High-Ticket Selling w/ Alex Hormozi | #070

Ever punched in "1…6…0…0…0…0…0" on a keypad when charging a customer's credit card or preparing a client's invoice — and NOT have to press the backspace? Maybe. How about for one item? You hear about these 4 and 5-figure courses, programs, and products and think, 'good for them but there's no way that could ever be me.' Really though, it's more attainable than you think.   Alex Hormozi is a high-ticket sales master. As CEO of Gym Launch, he helps gym owners market and exponentially grow their business with his $16K-$93K programs. Full disclosure: this episode is .01% gym talk — the rest focuses on making big money with big value; suitable for the entrepreneur or small business owner with high-dollar aspirations. Or if you really like marketing quotes.   Episode Discussions: How Alex is able to sell a $90K+ item Mitigating sticker shock/price objections using communities Why you should invest in a $1K lead magnet Succeeding with the done-with-you model (coaching + mentoring) Mastermind fee models Exceptional customer service: the ultimate win-win Transitioning to a high-ticket item Growing a business with referrals How to botch your done-for-you ventures 5 core functions of a business Work for free? Absolutely! How much value should you provide with your free content? Value discrepancy and "risk discounts" How niching down benefits service providers How to turn your digital course into a high-ticket item "Selling a high-ticket program" in 60 seconds   2:46 Alex's Story Owned 6 brick-and-mortar gyms by age 26 Got into marketing after searching for ways to generate leads Sold all 6 gyms a year ago Transitioned into serving gym owners   4:01 Alex's Price stats Lowest ticket item: $16k (about to bump to $30K) Highest ticket item: $93K   5:12 Went from 10% referrals to 70%. "This has grown both from us having superior sales and marketing strategies but also from exceptional customer service and fulfillment." 6:31 How Alex is able to sell a $90K+ item The $16K program averages an additional $200K in revenue for the client. 50% close rate on $16K to $90K program upsell   7:54 "If you're standing on a bed of broken promises then it's really hard to sell people." 9:23 Transitioning to a high-ticket item Work for free. Do what it takes to get amazing results for your customers so you can believe in what you're selling. Have overwhelming social proof. Offer outstanding customer service. Go above and beyond.   15:56 5 core functions of a business: Lead generation Lead nurture Sales Fulfillment Retention/Ascension   16:35 High-ticket funnels, Communities, Sticker shock Alex gets prospects involved in a community where they connect with other gym owners who've successfully used his program   23:12 "Specializing is important because if you're a generalist, it's really hard to be great." 24:25 Investing in a '$1K 'lead magnet People judge you by the quality of your lead magnet. Spend time and money, get it formatted, make sure it looks good and showcases the best aspects of your brand.   25:20 "Selling a high-ticket program" in 60 seconds Create more value for a customer by looking at the 5 core functions through their lens. How can you support them through each phase? Train your team to execute based on a troubleshooting process   26:08 Turn your digital course into a high-ticket item.   27:15 From 'done-for-you' to 'done-with-you' services Start with undercharging "Continue to increase your prices as you feel the conviction that you're able to do so." Pride yourself on having exceptional customer service. Tell people and you'll force yourself to live up to it.   29:20 Most people mess up the done for you model by being overly concerned with their positioning.   31:19 Succeeding with the done-with-you model (coaching + mentoring) Sell continuity by selling an associated identity Prioritize spending and budgeting according to the new identity you want to fulfill "During an intensive, your goal should be to have success as soon as possible — have a win as fast as possible so your clients can get momentum." Overdeliver on communication Ask for testimonials and referrals because that's what grows the business. Ask for feedback and use it to improve.   38:46 "Sell to people who already have businesses because it's a lot easier to make that person successful." 39:29 Mastermind Fee models Charge for mastermind halfway through program, paid in full and up front Presell and deposit Monthly fee with upgrades/premium services IOU   42:46 How much value should you provide with your free content? "A voracious appetite for improvement, overdelivering, and amazing execution differentiates the winners from those scraping by." 45:12 Value discrepancy "If you're not making the money you wanna make it's because you're not that good...If you're amazing then that first customer will send you a second customer."   47:36 Encouragement for the newbies: "You suck when you start, you'll suck a little less, and one day you suck so little you'll be good."   Connect with Alex:   Idonthatemoney.com  (must-read CTA buttons)   FunnelHackingLive   Click here to subscribe via iTunes Modern Marketing on Stitcher Modern Marketing on Pocket Casts