📚 A&B #168

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👋 Hey everyone,

Here are a few posts you may have missed:

• 10 Free newsletters I open every time.

• 10 Visuals that will make you a better reader.

• A reading tip from investor Balaji Srinivasan.

PS: We’re up to 600+ people on the waiting list for my upcoming reading course. If you want to be the first to get notified about the course (and get the presale discount), make sure to enter your email here. 👈

📚 Book Summary:

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

If you own a business but haven’t read this book, stop what you’re doing and read it asap. In one book, Alex covers how to: use warm and cold outreach to get customers, create content that attracts customers, run paid ads, get referrals, set up an affiliate program, and so much more.

(If you don’t own a business but want to start one read Hormozi’s first book “$100M Offers”).

Here are 3 lessons from the book:

📖

1) Create An Awesome Lead Magnet

If you want to get more customers, you need to create a lead magnet.

A lead magnet is a free solution to a narrow problem that helps build trust and goodwill with potential customers.

And once that first problem is solved, it reveals another problem, that is usually solved by paying for a product.

Once you understand the concept of lead magnets, you’ll see them everywhere:

• A social media growth guru will send you a free webinar in exchange for your email and then email you about their course.

• A speed test website will measure your internet speed for free then offer a deal to switch internet providers.

• Costco offers free samples to get you to try new products in the hope of you buying the whole product.

• Bars give people peanuts for free so that they get thirsty and order more drinks.

• Alex Horomzi gives away his courses on how to make more money for free so that if you’re making $1M+ a year in the future, you’ll sell him a piece of your business.

Other common lead magnets include: cheatsheets, templates, scripts, worksheets, spreadsheets, guides, mini-courses, whitepapers, ebooks, etc.

But you don’t want to give just anything away–your lead magnet should be valuable enough on its own that you could charge for it, but don’t.

“A person who pays with their time now is more likely to pay with their money later,” writes Hormozi.

Bonus Tip: Don’t be afraid of giving away a ton of value. Make your lead magnet so good that people feel obligated to pay you.

Even if they don’t buy from you, you’ll have built up a lot of goodwill and a great reputation. which is much better than the alternative: You give away sucky fluffy stuff and potential customers run away and then everyone to avoid you.

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2) Test EVERYTHING

One of my biggest takeaways from Hormozi’s book is to test everything, especially the headline.

People are 5x more likely to read the headline than any other part of your promotion. That means if you don’t grab people’s attention right away, they’re likely gone forever.

This applies to book titles, ad headlines, titles of videos, etc.

For instance, when creating “$100M Leads”, Alex tested the book’s title, cover, and subtitle by running polls on Instagram.

He noticed that changing just one word on the cover could have up to a 40% difference in which book they preferred. These tiny tests can make a big difference in the long run, it can be the difference between selling 300,000 copies of his new book or 120,000 copies.

This principle of testing can be applied to almost anything.

When Facebook reviewed the accounts of all advertisers on their platform, they found that the top 0.1% of advertisers tested 11x more creative than everyone else.

So do what the 0.1% do to get the results the 0.1% get.

📖

3) An Easy Hack To Get 50% More Customers

Here’s a surprising fact: Half of the people in the United States read below a 5th-grade level.

So to easily double your response rate to ads, cold emails, or any other written content, take your scripts or messages and run them through a reading-level app (like Hemingway).

Then continue editing it until you get to about a 3rd-grade reading level.

Why?

If you make your messages easier for people to understand, more people will respond.

You’re not dumbing things down for smart people, all you did was make it easier for smart people to consume and available for less literate people.

Either way, you get twice the amount of customers for the same amount of work.

✅ Actionable Advice:

1) Create a lead magnet for your business:

• Create a webinar, worksheet, mini-ebook, or another product that you can give away for free to potential customers.

2) Test your lead magnets, ads, book titles, or thumbnails:

• If you want to get fancy you can use A/B software or keep it simple and run a poll on social media.

3) Take your ad, email, sales page, or other message, and run it through Hemingway:

• Continue editing it until it’s at a 3rd grade level so it’s easier for people to understand.

📖 Reading Lesson:

10 Ways to use AI to become a 10x better reader.

💎 Weekly Gem:

Product: My Favorite Daily Analog Tools

I get a lot of messages from people asking what pen, highlighter, notebook, etc., I use, so here are links to all of them:

• Pen I use for writing in my books.

• Highlighter I use to highlight my books.

• Notebook I use for writing ideas/tasks when on walks.

• Post-it note I use to write my daily To-Do list every day.

Thank you for your support, I'll see you next Sunday!

Read on,

Alex W.7