're going to just also add people who are doing message requests in amount, but all of them are feeding to this team to then set close calls, right?

And so, you know, with a referral strategy, like you need to constantly be pouring into that with affiliates, right? Because our whole supplement company and our software company are both based off affiliates. Having a structure in place that you continue to pour value until you continue to hone and refine, continue to stick with them is the hard part. That's the volume that no one does. Everyone thinks that they did 100 cold calls and they're like, why didn't I make money? It's like, well, you need to do 200 every day, right? And it's like, oh, like, yeah, that's how that works. Well, I emailed 100 people.

It's like, well, you need to send out like 500 a day. Oh, I didn't understand that. Well, I tried paid ads. It's like, well, you spend $500, you need to spend $500 a day. Like, oh, right? Like, I made five posts and I didn't get any clients. It's like, well, you need to make, you know, five pieces of content a week for two years. And then you will have your earned media.

Like, oh, right? I sent out my first email and I didn't make money. Well, you know, maybe you have no goodwill yet and you need to do it more frequently. And so I say all that to say, hopefully for some of you who want more flows of clients, just thinking about one of those six, whether it's paid, whether it's outbound, whether it's referrals, whether it's affiliates or strategic partners, earned media or owned media, any of those six channels will get you more clients than you have. But the key is to not stop the one you're doing.

You just add this on top, right? And so if you're like, well, I don't know if I could add this on top because the other one's not systematized yes then cool get the other one systematized and then add this on top and that's part of the game you know what I mean that's part of the business game that's why people don't go from zero to 10 acquisition channels in their first month like it takes time and it takes skills to find the people and all of those many lovely things about business and so anyways I hope you're having an amazing Sunday I hope this gave you at least a light bulb of one of those six ways that you might be able to potentially add in or experiment with if you have someone else who's

some of those other pieces for you and you're like, man, I'd like to directly contribute to the bottom line. I'd like to drum up more business or you might just be freaked out by the fact that you only have one acquisition channel. I mean, I certainly have been for many, you know, for plenty of times with Jim Launch that our biggest acquisition channel still paid on Facebook and Instagram. And so, and just so you guys are updated on my journey with this, the reason that we now have email outbound that's working. And, And outbound with cold calling because we're doing both of those, that the reason that those are actually working is that I let go and stop trying to do everything. And so I brought in one of the best email marketers out there to help us get our SMTP whatever set up so that we had better deliverability.

Because a lot of the email providers, they spam block anything that's marketing related. And so we got somebody to some specialists to do that so we can make sure our emails actually got delivered to people, which we had like no deliverability apparently. which is why I didn't email because I never seemed to do anything. And so, you know, I was able to let go and let this guy do something he's way better at than me. And then we brought in a guy who's really good at outbound and he built an outbound team and just letting, just getting out of his way and letting him do that. And so it's just this constant, at least for me right now, it's this constant journey of letting go and finding people who can do the things better than I am. Hiring solutions, not people, which is a very different way. I mean, many of us probably have done the thing, and that's how you have to start.

You do the thing, you learn the thing, and then you teach someone else the thing to do the thing for you, right? But at a certain point, and this is, you know, this is why there's always levels to the game. At a certain point, you don't, you don't think how, but you think who. You don't think what, you think who can I find who already has this problem, their solution preloaded into them. They already've solved this problem. They've already done this before, and I don't need to learn it. I need to find that person and incentivize them in a way. that would get them excited so anyways hope that was that was that before you I hope they

give you one light bulb of one of the six ways paid outbound referrals affiliates earned media and owned media one of those six ways to hopefully help you generate another inflow and my recommendation is systematize around it right create a consistent system not a one-time one-off thing because if it is not consistent for any of those six things it will not work in the long run so if and if you're not not sure to do it, go read blogs about it. Go read, you know, go go on YouTube and look at what people are saying. And you'll probably get a lot from that. So anyways, lots of love. Have an amazing Sunday and I'll catch you guys on the flip side. Bye.