Added: Oct 10, 2023
In this podcast episode, Ed Mylett interviews Alex Hormozi, a successful entrepreneur and author of the book "100 Million Leads: How to Get Strangers to Want to Buy Your Stuff." They discuss various aspects of business and marketing, providing valuable insights and strategies for entrepreneurs.Hormozi begins by emphasizing the importance of taking responsibility for one's own success. He asserts that no one else will save you or make you better at your business or persuasion skills. It is up to individuals to solve their own problems and take action.
He explains that the key to generating leads is to understand the different methods of advertising and communication. He breaks it down into four core methods: warm outreach, cold outreach, posting content, and running paid ads. These methods can be used to reach out to friends, strangers, one's own audience, or through paid advertising.
Hormozi then introduces the concept of lead getters, which are individuals or entities that can help spread the word about your product or service. These include customers, affiliates, agencies, and employees. By leveraging these lead getters, entrepreneurs can reach a wider audience and generate more leads.
The conversation then shifts to the launch of Hormozi's book, "100 Million Leads," and how he used the strategies outlined in the book to promote it. He shares that he purposefully used the methods described in the book to advertise the book itself, resulting in a successful launch with over 500,000 people signing up for the event.
Mylett and Hormozi discuss the common misconception that business success is a linear transaction. Hormozi emphasizes the importance of understanding that business is more like playing chess, with multiple moves and strategies working together to achieve success. He encourages entrepreneurs to think beyond just getting one client and instead focus on building progressive marketing strategies that stack on top of one another.
They also discuss the sales cycle in different industries, such as real estate. Hormozi explains that the core four methods of advertising can be applied to any business, regardless of the sales cycle or type of product or service being offered. He provides examples of how each method can be used in the real estate industry, including warm outreach, cold outreach, posting content, and running paid ads.
Mylett asks Hormozi for advice on what entrepreneurs can do to generate more leads if they are not getting enough. Hormozi recommends starting with warm outreach, reaching out to friends, family, and contacts through email, social media, and other channels. He suggests personalizing the message and focusing on the individual's life before transitioning into a conversation about their business.
Hormozi also shares his Closer framework, which is a sales script that guides the conversation with potential clients. The framework includes steps such as clarifying why they are there, overviewing their past experiences, selling the vacation (i.e., the desired outcome), explaining their concerns, and reinforcing the decision.
He emphasizes the importance of following up and setting expectations after the sale is closed. By providing consistent communication and meeting expectations, entrepreneurs can build trust and increase customer satisfaction.
Hormozi continues by explaining his sales strategy, which involves walking potential customers through a decision-making process and looping back to address any objections. He emphasizes the importance of stopping the selling process as soon as the customer says yes, as this is when the transaction should take place. Hormozi also highlights the value of framing, or contextualizing information for customers, as a way to increase sales and engagement.
Mylett praises Hormozi for his framing skills, noting that framing is a crucial aspect of effective communication. Hormozi agrees, stating that framing is about translating complex information into simple terms that customers can understand. He believes that good framers are able to pre-frame, create frames, and post-frame information, guiding the audience through a clear and compelling narrative.
The conversation then shifts to personal responsibility, with Mylett quoting Hormozi's statement that "no one is coming to save you." Hormozi explains that blaming others, such as the government or parents, only gives them power over one's life. He encourages individuals to take ownership of their circumstances and find solutions to their problems, as no one else will do it for them.
Hormozi also discusses the concept of acceptance in relationships, particularly in his partnership with his wife, Lila. He emphasizes that accepting each other as they are, without trying to change one another, has been a key factor in their successful relationship. They are aligned in their goals, values, and interests, which has allowed them to grow together.
Mylett asks Hormozi about the importance of doing the "ugly" tasks in business, such as cold calling or door-to-door sales. Hormozi explains that doing these tasks reduces fear and increases the likelihood of success. He advises individuals to focus on the actions that will generate leads and customers, such as reaching out to people, posting content, and running ads. He believes that if someone is not getting enough leads, it is because they are not doing enough of these actions.
Towards the end of the podcast, Hormozi reflects on the concept of happiness and offers a reframe. He suggests focusing on joy and meaning rather than the pursuit of happiness, as happiness is often a circumstantial response to external factors. Hormozi believes that joy comes from personal growth and the satisfaction of knowing that one has given their best effort.
The podcast concludes with Mylett expressing his admiration for Hormozi's depth and dimension as an entrepreneur. He commends Hormozi for his ability to understand himself and his passion for changing people's lives. The two agree to continue the conversation in future episodes.
