bestbookbits.com brings you the book summary of 100m offers by alex hormozy how to make offers so good people feel stupid say no i took home more in a year than the ceos of mcdonald's ikea ford motorola and yahoo combined as a kid in my 20s using the 100m offer method it works and it will work for you not that long ago my business had gotten so bad that i literally couldn't even give my service away for free at the end of each month i would look at the bank account hoping to see progress but there wasn't i knew something had to change but what over the next 48 months i went from losing money to making 36 dollars to every dollar i spent in that time period we generated over 120 million dollars across four different industries service e-commerce software and brick and mortar but unlike everyone else we didn't have great funnels great ads or a wealthy niche in fact we didn't even send emails until we had crossed 50 million dollars in sales instead we were able to do this one thing really well we created offers so good people felt stupid say no here's exactly what this book will show you how to do how to charge a lot more than you currently are how to make your product so good prospects find a way to pay for it how to enhance your offer so much prospects buy without hesitating the methods contained within this book are so simple so instantaneous and so effective it's as if they work by magic if you implement even one tactic in this book you'll see the change in your prospects to menia and you'll know the 100m offer method worked when you started hearing what do i need to do to move forward before you even ask for the sale on with the summary outside returns often come from betting against conventional wisdom and conventional wisdom is usually right given the 10 chance of a hundred times payoff you should take that bet every time but you're still going to be wrong nine times out of ten we all know that if we swing for the fences you're going to strike out a lot but you're also going to hit some home runs the difference between baseball and business however is that baseball has a truncated outcome distribution when you swing no matter how well you connect with the ball the most runs you can get is four in business every once in a while when you step up to the plate you can score one thousand runs this long tail distribution of returns is why it's important to be bold big winners pay for so many experiments jeff bezos as entrepreneurs we make bets every day we are gamblers gambling our han earned money on labor inventory rent marketing etc or with the hopes of a higher pay out oftentimes we lose but sometimes we will win and win big however there is a difference between gambling in business and gambling in a casino in a casino the odds are stacked against you with skill you can improve them but never beat them in contrast in business you can improve your skills to shift the odds in your favor simply stated with enough skill you can become the house the offer the starting point of any conversation to initiate a transaction with a customer what are you literally providing them in exchange for their money that's where it all begins this book is about how to make profitable offers specifically how to reliably turn advertising dollars into enormous profits using a combination of pricing value guarantees and naming strategies i'll call the proper combination of these components a grand slam offer the greatest hitters of all time also have many strikeouts just as there are many failed offers in the track record of great marketers we learn skills through failure and practice we do this knowing that 9 out of 10 times we will be wrong we still act boldly hoping for that offer we connect with so well that it results in our big payoff the good news is that in business you only need to hit one grand slam offer to retire forever pro tip faster deeper learning by reading and listening at the same time here's a life hack i discovered a long time ago if you listen to the audio book while reading the ebook or physical book you will increase your reading speed and retain more information the contents are being stored in more places in your brain section one how we got here the ugly truth number one how we got here magic will find those with pure hearts even when all seem lost morgan rhodes jim launch in late 2016 after successfully running his own chain of gyms alex hormozy an aspiring entrepreneur decided to travel across the us to pursue his new business idea jim launch alex wanted to build on what he learned in promoting and filling his gyms up with clients jim launch entailed teaching gyms how to make great offers and recruit the largest number of clients possible alex sold all his gyms to get enough capital to launch his new sales business but the money ended up being stolen by his new business partner leaving him with only three hundred dollars in his bank account yet he did not allow anything to hold him back from executing his plan to fund his venture he used his credit card which had a limit of one hundred thousand dollars but the first month of 2017 alex had made one hundred thousand one hundred and seventeen dollars which was just enough to pay the three thousand three hundred dollars of debt he was accumulating daily and at the end of 2017 he had made three million dollars in profits his success led him to meet his idol arnold schwarzenegger and become a philanthropist who attended many charity events and dinners the basics alex was chasing his passion in sales from as early as the age of 23 back when he paid three thousand dollars to attend a meeting for business people and entrepreneurs in las vegas to learn about marketing and sales the event organizer tj had multiple successful businesses tj told alex that the secret of sales is being able to come up with offers that make people feel foolish to refuse the secret changed alex's perspective towards entrepreneurship and become the main goal of his career he discovered that being successful in business entailed persuading potential clients to pay him money in exchange for his services he realized that to get them to agree he had to persuade them with the best offer the grand slam offer as alex calls it number two grand slam offers make people an offer so good they would feel stupid say no travis jones at some point every successful business owner was a entrepreneur a person full of ideas and frustrated at having potential to spare something clicks when they realized a horrible trade they and so many people make trading their freedom for falsely perceived security their discomfort compounds and once the discomfort of staying the same surpasses the discomfort of change they take the leap i'm going to be an entrepreneur so i can be free free to do whatever i want whenever i want with whomever i want many of us thought naively that owning the business would be our crowning accomplishment a final destination when in reality it was just the beginning somehow in the transition between passionate to help others and only my first business we gradually realized that we don't even know the first thing about business let alone turn into profit we may know a lot about our passion and why we started the business but that doesn't mean we know anything about succeeding in business much of the disappointment of the idealist on the sidelines succeeding in business means getting prospective customers to trade us money for our services our passion for their hard earned coins that's the agreement the only way to facilitate that exchange to transact to literally carry out business as a business is by making the prospect an offer what's an offer anyway the only way to conduct business is through a value exchange a trade of dollars for value the offer is what initiates this trade in a nutshell the offer is the goods and services you agree to give or provide how you accept payment and the terms of that agreement it is what begins the process of getting customers and making money it is the first thing any new customer will interact with in your business since the offer is what attracts new customers it is the lifeblood of your business no offer no business no life bad offer negative profit no business miserable life decent offer no profit stagnating business stagnating life a good offer some profit okay business okay life grand slam offer fantastic profit insane business freedom the two main problems most entrepreneurs face and how this book solves them although you can make the list of problems you face a mile long which is a great way to stress yourself out all these problems typically stem from two big kahunas number one not enough clients number two not enough cash excess profit at the end of the month basic outline of this book this book is intended to be a resource as a resource i mean it will be something you will read through and keep in your toolbox coming back to it again and again why as einstein says never memorize anything you can look up business is not a spectator sport you're not cramming for some midterm and you're not some limp-wristed philosopher you do work and to work you need tools this my friend is one of those tools section two pricing how to charge lots of money for stuff number three pricing the commodity problem think different steve jobs maintenance is a myth so then what does it take to grow thankfully just three simple things number one get more customers number two increase their average purchase value and number three get them to buy more times that's it sure there's lots of ways to acquire customers and zillions of ways to increase order value and purchase frequency but simply put that's it those are the only three ways to grow example if i sell 10 clients a month and a client is worth 1 000 to me over their lifetime through average cart value times average number of purchases then my business will cap at ten thousand dollars a month ten times one thousand dollars ten new clients over a month times the thousand dollars lifetime value equals ten thousand dollars a month maximum revenue if you want to grow you've got to either sell more clients every month while maintaining suitable margins or have them be worth more by increasing the profits per purchase or number of times they buy that's it having a grand slam offer makes it almost impossible to lose but why what gives it such an impact in short having a grand slam offer helps with all three the requirements for growth getting more customers getting them to pay more and getting them to do so more times how it allows you to differentiate yourself from the marketplace in other words it allows you to sell your product based on value not on price commoditized equals price driven purchases race to the bottom differentiated equals value-driven purchases selling a category of one with no comparison a commodity as i defined it is a product available for many places for that reason it's prone to purchases based on price instead of value if all products are equal then the cheapest one is the most valuable by default in other words if a prospect compares your product to another and thinks these are pretty much the same i'll buy the cheaper one then they commoditize you how embarrassing but really it's one of the worst experiences a value-driven entrepreneur can have this is a massive problem for the entrepreneur because commodities are valued at the point of market efficiency this means that the marketplace drives the price down through competition until the margins are just enough to keep the lights on just enough to become a slave to their business a grand slam offer solves this problem but what does a grand slam offer to all right let's start by defining a grand slam offer it's an offer you present to the marketplace that cannot be compared to any other product or service available combining an attractive promotion an unmatchable value proposition a premium price and an unbeatable guarantee with a money model payment terms that allows you to get paid to get new customers forever removing the cash constraint on business growth in other words it allows you to sell in a category of one or to apply another great phrase to sell in a vacuum the resulting purchasing decision for the prospect is now between your product and nothing so you can sell at whatever price you get the prospect to perceive not in the comparison to anything else as a result it gets you more customers at higher ticket prices for less money if you like fancy marketing terms it breaks down like this number one increased response rates think clicks number two increase conversion think sales and number three premium prices think charging a lot of money having a grand slam offer increases your response rates to advertisements aka more people will click or take action on an advertisement they see containing a grand slam offer if you pay the same amount for eyeballs but number one more people respond two more of those responses buy and three they buy for higher prices your business grows number four pricing finding the right market a starving crowd the seed that fell in good soil represents those who truly hear and understand god's word and produced a harvest of 30 60 or even 100 times as much as had been planted matthew 13 23 a marketing professor asked your students if you were going to open a hotdog stand and you could only have one advantage over your competitors which would it be location quality low prices best taste the students kept going until eventually they had run out of answers they looked at each other waiting for the professor to speak the room finally fell quiet the professor smiled and replied a starving crowd you could have the worst hot dogs terrible prices and be in a terrible location but either the only hot dog stand in town and the local college football game breaks out you're going to sell out that's the value of a starving crowd at the end of the day if there is a ton of demand for a solution you can be mediocre at business have a terrible offer and have no ability to persuade people and you can still make money an example of this was the toilet paper shortage at the beginning of covet 19. there was no offer the pricing was atrocious and there was no compelling sales pitch but because the crowd was so big and so starving rolls the toilet paper we're going for a hundred dollars or more that's the value of a starving crowd your market matters but we can all be blinded as entrepreneurs because we don't like to give up we are so accustomed to solving impossible problems that we will keep ramming our heads into a wall we hate quitting but the reality is that everyone is affected by their market so how do you pick the right market what to look for there is a market in desperate need of your abilities you need to find it and when you do you will capitalize all while wondering what took you so long but don't be romantic about your audience serve the people who can pay you for what you're worth and remember that picking a market like anything is always our choice so choose wisely in order to sell anything you need to demand we are not trying to create demand where you're trying to channel it that is a very important distinction if you don't have a market for your offer nothing that follows will work this entire book sits atop the assumption that you have at least a normal market which i define as a market that is growing at the same rate as the marketplace and that has common unmet needs that fall into one of three categories improved health improved wealth or improved relationships when picking markets on look for four indicators number one pain two purchasing power three easy to target and four grow in number one massive pain they must not want but desperately need what i'm offering pain can be anything that frustrates people about their lives being broke is painful a bad marriage is painful waiting in line at the grocery store is painful back pain ugly smile pain overweight pain humans suffer a lot so for us entrepreneurs endless opportunity abounds the degree of pain will be in proportion to the price you'll be able to charge so when they hear the solution to their pain and inversely what their life would look like without this pain they should be drawn to your solution i have a saying i use to train sales teams the pain is the pitch the pain is the pitch if you can articulate the pain a prospect is feeling accurately they will almost always buy what you are offering a prospect must have a painful problem for us to solve and charge money for our solution pro tip the point of good writing is for the reader to understand the point of good persuasion is for the prospect to feel understood number two purchasing power your audience needs to be able to afford the service you're charging them for make sure your targets have the money or access to the amount of money needed to buy your service at the prices you require to make it worth your time number three easy to target let's say you have a perfect market but no way of finding the people who comprise it well making a grand slam offer will be difficult i make my life easier by looking for easy to target markets examples of this are avatars that have associations they belong to mailing list social media groups channels they all watch etc if our potential customers are all gathered together somewhere then we can market to them if searching them out however it's like finding needles in a haystack then it can be a very difficult to get your offer in front of any potentially interested eyes you want to make sure you can target your ideal audience easily number four growing growing markets unlike a tailwind they make everything move forward faster declining markets unlike headwinds they make all efforts harder there are three main markets that will always exist health wealth and relationships the reason that these will always exist is that there is always tremendous pain when you lack them there is always demand for solutions to these core human pains the goal is to find a smaller subgroup within one of those larger buckets that is growing has the buying power and is easy to target the other three variables that is the idea think about what you were good at in regards to health wealth and relationships then think about who might value your service the most is in the most pain has the buying power to pay what you want money and can be found easily targeting as long as those three criteria are strong and the market isn't shrinking you'll be in good shape order importance three levers on success starving crowd which is a market the offer strength and persuasion skills a great rating on a higher order price overpowers anything else lower on a priority scale a normal rating moves the buck to the next part of the equation a bad stops the equation unless a great from a higher priority component nullifies it here are a few examples example number one even if you have a bad offer and are bad at persuasion you're gonna make money if you're in a great market if you're on the corner hocking hot dogs when the bars close at 2 am with mobs of starving drunk folks you're gonna sell out your hot dogs commit to the niche i have a saying when coaching entrepreneurs and picking their target market don't make me niche slap you too often a newer entrepreneur half-heartedly tries one offer in one market doesn't make a million dollars and then mistakenly thinks this is a bad market most times that's not actually the case they just haven't found a grand slam offer yet to apply to that market no one can serve two masters i have coined the term niche slap to remind entrepreneurs in my communities to commit once they pick all businesses and all markets have unpleasant characteristics the grass is never greener once you get to the other side if you keep hopping from niche to niche hoping that the market will solve your problems you deserve to be niche slapped pick then commit riches are in the niches the other reason to commit to the niche is because of just how much you will make simply put niching down will make you far more money let me illustrate why honing in on one niche will make you more money reason you can literally charge 100 times more for the exact same product niching product price and example so the example you've got a product which is time management you can charge 19 time management for sales professionals 99 time management for outbound b2b sales 499 or time management for outbound b2b power tools and gardening sales reps 1997 think about it for a second if you're a power tools outbound sales rep you would think to yourself this is made exactly for me and would happily fork out maybe one thousand two thousand dollars for a time management program that could help you achieve your goal the actual pieces of the program might be the same as a generic 19 course but since they have been applied and the sales messaging could speak so much to this avatar they find it more compelling and get more value from it in a real way this concept applies to anything you decide to do you want to be the guy who serves this type of person or solves this type of problem end result the market matters your niche matters and if you can sell the same product for a hundred times the price should you i'll let you decide summary points the purpose of this chapter is to reinforce two things first don't pick a bad market normal markets are fine great markets are great second once you pick commit to it until you figure it out if you try 100 offers i promise you will succeed most people never try anything others fail once then they give up it takes resilience to succeed it takes resilience to succeed stop personalising it's not about you if your offer doesn't work it doesn't mean you suck it means your office sucks big difference you only suck if you stop trying so try again you'll never become world class if you stop after a failed attempt if you find a crazy good market write it and write it hard and if you pair a grand slam offer with a crazy market you'll likely never need to work again seriously so have this skill set the ability to accurately assess markets by taking into account pain money targeting and growth in your back pocket so that when light in strikes you can make sure it strikes twice having established how to nail a market let's get back to pricing the first step to making crazy money is charging premium prices number five pricing charge what it's worth charge as higher as a price as you can say out loud without cracking a smile dan kennedy you can do this you just need to learn how and i'm going to show you price to value discrepancy i hope what you're giving them is worth it those words would probably sting for most but when my dad said them to me i just knew he didn't understand the value we were providing what i want to show you is how to create and communicate value aka the worthiness of an author in order to understand how to make a compelling offer you must understand value the reason people buy anything is to get a deal they believe what they're getting value is worth more than what they are giving in exchange for it price the moment the value they receive dips below what they are paying they stop buying from you this price to value discrepancy is what you need to avoid at all cost after all as warren buffett said price is what you pay value is what you get looking at the image you can see price to value discrepancy with value up the top declining where we have price and a point of cancellation when the value drops under that the simplest way to increase the gap between price to value is by lowering the price it's also most of the time the wrong decision for the business getting people to buy is not the objective of a business making money is and lowering price is one way road to destruction for most you can only go down to zero but you can go infinitely higher in the other direction so unless you have a revolutionary way of decreasing your cost to one tenth compared to your competition don't compete on price as dan kennedy said there is no strategic benefit to being the second cheapest in the marketplace but there is four being the most expensive so the goal of that grand slam offer will be to get more people to say yes and a higher price by increasing our value to price discrepancy in other words we will raise our price only after we have sufficiently increased our value this way they will still get a great deal think buying a hundred thousand dollars of value for ten thousand dollars it's money at a discount why you should charge so much it hurts most business owners are not they're not typically competing on typically go something like this competing on price or value in fact anything at all their pricing process number one look at the marketplace two see what everyone else offers number three take the average four go slightly below to remain competitive number five provide what their competitors offer with a little more and six end up at a value proposition of more for less and the big secret those competitors they are copying and now dead broke so why on earth copy them pricing where the market is means you're pricing for market efficiency over time in an efficient marketplace more competitors enter offering a little more for a little less until eventually no one can provide any more for any less at this point a market reaches perfect efficiency and the business owners participating make just enough at the end of the month to keep going the bottom 10 to 20 percent of operators get washed out or lose the will to fight then fresh business owners enter with no idea and repeat the process of their forefathers and around and around they go in plain words pricing this way means you're providing a service at just above what it costs for you to stay above water we are not trying to stay barely above water we are trying to make egregious amounts of money that will still have your relative asking if what you were doing is legal again we are not trying to get the most customers we are trying to make the most money why i see premium pricing as not only a very smart business decision but a moral one furthermore it's the only choice that will allow you to truly provide the most value a unique and strong position in the marketplace let me introduce you to the virtuous cycle of price virtuous cycle of price looking at the image of virtuous versus vicious cycle of price now if you charge less your clients will have a lower emotional investment a decreased perceived value decreased results decreased demandedness decreased revenue for fulfillment per customer and your business will have decrease in profit a decrease in perceived value of self perception of the impact in results will be less service levels less and sales team conviction will decrease but on the other side if you charge higher your clients will get a greater increase in emotional investment an increase in perceived value increased in results increase in demandedness increasing revenue for fulfillment per customer and your business will have an increase in profit increase in perceived value of self increase in perception of impact which is results increase in service levels and last an increase in sales team conviction i have used this framework in most of my materials i release because it needs to be consistently reinforced the forces of the marketplace were great on your belief system you must stay strong and ignore them here's the basic premise of why you need to charge a premium if you want to best serve your customers when you decrease your price you decrease your clients emotional investments since it didn't cost them much when you decrease your clients perceive the value of your service since it can't be that good if it's so cheap or priced the same as everyone else decrease your clients results because they do not value your service and are not invested attract the worst clients who are never satisfied until your service is free destroy any margin you have left to be able to actually provide an exceptional experience hire the best people invest in your people pamper your clients invest in growth invest in more locations or more scale and everything else that you had hoped in the goal of helping more people solve whatever problem it is that you solve in essence your world sucks and to make matters worse your service probably sucks because you are squeezing blood from the proverbial stone there's just not enough money left over to make something exceptional as a result you fall in line with the armies of average businesses that race to the bottom here's a reverse this is what happens when you raise your prices when you raise your prices you increase your clients emotional investment increase your clients perceive the value of your service increase your clients results because they value your service and are invested attract the best clients who are the easiest to satisfy and actually cost less to fulfill and who are more likely to actually receive and perceive the most relative value multiply your margin because you have money to invest in systems to create efficiency smart people improved customer experience scale your business and most importantly of all to keep watching the number in your personal bank account go up month after month even with reinvesting in your business this allows you to ultimately enjoy the process for the long haul and help more people as you grow rather than burning out and shriveling into obscurity to swing the argument even further in favor of higher prices here are a few interesting concepts when you raise your price you increase the value the consumer receives without charging anything else about your product wait what yes higher price means higher value literally in a blind taste test researchers ask consumers to rate three wines a low price wine a medium priced wine and an expensive wine throughout the study the participants rated the wines with the prices visible they rated them unsurprisingly in order of their price with the most expensive being the best the second most expensive bean second best and the third cheapest option being rated as cheap wine what the tasters didn't know is that the researchers gave them the exact same wines all three times in essence raising your prices can directly enhance the value you provide what's more the higher the price the more lower your product or service has people want to buy expensive things people want to buy expensive things they just need a reason and the goal isn't just to be slightly above the market price the goal is to be so much higher than the consumer thinks to themselves this is so much more expensive there must be something entirely different going on here that is how you create a category of one in this new perceived marketplace you are a monopoly and you make monopoly profits that is the point those who pay the most pay the most attention and if your customers are more adherent and follow through and they achieve better results with your service than your competition then you are in a very real way providing more value than anyone else this is how you win your product must deliver so many wish to shortcut the real work do that and you will fail in the real world you have the gonads to charge big ticket prices you must outwork your self-doubt you must be so confident in your delivery because you've done it so many times that you know that this person will succeed summary points first and foremost charge a premium it will allow you to do the things no one else can to make your coins successful our clients still got a deal the gap between what they paid price and what they got value was massive as a result the virtuous cycle continued to spin we charged the most money we provided the most value the truth is that 99 of businesses need to raise their prices to grow not lower them profit is oxygen it fuels the fire of growth you need it if you want to reach more people and make a bigger impact in order to charge so much though you must learn to create tremendous value let's head there next section three value create your offer how to make offers so good people feel stupid say no number six value offer the value equation we question all of our beliefs except for the ones we really believe in and those we never think to question orris and scott card i want to be abundantly clear the goal should be to charge as much money for your products or services as humanly possible i'm talking heinous amounts of money that being said anyone can raise their prices but only a select few can charge these rates and get people to say yes from this point forward you must abandon any notion you have about what's fair every enormous company in the world charges you money for things that cost them nothing you need to have a big discrepancy between what something costs you and what you charge for it it is the only way to be unreasonably successful those who understand value are the ones who will be able to charge the most money for their services the value equation looking at the image you can see dream outcome times by perceived likelihood of achievement equals value underneath that you have time delay timed effort and sacrifice as you can see from the picture there are four primary drivers of value two of the drivers on top you will seek to increase the other two on the bottom you will seek to decrease number one yay the dream outcome which is goal increased number two yay perceived likelihood of achievement goal increase three boo perceive time delay between start and achievement goal decrease and for boo perceived effort and sacrifice goal decrease what will i make a dream outcome how will i know if it's going to happen perceived likelihood of achievement how long will it take time delay and what is expected of me effort and sacrifice the best companies in the world focus all their attention on the bottom side of the equation making things immediate seamless and effortless apple made the iphone effortless compared to other phones at the time amazon made purchasing a single click of a button and made purchases arrive almost immediately netflix made consuming television immediate and effortless so the older i get the more i've shifted my focus to the hard stuff decreasing the bottom side of the equation and i believe the better you do this the more you will be rewarded by the marketplace if you can reduce your prospect's true time delay to receiving value to zero aka you realize immediate dream outcome and your effort and sacrifice is zero you have an infinitely valuable product if you accomplish this you win the game perception is reality perception is reality it's not about how much you increase your prospect's likelihood of success or decrease the time delay to achievement or decrease their effort and sacrifice that in itself is not valuable many times they will have no idea the grand slam offer only becomes valuable once the prospect perceives the increasing likelihood of achievement perceives the decrease in time delay and perceives the decrease in effort and sacrifice number one dream outcome goal equals increase people have deep unchanging desires this is what marriages are lost over wars are fought over and people will willingly die for our goal is not to create desire it's simply to channel that desire through our offer and monetization vehicle the dream outcome is the expression of the feelings and experiences the prospect has envisioned in their mind it's the gap between their current reality and their dreams our goal is to accurately depict that dream back to them so they feel understood and explain how our vehicle will get them there the dream outcome is simple it's the getting there where the value gets enhanced or detracted people generally and our clients specifically want to be perceived as beautiful to be respected to be perceived as powerful to be loved to increase their status the dream outcome value driver is most predominantly used when comparing the relative value between two different desires being satisfied it's not about money it's about the status the perceived increase or decrease in the relative standing when compared to other socially or professionally talk in terms of things your prospect believes will increase their status and you will have your prospect draw in pro tip frame benefits in terms of status gained from the viewpoint of others when writing copy you can make it that much more powerful by talking about how other people will perceive the prospect's achievement connect the dots for them example if you buy this golf club your drive will increase by 40 yards your golf body's jaws will drop when they see your ball soar 40 yards past theirs they'll ask you what's changed only you will know number two perceive the likelihood of achievement goal equals increase realize people pay for certainty they value certainty i call this the perceived likelihood of achievement in other words how likely do i believe it is that i will achieve the result i'm looking for if i make this purchase for example how much would you pay to be a plastic surgeon's ten thousands patient versus their first increasing a prospect's conviction that your offer will actually work for them will make your offer that much more valuable even though the work remains the same on your end so to increase value with all offers we must communicate perceived likelihood of achievement through our messaging proof what we choose to include or exclude in our offer and our guarantees number three time delay goal equals decrease time delay is the time between a client buying and receiving the promised benefit the shorter the distance between when they purchase and when they received value slash the outcome the more valuable your services or product is there are two elements to this driver of value long-term outcome and short-term experience many times there are short-term experiences that occur while on-route to the long-term outcomes they happen along the way and provide value the thing people buy is the long-term value aka their dream outcome but the thing that makes them stay long enough to get it is the short-term experience these are the little milestones a prospect sees along the way that shows them they are on the right path we try and tie many of these as possible into any service we offer we want clients to have a big emotional win early as close as possible to their purchase this gives them the emotional buying and the momentum to see it through to their ultimate goal number four effort and sacrifice goal equals decrease this is what it cost people in auxiliary cost aka other costs accrued along the way these can be both tangible and intangible decreasing the effort and sacrifice or at least the perceived effort and sacrifice can massively boost the appeal of your offer in an ideal world a prospect would want to simply say yes and have their dream outcome happen with no more effort on their behalf this is why done for you services are almost always more expensive than do it yourself because the person doesn't have all the effort and sacrifice there is also a component of perceived likelihood of achievement differences as well people believe that if an expert does it then they will be more likely to achieve the outcome than if they try on their own number nine value offer creating your grand slam offer part one problems and solutions looking at the image you can see number one dream outcome two problems and obstacles three list all problems as solutions four maximize profit and value and number five final high value high profit off a stack step number one identify dream outcome step number two list problems next i wrote down all the things people struggled with and their limiting thoughts around them when listing out problems think about what happens immediately before and immediately after someone uses your product or service each of the above problems has four negative elements and you guessed it each aligns with their four value drivers as well number one dream outcome this will not be financially worth it number two likelihood of achievement it won't work for me specifically i won't be able to stick with it external factors will get in my way this is the most unique and service specific of the problem buckets three effort and sacrifice this will be too hard confusing i won't like it i will suck at it and number four time this will take too much time to do i'm too busy to do this it will take too long to work it won't be convenient for me step three solution list now that we have our dream outcome and all the obstacles that we get in someone's way it's time to define our solutions and list them out creating the solutions list has two steps first we're going to first transform our problems into solutions second we're going to name these solutions what would i need to show someone to solve this problem problem solution number 10 value author creating your grand slam offer part 2 trim and stack without a valuable product or service the rest of the book won't be as actionable we just covered all the problems we're going to solve the second half of making your offer is breaking down tactically what we are going to do slash provide for our client sales to fulfillment continuum sales to fulfillment continuum looking at the left it's easy to sell on the right which is hard to sell on the left it's hard to fill on the right it's easy to fulfill in order to best absorb the notions of trimming and stacking we need a mental reframe enter the sales to fulfillment continuum whenever you are building a business you have a continuum between ease of fulfillment and ease of sales if you lower what you have to do it increases how hard your product or service is to sell if you do as much as possible it makes your product or service easy to sell but hard to fulfill because there's more demand on your time investment the trick and the ultimate goal is to find a sweet spot where you sell something very well that's also easy to fulfill create flow monetize flow then add friction this means i generate demand first then with my author i get them to say yes once i have people saying yes then and only then will i add friction into my marketing or decide to offer less for the same price step number four create your solution delivery vehicles the how the next step is thinking about all the things you could do to solve each of these problems you've identified this is the most important step in the process this is what you were going to deliver this is what you're going to do or provide in exchange for money for the purposes of keeping creativity high divergent thinking think about anything you could possibly do think of all the things that might enhance the value of your offer so much so that they would be stupid to say no what could you do that someone would immediately say all that seriously yes i'm in doing this exercise will make your job selling so much easier product delivery cheat codes here are my cheat codes for product variation enhancement and a visual breakdown the process for you from my consulting deck number one what level of personal attention do i want to provide one to one small group one to many number two what level of effort is expected from them do it themselves diy figure out how to do it on their own do it with them d y w you teach them how to do it done for them d f y you do it for them number three if doing something live what environment or medium do i want to deliver it in in person phone support email support tech support zoom support chat support number four if doing a recording how do i want to consume it audio video or written how quickly do we want to reply on what days during what hours 24 7 9 to 5 within 5 minutes within an hour within 24 hours and number 6 10x to 1 10th test if my customers paid me 10 times my price or a hundred thousand dollars what would i provide if they paid me one tenth of that price and i had to make my product more valuable than it already is how would i do that how could i still make them successful for one tenth the price stretch your mind in either direction and you'll come up with widely different solutions in other words how can i actually deliver on these solutions i am claiming i will provide do this for each problem because solutions from one problem will give you ideas for others you wouldn't normally have considered remember it's important that you solve every problem i can't tell you the amount of times one single item becomes the reason someone doesn't buy pro tip don't get romantic about how you want to solve problems find a way to solve every problem a prospect presents with when you do that you make an offer that's so good people just can't say no and that's what we're building here step number five trim and stack now that we have enumerated our potential solutions we will have a gigantic list next i look at the cost of providing those solutions to me the business i remove the ones that are high cost and low value first then i remove low cost and low value items if you aren't sure what's high value go through the value equation and ask yourself which of these things will this person number one financially value two cause them to believe they will be likely to succeed three make them feel like they can do it with much less effort and sacrifice and number four help them accomplish their goal and see the result they want with far less time investment what should remain our offer items that are number one low cost high value and number two high cost high value the final high value deliverable let's sum up this before we configure our final high value deliverable step number one we figured out our prospective client stream outcome step number two we listed out all the obstacles they're likely to encounter on their way our opportunities for value and step number three we listed all those obstacles as solutions and step four we figured out all the different ways we could deliver those solutions step 5a we trim those ways down to only the things that we're the highest value and lowest cost to us all we have to do now is step 5b put all the bundles together into the ultimate high value deliverable the bundle does three core things number one solve all the perceived problems not just some number two gives you the conviction that what you're selling is one of a kind very important and number three makes it impossible to compare or confuse your business or offering with the one down the street we went through this entire process to accomplish one objective to create a valuable offer that is differentiated and unable to be compared to anything else in the marketplace we are selling something unique as such we are no longer bound by the normal price in forces of commoditization prospects will now only make a value based rather than a price based decision on whether they should buy from us hurray section 4 enhancing your offer number 11 enhancing the offer scarcity urgency bonuses guarantees and naming but wait there's more if you order today every info commercial in the 90s the delicate dance of desire looking at the image you can see supply and demand curved on the left you have units on the right you have price and you have somewhere such as supply and demand and in the middle a theoretical max revenue price and down the bottom max profit per unit fundamentally all marketing exists to influence the supply and demand curve we unofficially increase the demand for our products and services through some sort of persuasive communication when we increase the demand we can sell more units when we decrease supply we can sell those units for more money the perfect profit combination is lots of demand and very little supply or perceived supply the process of enhancing your core offer is designed to do both these things increase demand and decrease perceived supply so that you can sell the same products for more money than you otherwise could and in higher volumes than you otherwise would over a longer time horizon looking at the image you can see the new supply demand curve same as the other one but putting in bonuses scarcity urgency guarantees and naming which will create a new demand and a new theoretical max revenue which will also make a new max profit per unit desire comes from not getting what you want in fact i heard this quote that i love from naval raven khan desire is a contract you make with yourself to be unhappy until you get what you want it follows therefore that we only want things we do not have as soon as we have them our desire for them disappears therefore if we seek to increase the demand or desire we must decrease or delay satisfying the desire of our prospects we must sell fewer units than we otherwise can homozy's law the longer you delay the ask the bigger the ask you can make the longer the runway the bigger the plane that can take off we must endeavor to keep our supply and satisfaction of desire under the demand that we are able to generate this maximum profits and keeps desire ravages in our customer base this is the real key to never going hungry number 12 enhancing the offer scarcity sold out scarcity of number of units available times x left over y spots sold out scarcity of one of the most powerful and least understood forces to unlock unlimited pricing power if you want to learn how to sell air for millions of dollars then pay attention the reason an authority like a doctor a celebrity like oprah or a celebrity authority like dr oz or dr phil can charge enrageous rates is because of implied demand people assume there is a lot of demand for their time and therefore not a big supply of it as a result it must be expensive creating scarcity when there's a fixed supply or quantity of products and services that are available for purchase it creates scarcity or fear of missing out it increases the need to take action and by extension purchase your offer this is where you publicly share that you're only giving away x amounts of products or can only handle why new clients three types of scarcity number one limited supply of seeds slots in general or over an x period of time number two limited supply of bonuses and number three never available again it's better to sell out consistently than over order and fail at creating that scarcity this method stacks in effectiveness if it is done repeatedly over time when using this tactic you must also let everyone know that you were sold out number one total business cap only accepting ex-clients only accepting ex-clients at this level of service ongoing number two growth rate cap only accepting ex-clients per week ongoing and number three cohort cap only accepting ex-clients per class or cohort and honest scarcity the most ethical scarcity employ one or multiple methods of scarcity in your business you will drive a faster purchasing decision from your prospects and at higher prices just let them know your limits and let psychology do the rest number 13 enhancing the offer urgency deadlines drive decisions urgency by x date relates to time 54321 done scarcity is a function of quantity urgency is a function of time number one cohort based rolling urgency for example if you start clients every week number two rolling seasonal urgency deadlines drive decisions putting the new wrap up with the date on the same core service gives you urgency and novelty that will consistently outperform the same old campaigns number three pricing or bonus based urgency clean your pipeline with every price change never raise your prices without letting people know it shows the position of strength and even give you a nice little influx of cash from the people in your pipeline who were on the fence and number four exploding opportunity number 14 enhancing the offer bonuses looking at the image you can see things like a splinter stack products services next logical need with bonuses current service and superior offer a single offer is less valuable than the same offer broken into component parts and stacked as a bonuses see the image we are increasing the prospect's price to value discrepancy by increasing the value delivered instead of cutting the price we anchor the price we tell them to the core offer then with each increase in valuable bonus that discrepancy grows wider and wider until it's too big to bear and we snap the rubber band in their mind that is holding their wallet in their pocket we are now going to present that stack of deliverables that we assembled early in a way that makes them irresistible add bonuses instead of discounting whenever possible on call offers we want to employ bonuses because they expand the price to value discrepancy and get people to purchase who otherwise wouldn't they massively increase the prospect perception of the value of our offer 15. enhancing the offer guarantees the single greatest objection for any product or service being sold is drumroll risk risk that it doesn't do what it's supposed to do for them therefore reversing risk is an immediate way to make any offer more attractive you will want to spend a disproportionate amount of time figuring out how you want to reverse it that being said how much more attractive can a guarantee make an offer types of guarantee if you don't achieve x in y time we will what makes the guarantee have power is a conditional statement if you do not get x results in the y time we will do zed number one unconditional guarantees number two conditional guarantees number three anti guarantees and number four implied guarantees stacking guarantees as an experienced salesman understands that like bonuses you can actually stack guarantees for example you could give an unconditional 30 days no questions ask guarantee then on top of that give a conditional triple your money back 90 day guarantee that would be an example of stacking an unconditional with a conditional guarantee guarantee if you don't achieve x in y time we will insert offer unconditional no questions asked refund guarantee create your own winning guarantee reversing risk is the number one way to increase the conversion of an offer experienced marketers spend so much time crafting their guarantees as the deliverables themselves it's that important the key is to identify a client's biggest fears pain and perceived obstacles what do they not want to have happen if they pay you what are they most afraid of reverse their fears into a guarantee think of the time emotion and outside cost associated with any program or service the more specific and creative the guarantee is the better number 16 enhancing the offer naming implicit egotism effect we are generally drawn to the things and people that most resemble us magic headline formula like the tree that falls in the forest that no one hears having a grand slam offer will not make you money if no one finds out about it the goal must be that upon hearing about your offer your ideal prospects are interested enough to take action naming it properly is an integral part of this process over time you can rename that offer to refresh it this one concept will give you leads forever i mean it so pay attention we are not changing the actual offer we are only changing the wrapping paper looking at the image you can see the same bundle with different wrapping paper original offer and value bundle which is magic offer number one full six week challenge magic offer number two and the spring 28 day blueprint magic offer number three so the magic headline formula m is magnet make a magnetic reason a is avatar and now it's the avatar g is goal give them a goal i is interval indicator time interval and c is container complete with a container word important note not all these components are mandatory you will typically use three to five of them in naming a program or service make a magnetic reason why we start the name with a word or phrase that tells people the reason why we're running our promotion announce your avatar this component calls out your ideal avatar who are you looking for and who you are not looking for as a client you want to be specific as possible but no more give them a goal this is where you articulate your prospect's dream outcome it can be a single word or a phrase it can be an event a feeling an experience an outcome anything that would excite them the more specific and tangible the better indicate a time interval you're just letting people know the duration to expect here this gives an example of how long your results will take to achieve complete with a container word the container word denotes that this offer is a bundle of lots of things put together it's a system it's something that can't be held up to a commoditized alternative what happens when offers fatigue as your market offers you will need to create variations over time as the taste of the market changes over time here's the order in which you will change things to keep lead flow consistent number one change the creative the images and the pictures in your ads number two change the body copy in your ads three change the headline the wrapper of your offer four free six week lean challenge to free six week tone challenge five holiday hangover to new year new you number six change the duration of your offer seven change the enhancer author of your offer your free slash discount component and number eight change the monetization structure the series of offers you give prospects and the price points associated with them section number five execution how to make this happen in the real world looking at the image you can see we have started on section one how we got here section two pricing section three value offer section four enhancing and now step number five execution your first one hundred thousand dollars the first hundred thousand dollars is a but you got to do it i don't care what you have to do it means walking everywhere and not eating anything that wasn't purchased with a coupon find a way to get your hands on 100 000 after that you can ease off the gas a little bit charlie munger vice chairman berkshire some people get there fast some people get there slowly but everyone gets there eventually as long as you don't give up keep moving forward keep getting up keep believing it can happen in a nutshell it's been 65 minutes with this summary and we have covered a lot and i think it's important for information to sink in that can be consolidated and re-stated so this is the back of the napkin bullet list to summarize what we've learned so far and why so number one we covered why you must not be a commodity in this marketplace number two why you should pick a normal or growing market and why niches get you riches number three why you should charge a lot of money number four how to charge a lot of money using the four core value drivers number five how to create a value offer in five steps six how to stack the value deliver it and make it profitable seven how to shift the demand curve in your favor using scarcity eight how to use urgency to decrease the action threshold of buyers nine how to strategically use bonuses to increase the demand of your offer 10. how to completely reverse buy a risk with a creative guarantee 11. how to name it in a way that resonates with your avatar your first true grand slam offer should be able to get you to your first 100 000 final thoughts entrepreneurship is about acquiring skills beliefs and character traits to advance i find that we must determine which skills beliefs and character traits we lack most times we simply need to improve and only the way to do that is through learning from experience and or high quality sources the devil is in the details excellence exist in the depth of knowledge and nuances that's what separates the greats from everyone else and that's wrap on this book slamming on 100 m offers by alex hormozy tell me what you think in the section below if you want a copy of the pdf summary click the link below to written and downl format follow us on spotify google podcast apple podcast and check out the website bestbookbits.com for over 1 000 written book summaries now if you want to sponsor or help out the channel we've got everything from products and services out there from ebooks books courses and coaching so check us out there as well thanks for watching listen have yourself an amazing day and go out there check out alex homozy's youtube channel great videos there thank you alex for the book take care bye now