📚 A&B #167

$100M Offers Pt.2, 10 Awesome free websites for readers, and more.

November 12, 2023

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📚 Book Summary:

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

You guys enjoyed the first post about “$100M Offers” so much that I figured I should do a part 2 (especially since this is a book worth reading multiple times).

Here are 3 more lessons from the book:

📖

1) Hormozi’s Reading Hack

Here’s Alex Hormozi’s reading hack for reading books faster and remembering more of what he’s read:

  • Read the book and listen to the audiobook at the same time.

Doing this will help you:

  • Increase your reading speed since you can adjust the narration speed to 1.5x or more.

  • Retain more information since the content will be stored in more places in your brain.

  • Help you maintain focus since you’ll have headphones on so you’re less likely to be distracted by outside noise.

Bonus tip: You can use Immersion reading from Audible to read a Kindle ebook and listen to the audiobook at the same time.

The one con is that you’ll have to buy both the audiobook and the print or ebook which can be a bit expensive so perhaps save this hack for books you really want to download into your brain.

📖

2) Don’t Compete On Price, Do This Instead

The reason people buy anything is to get a deal.

They believe they are getting more value than the price they’re paying for it.

When they think the value dips below the price, they ask for a discount or stop buying from you.

The most common way people attract more customers is by decreasing prices, but most of the time, this is the wrong decision for businesses.

You don’t want to compete on price because every time you decrease the price, your margins get worse and you get one step closer to going out of business.

So what’s the better option?

Increase value instead. And one of the best ways to do that is to add bonuses.

This is why every infomercial continues on by saying, “But wait, there’s more” and then adds several more ‘free’ products.

Each bonus item increases the value of the product until the value discrepancy is so big that you view the purchase as a steal.

Ideally, you want the bonus products to be zero-marginal cost items (meaning it costs you $0 to deliver it to an additional customer).

This is why a lot of online gurus have bonuses that include extra courses, ebooks, worksheets, or templates. All of these bonuses have already been created and it costs them nothing to give it to the next customer.

So the next time a potential customer asks you for a discount, think of bonuses you can give them instead, and your business will be much healthier.

📖

3) Fast Beats Free

The only thing that beats free is fast–people will pay for speed.

Many companies have entered “free” industries and done extremely well.

For example, people are willing to pay a premium to get overnight shipping instead of free shipping that takes 7-10 business days. Or pay for a $50 Uber instead of walking for free.

Another great example is graffiti removal businesses.

A lot of cities offer free graffiti removal, but you have to file a report and then wait up to 30-50 days for city workers to come remove it. Or, you can call up a local graffiti removal business and they’ll have it cleaned within 24 hours.

So if you find yourself competing against a business (especially if it’s a free one), double down on speed.

✅ Actionable Advice:

1) Try the Hormozi reading hack by reading and listening to a book at the same time:

2) Think of a few bonuses you could create for your business such as:

  • Checklists, swipe files, templates, scripts, ebooks, worksheets, etc.

3) Think of ways you can make your service or product faster:

  • Offer overnight shipping for products or same-day service for a premium.

📖 Reading Lesson:

💎 Weekly Gem:

Podcast: How I Write

This is an amazing podcast for anyone who’s interested in writing.

David interviews successful writers & authors and covers a wide range of topics including advice for new writers, writing routines, how to write a bestselling book, writing myths, and so much more.

Every episode I’ve listened to so far has been amazing, here are a few of my favorite ones:

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Read on,

Alex W.7

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