Want to scale your business? Click here.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 and will learn on his path from $100M to $1B in net worth.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition Mentioned in this episode:Get access to the free $100M Scaling Roadmap at www.acquisition.com/roadmap
Chapter 1: What are high leverage opportunities in business?
Infinite banking, insurance, you have 29 agents, and you're needing to decide whether you need to be the face and get customers to feed your agents, or you should go all in on getting more agents and teaching them how to do lead gen. Yes. Cool. Yeah, so do the second one.
Do the second one.
Yeah, it's significantly higher leverage. So think about this as, what problem do you want to solve? So either you say, I want to become a,
Like, you want to keep growing your brand top of funnel so that you just have more and more people who are interested in infant banking, and then you have all these agents that you pass it off to so that they can, you know, basically transact and own the relationship. So that's like option one. That is, I would say, the lower risk path because you're already doing that today.
And so how many, is it on Instagram that you do your stuff?
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Chapter 2: How to effectively recruit and train agents?
Yeah, all on Meta and YouTube. Okay. What's your followership? from that? 15,000 subscribers on YouTube and 12,000 followers on Instagram and 6,000 on Facebook.
Yeah, and what percentage of the leads come from that stuff versus whatever you do in person?
15% come from online and... Okay, where's the rest come from? The rest of it comes from referrals and networking and... Dude, get agents. I don't even know what we're talking about. For sure get agents. Go get agents.
Yeah, I thought it was like 60, 70% of the business was coming from...
from your organic no most of it's coming from for sure that and then the challenge with the agents that we originally it was all me teaching people how to do that how to go go out there and get business go network go join bni chamber of commerce whatever that's what worked for me and then we would get good people that were like hey i don't have any network So I said, all right.
And they asked where leads were. And I said, all right, so let me go create leads. And we started calling business owners because that's who I was selling to. But they were not showing up and they weren't really busy. Whatever we were offering wasn't whatever. Then I reread $100 million offers and $100 million leads. And I looked at the value equation.
I said, the best value I can give is to real estate investors. So let me go get real estate investor leads. And then we're calling them all day long. And the people that I'm hiring don't know how to communicate with them properly. So they end up just setting up appointments and then they hand them back off to me. And they're good, but I think it comes down to recruiting. People want leads.
The first question, where do we get our leads? if you say you have to go generate your leads, they might go look at somewhere where they give them leads. So we started giving people leads. So we make an offer to recruits.
That's good. Well, I think that one is you could probably just take the existing brand that you have and just be more deliberate about the call to actions that you make. And basically, cause like if you talk about high level insurance stuff, that's going to attract both people who want to learn more about insurance, but many of those people will be agents. Yes.
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Chapter 3: What strategies can increase event attendance?
So more or better, do I just do more of these events and like never ending looking for new customers for the rest of my life or should I focus?
No, you're good. You're in education. And education graduates people. That's how education works. So if you look at the education system overall, the way to create continuity in education is just always have something else to learn or to teach. Like first year, now you're an undergrad. Now you're a graduate student. Now you have a master's. Then there's a PhD and you get a second PhD.
You just keep, people just become endless students. And so do you want to sell the business eventually or do you just want to make money?
Make money. I mean, we're not.
No, it's fine. No, I prefer the truth. Yeah, I mean, the easiest thing to do is just double the amount of events you're doing. You can either go one a quarter or you can do two at 1200.
And would you travel or just stay in where I'm at in Miami?
Is that where you run them now?
In Miami? Yeah, I do East Coast, West Coast. Yeah, maybe Texas or something. Yeah. Okay.
I mean, you have a really simple solution. Like just run the same playbook more times. If you were like, I want to build a more valuable business, then I would say take the year to figure out revenue retention, which is how do I get these people who paid me $12,000 to pay me another $12,000 or pay me $30,000 next year? Or even downsell them to something that's $5,000 a year but they stay.
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Chapter 4: How to shift focus from small to large clients?
So where did you source the single whale this year?
He found me. It's all inbound. It's all through search.
Okay, so SEO or PPC?
SEO.
Okay.
I just started Facebook ads about three or four weeks ago. They're going pretty good, qualified about half of the leads so far.
So if you want to go whale hunting, then I think your initial thought strategy of finding the architectural firms and engineering firms and whatnot is a good one. I would probably try the outreach method as my primary way, because you can be hyper-targeted in terms of who you're reaching out to. And the key to making it work, though, is what's in it for them to refer you business?
you asking me that that's an excellent question okay so architects will typically in a plans like if they make a set of plans they'll specify what kind of tiles to use and what kind of windows to use etc so i've we've gotten plans in the past where it's like it's got the pictures from the website with the cat drawings and everything on the plans and so it's like how to persuade them to do that kind of in absentia and i should also note that we ship nationwide so this is not like
you know, a hyper-local market.
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Chapter 5: What are the benefits of a SaaS model for creators?
Chapter 6: How to create irresistible offers for affiliates?
Hello. Thank you for the content you create. My name is Mohamed Fatah. I'm the founder of Elfan.
Of what?
I'm the founder of Elfan. Elfan? Yeah. Okay. So basically we sell tools to creators to help them make more money. And we also simplify how brands collaborate with creators.
Okay. And you say tools like software?
So software and agency tools. So we have a music label, a creator agency for big creators, and then a platform as well. So I'm coming to that just in a bit. I know the focus topic. We made around 4.3 million last year. And basically my goal is to try to get to 100 million.
Now the issue here is... What's the split between the three in terms of revenue?
One million for the creator agency. 1.3 million for the music label. And then the rest is on the brand side.
And the brand side is you basically being an agent to do partner deals.
Exactly, connecting it both. But basically what I've been doing is that I realized the disruption of AI that's kind of coming in. I also saw the scalability of what we were doing because I've been in the YouTube space for a while. So a lot of these services aren't going to be scaling as much. So in the past two years, I've been taking that profit and putting it into a tech platform.
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Chapter 7: What should be the focus for scaling a creator-based business?
And so the alternative to that would be instead of letting creators come on for free, you would charge them to come on, which you could do. It has like a one-time setup fee and then maybe increase the likelihood that they win. Either path would work, but if the ultimate goal is that you want to build a network of creators, then you want to have the lowest barrier possible on the creator side.
So I'm still thinking of a free tier and a paid tier with some minor benefits, but then if you really want to make money, you got to end up paying a subscription.
Yeah, you'll have to play with the feature set because that's always a... a bitch.
Just the path of least resistance to getting to 100 mil.
Yeah, so I think adding the subscription for the base and then still maintaining the revenue that you get from the sponsors makes sense. I would maybe push back slightly on the hypothesis that they can't convert anything because it dramatically decreases the value of the network from the sponsor side.
What do you mean by that?
Because some people will pay for impressions.
Yeah.
And so... Those guys can for sure deliver those. And so maybe there's like two tiers that you can sell. You have another product on the ad side or the media side. It's just something to consider.
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