📚 A&B #164

$100M Offers, Reading tips from Tim Ferriss + Naval Ravikant, and more.

October 22, 2023

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👋 Hey everyone,

Here are a few popular posts you may have missed:

📚 Book Summary:

This week's book is “$100M Offers” by Alex Hormozi.

This is one of the best business books I’ve ever read. It’s super simple to understand yet packed with insights and actionable advice to help you grow your business.

I’m currently using a lot of Alex’s lessons to rewrite the sales page for my upcoming reading course and will write about it in the near future. (PS: enter your email here to be the first to get notified about it).

Here are 3 lessons from the book:

📖

1) Find A Starving Crowd

If you were to open a hotdog stand and could only have one advantage over your competition, which would you want?

Quality? Low prices? Taste?

The answer: A starving crowd.

If you’re the only hotdog stand in town and there’s a local college football game, you’re going to sell out regardless of the quality, price, or taste of your hotdogs.

At the end of the day, if there’s a ton of demand for something, you can have a mediocre solution, a weak offer, and no persuasion skills, and still make a ton of money.

Alex shares a story about his friend Lloyd who was struggling with his business as an example.

Alex knew Lloyd was a bright entrepreneur, had a great software product, a zero-risk offer, and was a natural salesman.

So what was the problem?

Lloyd was selling to newspapers–an industry that was shrinking 25% every year.

However, when COVID hit, Lloyd pivoted and started a mask manufacturing company. Within 5 months, Lloyd’s new business was making millions of dollars every month.

Same entrepreneur, different market.

📖

2) Four Tips For Finding A Starving Market

When picking markets, here are four indicators to look for:

Massive pain:

The bigger the pinpoint people have, the more you can charge for a solution. Look for people who desperately need what you’re offering. As the saying goes, “Sell painkillers, not vitamins.”

Purchasing power:

Find an audience that has money to spend. Alex gives an example of a friend who had a resume improvement business but was reaching out to college students who were broke. The friend then switched to helping managers and executives improve their resumes and the business took off.

Easy to target:

If you pick a market where it’s hard to find potential customers your business isn’t going to do well. You want to find avatars that you can easily advertise to on mailing lists, social media groups, television, etc.

Growing:

Being in a shrinking market is like swimming against the current, you’ll have to work much harder and even then you might end up going backward. Being in a starving market is like swimming with the current, it makes everything easier.

Here’s Alex’s order of importance for success:

Starving crowd (market) > Offer strength > Persuasion skills

You can still make a fortune in a normal market but aim to avoid going into a bad market. You don’t want to be selling ice to Eskimos.

📖

3) Find Time To Make It Rhyme

Alex’s book dives deep into how to structure an amazing offer, but here’s one of my favorite tips from him:

Make your program name rhyme to stick in people’s minds.

Don’t try to force it, but it’s nice to have.

A few examples: Six-Pack Fast Track, 5-Day Book Print Sprint, Celebrity Butt Shortcut, Get Some Ass Masterclass.

And if you can’t make it rhyme, add alliteration to it.

Alliteration is when you make all (or most) of the words start with the same letter or sound.

A few examples: Life Coach Liftoff, Make Money Masterclass, Big Booty Bootcamp.

✅ Actionable Advice:

1) Look for a starving crowd:

  • When picking markets, find one that has massive pain, purchasing power, is easy to find, and has a growing market.

2) Rename your program so it rhymes or has alliteration.

3) A few of my favorite quotes from “$100M Offers”:

  • “Make people an offer so good they would feel stupid saying no.”

  • “ If you can articulate the pain a prospect is feeling accurately, they will almost always buy what you are offering.”

  • “You only suck if you stop trying. So, try again. You’ll never become world-class if you stop after a failed attempt.”

  • “We are not trying to create demand. We are trying to channel it.”

  • “People who help others (with zero expectation) experience higher levels of fulfillment, live longer, and make more money.”

  • “The degree of the pain will be proportional to the price you will be able to charge.”

  • “The only thing that beats “free” is “fast.” People will pay for speed.”

  • “The point of good writing is for the reader to understand. The point of good persuasion is for the prospect to feel understood.”

  • “There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive.”

📖 Reading Lesson:

I curated a list of 25+ videos with reading tips from:

  • Tim Ferriss

  • Jocko Willink

  • Ryan Holiday

  • Alex Hormozi

  • Naval Ravikant

And lots of other hardcore readers.

💎 Weekly Gem:

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This small but handy cleaner makes it easy to clean your laptop, tablet, and phone screen. You just spray it and use the sides to wipe your screen. As someone who hates seeing fingerprints or smudges on a screen, this little tool has been great.

This adjustable stand will help you improve your posture and make working at a desk more comfortable. It also makes it easier to work while sitting in a chair or on the couch. Highly recommend it.

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Read on,

Alex W.

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