Watch this to get your first 5 customers

The Game w/ Alex Hormozi

2 Aug 202310:13

Summary

TLDRThe video script outlines a 10-step strategy for acquiring initial customers on YouTube. It emphasizes the importance of leveraging personal contacts, personalizing messages, and offering free services initially to gain experience and testimonials. The approach involves progressively transitioning to paid services as reputation and demand grow, ultimately creating a sustainable business model through strategic pricing and customer engagement.

Takeaways

📋 Start by compiling a comprehensive list of contacts from your email, social media, and phone.
📈 Choose a primary platform where you have the most contacts to begin your outreach.
📝 Personalize your outreach messages by finding common ground with each prospect.
🚀 Reach out to 100 people daily,坚持不懈地克服初开始的困难.
🔍 Use the ACA framework (Acknowledge, Compliment, Ask) to engage with respondents.
🎉 Invite friends to refer others who might be interested in your offering.
🎁 Offer your service for free initially in exchange for feedback and reviews.
🛍️ Gradually introduce discounts and scale up to full pricing as you gain confidence and referrals.
💡 Continuously refine your service based on feedback to increase its value.
🌟 Build scarcity by filling up slots and transitioning free clients to paying ones when capacity is reached.
🔥 Keep in touch with your audience, providing value to maintain goodwill and encourage future engagement.

Q & A

What is the first step in acquiring the first five customers according to the transcript?
-The first step is to compile a list of contacts from your email account, social media profiles, and phone contacts.
How does the speaker suggest personalizing messages to potential leads?
-The speaker suggests personalizing messages by using something you already know about the person or prospect, such as common interests or recent life events, to initiate the conversation.
What is the recommended approach for reaching out to 100 people daily?
-The recommended approach is to start with a personalized message based on common interests or recent activities, and then consistently reach out to 100 people each day to build engagement.
What does the ACA framework stand for, and how is it used in the script?
-ACA stands for Acknowledge, Compliment, and Ask. It is used to engage with potential leads by acknowledging something about them, complimenting them, and then asking a question that leads to the service being offered.
How does the speaker suggest transitioning leads to engaged leads?
-The speaker suggests transitioning leads to engaged leads by asking questions that elicit responses, showing genuine interest, and then naturally segueing into inquiries about whether they know others who might benefit from the service.
What is the strategy for offering services for free initially?
-The strategy is to offer services for free in exchange for the lead using the service, providing feedback, and leaving a review if they find it valuable. This helps to gather testimonials and learn how to improve the service.
How does the speaker plan to use their new book launch to benefit potential customers?
-The speaker plans to use their new book launch to give away a secret thing they've been working on for over four years to everyone present at the launch, aiming to provide value and potentially attract customers.
What is the significance of the Warren Buffett and Ben Graham story in the context of the script?
-The story of Warren Buffett offering to work for Ben Graham for free illustrates the concept of offering one's services for free to gain experience and prove value, which aligns with the script's strategy of offering services for free initially.
How does the speaker suggest identifying and eliminating hidden costs in the service offering?
-The speaker suggests identifying hidden costs by understanding the reasons why people might not want to work with you for free. By addressing these concerns and removing these costs, one can later charge more for the solution.
What is the recommended method for raising prices as the service gains traction?
-The recommended method is to start charging once referrals begin, and then gradually increase the price after acquiring a certain number of paying customers, using a tiered discount system before reaching full price.
How does the speaker advise maintaining relationships with the initial free customers?
-The speaker advises maintaining relationships with the initial free customers by regularly providing value and checking in with them, as they can provide reviews, referrals, and potentially transition into paying customers.

Outlines

00:00

🚀 Launching Your Business with a Strong Start

This paragraph outlines a 10-step strategy for acquiring your first five customers. It emphasizes the importance of not overcomplicating the process and offers a sneak peek into the speaker's upcoming book, '100 Million Dollar Leads.' The first step involves creating a comprehensive list of contacts from various sources like email, social media, and phone. The second step is selecting a platform with the highest number of contacts to start messaging. The third step focuses on personalizing messages to initiate contact. The fourth step is about reaching out to 100 people daily, while the fifth step deals with warming up potential leads through the ACA framework (Acknowledge, Compliment, Ask). The paragraph also mentions the speaker's book launch event, creating anticipation for the surprise reveal.

05:02

💡 Leveraging Relationships for Business Growth

This paragraph delves into the strategy of leveraging existing relationships for business growth. It discusses the concept of offering services for free initially in exchange for feedback and reviews, which can be used to improve the service. The speaker provides a framework for inviting referrals from friends and acquaintances, emphasizing the importance of asking for help rather than direct sales. The paragraph also touches on the idea of gradually transitioning from free to paid services by offering discounts to initial customers and eventually charging full price. The speaker shares a personal anecdote about Warren Buffett and Ben Graham to illustrate the value of learning and gaining experience, even if it means starting with no monetary compensation.

10:02

🌟 Transforming Initial Customers into Long-Term Success

The final paragraph focuses on the importance of maintaining relationships with initial customers and transforming them into long-term assets for the business. It explains that these customers can bring value in three ways: by leaving reviews, referring new business, and potentially becoming paying customers themselves. The speaker advises on the strategy of keeping these customers warm with regular check-ins and providing value, which can lead to organic growth and referrals. The paragraph concludes by highlighting the speaker's success in creating a profitable business model through strategic planning and execution of the outlined steps.

Mindmap

Keywords

💡Leads

In the context of the video, 'leads' refers to potential customers or clients who might be interested in the services or products being offered. The video emphasizes the importance of building a list of leads by leveraging personal contacts from various platforms such as email, social media, and phone contacts. This is the first step in the process of acquiring customers, as it provides a pool of individuals to whom one can market their offerings.

💡Personalization

Personalization is the act of tailoring messages or communications to individuals based on their specific details or preferences. In the video, it is suggested as a strategy for reaching out to leads by using commonalities or known information about them to initiate contact. This approach is intended to make the outreach more engaging and less like a generic, mass-produced message.

💡Platform

A 'platform' in this context refers to the medium or channel through which one communicates with their audience or customers. The video suggests selecting the platform where the most contacts are available as the starting point for outreach efforts. This could be email, a specific social media network, or text messaging, depending on where the individual has the strongest presence.

💡Outreach

Outreach is the process of initiating contact with potential customers or clients with the aim of establishing a relationship and eventually converting them into paying customers. In the video, the speaker outlines a strategy for reaching out to 100 people daily, emphasizing the importance of persistence and consistent effort in the early stages of business development.

💡Engagement

Engagement, in the context of the video, refers to the interaction and communication between the business and potential customers. It is a measure of the interest and involvement of leads in the offerings of the business. The video outlines a framework called ACA (Acknowledge, Compliment, Ask) to engage with leads in a meaningful way, which is intended to transition them from mere contacts to engaged prospects.

💡Referral

A referral is when a satisfied customer or contact recommends a product or service to others. In the video, the speaker talks about inviting engaged leads to bring in their friends or acquaintances who might be interested in the service. This is a strategy to expand the customer base through word-of-mouth marketing, leveraging existing relationships to acquire new leads.

💡Free Offer

A 'free offer' is a strategy where an initial service is provided at no cost to the customer. The video recommends using this tactic to attract the first set of customers, with the expectation that they will provide feedback, use the service, and potentially leave a positive review. This approach is seen as a way to gain experience, testimonials, and build a reputation before starting to charge for the service.

💡Scarcity

Scarcity refers to the state where demand for a resource or product exceeds its supply. In the video, the concept of scarcity is used to explain the strategy of limiting the number of free or discounted services offered. By creating an impression of limited availability, the service becomes more desirable, allowing the provider to start charging premium prices as demand increases.

💡Value

Value, in a business context, refers to the perceived benefit or worth that customers attribute to a product or service. The video emphasizes the importance of delivering high value to customers, suggesting that this can justify higher prices and lead to positive reviews and referrals. The speaker argues that understanding and improving the value offered is crucial for long-term success.

💡Testimonials

Testimonials are positive evaluations or endorsements from customers about a product or service. They serve as social proof and can influence potential customers' decisions. In the video, the speaker highlights the importance of collecting testimonials from satisfied customers, as these can be powerful marketing tools that build trust and credibility for the business.

💡Follow-up

Follow-up refers to the actions taken to maintain contact with leads or customers over time. It involves providing ongoing value and staying connected, which can lead to repeat business or referrals. The video stresses the importance of regular check-ins and providing value to the audience as a way to keep the relationship warm and maintain a positive image.

Highlights

The importance of starting with a list of contacts from various sources such as email, social media, and phone contacts.

Selecting a platform with the highest number of contacts to begin outreach.

Personalizing messages using common interests or recent life events to initiate contact.

The strategy of reaching out to 100 people daily as a way to overcome initial hesitation.

Using the ACA framework (Acknowledge, Compliment, Ask) to engage with potential leads.

Inviting leads to bring in their friends for potential referrals.

Offering a free service initially to gain experience and testimonials.

The concept of gradually increasing the price after gaining confidence and referrals.

Creating artificial scarcity to justify premium pricing and demand.

Maintaining relationships with free clients as they can provide value in multiple ways.

Providing consistent value to the audience to reinforce goodwill and attract clients organically.

The strategy of transitioning leads from free to paying clients as the business grows and service improves.

The significance of feedback from initial clients to improve the service offering.

The concept of charging full retail value as the service gets refined and demand increases.

The importance of long-term thinking in building a sustainable and profitable business.

Utilizing the power of social proof through testimonials and results to attract more clients.