$100 Million Leads - Alex Hormozi (Animated Summary)

the dream of every entrepreneur is to be flooded with leads interested in their products or Services if you're not getting enough leads here's the harsh truth you're not doing enough promotion that's why your potential customers don't know about you so what is a lead in the first place it's a person you can contact you're either physically with them or you have some form of contact information such as phone number email or address however just having leads is not enough what you want is to have engaged leads people who have shown interest in what you sell the real product of promotion is precisely engaged leads and this is what $100 million leads by Alex hosi is all about it's the second book in his customer acquisition Trilogy if you're not familiar with the first book $100 million offers you can find the link somewhere here or in the description below to watch my animated summary it's better to know it because many concepts are based on it as the first book explains what toell sell and this one delves into how to generate interest and leads for your offer make sure to watch the video Until the End to find out the eight ways to generate [Music] leads when you promote to engage your prospects you can lead them directly to your main offer however before making a purchase people often want to know more about what you do and need to build more trust in you or your business that's why it is common to start promoting a lead magnet you've probably already experienced giving an email or contact in exchange for a free or lowcost resource well that was some kind of a lead magnet it's a commonly used in known practice however hosi starts here with the first Gem of the book because he better defines the concept of a lead magnet like this the lead magnet is a complete free or lowcost solution to a specific and narrow problem that once solved reveals another problem that will be solved by your main offer I admit to being guilty myself in some past businesses of simply giving away a free resource that I thought might be of interest no it's not enough it should be something that solves a problem your prospect has which once solved naturally leads them to be interested in your main offer if you understand this well this alone can turn your business around because the right lead magnet will attract your prospects in quantity creating engaged leads for example you're a real estate agent and your business is Selling Houses you'll have a main offer for this but what happens before that what problems does a prospect have initially for instance they need an estimate of the value photos home staging cleaning Etc choose one of these and solve it there are three types of lead magnets those that reveal a problem the prospect didn't know they had for instance if you sell comprehensive SEO Services you might decide to demonstrate the speed of the prospect's website using a test showing them how it impacts their website traffic other lead magnets involve giving full access to a recurring service the main offer but for a limited time for example granting access to a software for a trial period or providing the first cream in a series of creams for a complete Beauty treatment the third type of lead magnet applies when your main offer has multiple steps and it's about giving access to the first step for free or at a low cost for example offering a free wood sealant for a garage door you give the first one for free and then explain that it provides only partial coverage encouraging the prospect to purchase the other two as a bundle there are countless ways to come up with and deliver a lead magnet but the best ones are one providing access to a software for example a simple spreadsheet or software that shows your prospects how their statistics compare to the industry average two offering valuable information lessons courses or similar educational materials to teach something valuable three performing a free or lowcost service for instance a website review four giving a complimentary product for example a supplement to try the idea here is to provide a lead magnet that's so good that people feel compelled to purchase your main offer to compensate you ideally you want to deliver more value with the lead magnet than the cost of your main offer give away your secrets then sell the implementation if you're hesitant to give away your secrets consider this 99% of people may never buy from you but they will create or destroy your reputation based on the free lead magnet they received remember that all the concepts from the first book $100 million offer are applicable to creating a grand slam offer for lead magnets 2 now that you have a properly created lead magnet it's time to drive floods of leads towards it right how do you do that here's one of the main concepts of this book that will provide you with great mental Clarity to create your lead campaigns and in perfect hormos style explained with great Simplicity there are only two categories of audiences you can reach and there are only two ways to communicate this 2x two Matrix includes all you need let's examine its components closely let's start with the type of audience warm audience the these are people who have somehow given you permission to contact them and know you this includes family friends acquaintances but also followers customers acquired contacts Etc cold audience these are people who have not yet given you permission to contact them and do not know you essentially they are someone else's audience you can access them by buying lists paying for access on certain platforms Etc now let's move on to the type of communication you can have one: one when you contact people privately when you send a personalized communication directed only to them this by the way can also be done in large quantities by sending an email to 10,000 people at once but if you think about it each person receives their email as a single message for him or her one to many in this case you create a public message visible to everyone at the same time the classic example is content on social media whether it's a message a video or even an article these are the only four things you can do to let others know about what you do there are a thousand variations on how you can apply them but recognizing the four basic ways brings a lot of order to your future reasoning and understanding of what campaigns you need to set up now let's look at each component in detail to understand what you need to do in each of them warm Outreach here you engage in one-to-one communication with people who have given you permission to contact them you don't necessarily have to know them for example if they are followers but they know you if you're starting from scratch and need cash begin with this method if you think about it within your circle of family real friends social media friends contacts customers followers Etc you have various contacts more than you might think so here's what you need to do step one create a list of your contacts step two choose choose the platform to use to contact them step three reach out with a personalized message about them to reestablish communication initially without selling or offering anything you should communicate like normal human beings for example Hi how are you I heard you had a baby congratulations step four repeat this action by sending 100 messages to 100 new contacts per day if you finish the list restart from the top step five when someone responds use the ACA framework acknowledge repeat what they've told you for example if they say yes thank you it's actually my second child you respond with wow two kids and you work full-time compliment give a compliment for instance you're such a super mom managing both work and two kids at home congrats ask ask another question this time starting to steal towards your offer for example if you offer fitness programs ask do you still have time to stay in shape and take care of yourself or if you offer cleaning services ask do you have someone to help you with cleaning and keeping the house tidy note that you still haven't offered or sold anything you continue communicating this way a little bit in a very normal and natural manner step six then you move on to making them an offer but you do it in a very indirect way most importantly when you start offer your service for free to the first five people seize the opportunity to explain to them what you do in terms of a value equation for example by the way I wanted to ask if you know anyone who might be interested in this you know I now help people achieve dream outcome in time delay I want to help five people for free to have some case studies and reviews you know I help them without effort and sacrifices I've had some wonderful successes so far do you know anyone who might be interested if there's any hesitation or they say no to ease the situation ask perhaps someone you don't like comes to mind the important thing as you can see is that you haven't asked them to buy anything you're asking if they know anyone interested this approach is not invasive at all some will be interested for themselves others will introduce you to someone and some won't respond but I assure you that if you continue with with the 100 messages per day for 100 days you'll have more clients than you can handle and it's a great way to start basically at no cost except for your effort step seven make it easy if they say yes you should have an easy way for them to access the offer asking only in return that they leave you a review if no one says yes it means what you're offering doesn't have enough value to justify their time review your offer in this case step eight I can't work for free all the time the first five clients for free are there to help you learn and gather initial reviews then for the next five offer an 80% discount on the final price for the five after that offer a 60% discount on the final price and so on until you reach the full price or even higher until you find the right sweet spot the second type of promotion is directed towards customers who know you but it's one to many by sharing free content on your channels the difference from warm Outreach is that you have more leverage in relation to the time invested you create content and potentially it's seen by your entire Audience by consistently publishing more engaging content you increase your audience and potentially more people will be interested in your products and services moreover free content enhances the effectiveness of all other promotional forms it's utopian to think that all customers follow a straight line meaning you contact them with an offer and they either buy or not in reality most of the time you contact them with an offer they then take a look at your free material see who you are and what you do and only after that they decide whether to buy or not that's why the content you publish is essential when you publish content keep this pattern in mind to ensure your content is engaging hook retention reward hook attention you need to ensure they notice your content you have to attract their attention attention in some way this is done with catchy headlines striking images or anything that stands out retain attention you need to ensure they consume your content by providing original interesting and valuable content reward attention you have to satisfy the reason for which they started consuming your content for example if you initially attracted them because they were curious to know something specific you need to satisfy that Curiosity or explain to them how to do that yeah everything's great but how do I monetize my free content strategy you might ask you need to become a master at managing the give and ask ratio many make the mistake of building an audience and then starting to make continuous offers but by doing so they burn out the created list what you need to do is provide a lot of content and only occasionally ask for a purchase you can do this in two ways either you publish a lot of free content and occasionally create one promotional content or you publish a lot of long form free content and integrate it in a well-balanced manner you insert a short promotion for your product or service ideally the longer you can afford to wait to ask for money and continue to provide free content the better in fact horoi coined this variation on the give ask ratio in this way keep giving until your audience asks you to sell them something right there you've hit the jackpot additionally alongside giving publicly you will undoubtedly receive contacts or private requests a good strategy is to keep giving publicly and monetize privately with those who contact you now let's move on to the third type of promotion cold Outreach where you reach out oneon-one to people who don't know you what does this mean for example knocking on doors making cold calls cold emails or messages Etc if you've tried you know it's not easy but you need to know that if you can make it work it's a a method that yields incredible and very predictable results once you've built a working system also with cold contacts you have the ability to select your target very precisely and contact only those plus there's the added bonus that your competitors don't know what you're doing because you're doing it privately making it difficult to copy the best advice I can give you is to find someone who has already done it to help you however here are some tips to follow first you need to find contact lists there are software tools to scrape contacts from the web there are brokers who sell lists or you can find contacts manually on the web when you contact them you need to somehow personalize the communication and find a way to start the conversation then you need to find a way to grab their attention in the first 30 seconds they don't know you and tend not to trust you easily your goal is to turn them from cold leads into engaged leads send them to your lead Magnet or directly to your offer depending on your strategy lastly the most important point to remember is this it's a numbers game the more contacts you make the more chances you have and don't limit yourself to just one attempt to contact each lead try to contact them cyclically multiple times and in various ways let's now move on to the fourth square of this Matrix paid ads this is a form of advertising that we do towards people we don't know using on to- many communication reaching your target is guaranteed the key here is how efficiently you do it so that you pay a fair cost allowing you to profit from your campaigns to make them work the first thing is to understand who to Target with your campaigns the more precise you are the more efficient you are provided that the market is not too local or too small in that case it's better not to be too specific or else you won't have a sufficiently large audience to address choose a platform that you know at least a little as a user and where you can find your chosen audience to Target your ideal customer there are essentially two ways modern platforms allow you to create a potential audience based on contact or customer lists you already have and you know are in your target a platform like Facebook will create what is called a lookalike audience this practice might terrify your privacy consultant but if they are good they'll understand that business needs to be done and will'll find a way to incorporate this practice into your privacy policy the second method is to use the targeting factors available on platforms such as age income gender interests location Etc the framework to use in advertisements is based on three steps call out value and call to action callouts are whatever you do to attract the attention of your audience they can be phrases like moms of Clark County or gym owners images sounds Etc anything that grabs your pro ect's attention and makes them curious to learn more value is given to the customer when they think that what you're offering costs little in relation to the benefits it provides help them understand what they will get how in what time frame and with how much effort call to action is the action of telling the prospect what to do click here now fill out the form below Etc you need to be extremely clear here to direct them to your lead magnet typically these ads go to a landing page or a platform form where you collect the prospect's contacts who request the lead magnet turning them into an Engaged lead and then you can contact them for advertising campaigns it's very important to measure the metrics accurately you need to be aware that at the beginning you have to invest to start the campaigns and they won't work immediately so be prepared to see only expenses in the initial phase and accept it once you find an ad that works you ride it and recover all you spent and more through the sales you will make which metrics to use to understand if you're doing well there are two fundamental data points you need to measure the first one is the lifetime gross profit which is the total a customer on average spends with you minus the cost to deliver the product for example if the customer on average overtime buys $150 worth of products and you spend $50 for the cost of the products and for delivery your lifetime gross profit is $100 the other number to track is the customer acquisition cost this is how much you spend on average to acquire a customer you obtain this by dividing the promotional cost by the acquired customers for example if you spend $1,000 on promotion and acquire 10 customers your customer acquisition cost will be $100 now this is where it gets interesting one parameter to measure how the campaign is performing is to look at the ratio between lifetime gross profit and customer acquisition cost if it's greater than one your campaign is in profit but one is too little If the ratio is above three it's a good campaign if it's below you need to improve it this data is important because it helps you make decisions if you find yourself not selling as you hoped if the mentioned ratio is above three it means that the promotion is going well and you have a sales problem if it's below three it means you have a promotion problem for the record you can achieve ratios much higher than three if you find Excellent campaigns and have a good offer if the ratio is below three then you need to improve the campaign and you have several ways to do it one is to review parts of the advertisement and the target the other is to upsell high margin items to customers within the first 30 days to increase the lifetime gross profit platforms are constantly changing and have many technicalities but the principles remain the same watch videos on how to create promos people over complicate these Concepts but but it's not that difficult and you can do it additionally later in this video I'll teach you a trick to help you start using agencies the right way now that you've understood the four main ways of promoting the core four let's boost them with steroids start with one or two of the four promotional methods find what works then ask yourself what is preventing me from investing more in this line and doing more promotion thus incre inreasing the results find the bottleneck and increase the volume of promotion however you can do more up to a certain point then suddenly that same promotion doesn't work as well so here you have to improve it to do that you need to analyze the customer acquisition flow for example you might have a three-step flow they click on your ad land on the landing page and leave you their contacts you need to see which of these three steps is the bottleneck and start improving that after you've increased and improved the promotion many times and reached a new Plateau you can create a new campaign for example a similar campaign on another platform or a new campaign on the same platform this concludes the description of the core four so far we've looked at the promotional actions you can take to get more leads the core 4 are not only used to create leads but you also use them to create lead Getters those who generate leads for you these consist of four categories customers affiliates employees and agencies let's start with customers if you can generate word of mouth about your product you've hit the jackpot your satisfied customers will then talk to others about your product or service generating referrals meaning leads for you there are mainly two reasons why you're not getting referrals from your customers the first is that what you offer isn't good enough I know it's tough to accept but the sooner you realize it the better think about your personal experiences when when you bought regular products versus extraordinary products which of the two did you talk about to others the second reason is that you don't ask for them incorporate points in various stages of your promotional actions towards acquired customers where you ask if they have any referrals for you make it easy for your customers provide them with tools or materials to introduce what you do and establish what advantage you want to give to them their referrals or both for example you could put up your customer acquisition cost that you would normally pay for paid ads as a prize why not offer it as a reward to your customers or perhaps half to them and half to their referral if they become a customer this is a strategy used with great success by companies like PayPal and Dropbox then there are the employees if you want to grow your business you can't do everything yourself Forever at some point your available hours run out and what you can do reaches a limit employees are a great resource Your Role transforms more and more into a managerial role and you need to train and get those you hire to produce when you have a bit of money available you can afford to hire really talented people but at the beginning get willing individuals whom you can train to do what you do to generate new leads the core 4 are useful because you can find employees among your acquaintances you can post the job ad in your channels you can look for them through cold recruitment calls or you can put up sponsored job ads as you can see it's the core 4 but directed not to find leads but to find employees who will then generate leads for you let's move on to the agencies there are many agencies in the market that promise to generate leads for you to manage your paid promotions the problem is that very often the results are disappointing for various reasons good agencies are expensive but it's not always true that a costly agency will give you results so how to use them best find a good agency that you know has achieved good results with with someone you know ask them to start a collaboration for a few months and tell them that you are willing to pay a bit more to learn from them what they do with your campaigns after a few months you'll move to a Consulting relationship where they still help you when needed but the cost is significantly lower than when they do the work be open and transparent with the agency you choose and you'll find many that accept this kind of agreement it's fantastic because you have an agency with experience that can set up all the campaigns for you and as soon as you've learned how to do it you can do it yourself with an expert who can still help you if needed you can start with a moderately priced agency when you need to begin and set up the basic structure then you can repeat the same agreement with a more expensive and competent agency later on to improve the details let's complete this quartet with Affiliates Affiliates are businesses or individuals that usually have their own business and are interested in promoting your products or Services because there is a Synergy between the two activities ities for example a company with this business model rely on other companies that organize courses for those who want to start a business they offer their lead magnet to the course participants with which they set up their company for free then they upsell by offering accounting or Tax Services when they sell these Services they pay an affiliate commission to the company that organizes the courses that gave them the lead they do nothing else and have a turnover of $50 million a year not bad right the point is to identify who your ideal affiliate is then use the core for to promote and recruit Affiliates who will then generate leads for you to make them work well you need to have strategies to ensure they invest in the project and believe in it for example it's important that they buy your product the one that they will then promote also making sure they pay for the training is a good idea to ensure they take it seriously calculate what you can offer them as affiliate commissions and put them in the best conditions to succeed early on for example one of the best ways to do this is to create launches that Affiliates can promote there are various ways to involve them you can have them give away your lead magnet when someone buys their products thus increasing the perceived value of their offer you get the lead and then you can try to sell your main offer or you can have them sell your lead magnet and here you can even give them the full profit from the lead magnet and then keep the sales from the offer for yourself or a third model is to pay them commissions for what they sell of yours choose the model that has the better fit for your business but remember the key is to find the right Affiliates in the first place and then actively involve and engage them so they keep selling your products pushing and encouraging them becomes your new role or the role of your affiliate manager and it can be very profitable if done the right way and this is it these are all the possible ways to create promotions and generate leads both Direct directly and through lead Getters yes there are many details to know but just having the mental Clarity of knowing what can be done has helped me a lot to understand where I was lacking and where I was getting too fixated many times I reached a point where I could no longer grow a campaign and I stubbornly persisted with it if I had had this overall Vision I could have focused on another frame of the core four or lead Getters and there I would have had more room to grow my final consideration about this book is this many of the strategies explained will require additional studies on more specific resources to truly apply them along with a lot of trial and error but the right way to read and get the most out of this book is to understand that it's written for entrepreneurs who want to lead their businesses not for marketers hypers specialized in ads on a single platform the required skills are different as entrepreneurs the most important thing is to understand the bigger picture and make the right decisions once you do that you can either learn the Tactical part yourself or pay someone to do it however making the right decisions is what counts in the first place and this book provides you with the right framework and understanding of what can be done to give you the mental Clarity and ability to make the best decisions to increase your leads and this is invaluable I remind you that this was the summary of the second book in the trilogy that horoi is creating you can check out the other available videos here on the screen somewhere until next time

Channel: The Founders' Potential

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Keywords: 100 million dollar leads, alex hormozi lead generation book, lead generation book, alex hormozi, 100 million leads, 100m leads, 100m leads summary, skills required to grow business, book recommendations, Best business books, Must read books to be successful, entrepreneurship, Books for entrepreneurs, entrepreneurs know how, business skills for entrepreneurs, business summaries, animated book summary, entrepreneurship animated video, lead generation, how to generate leads

Id: lKYSxjEUb3Y

Length: 28min 27sec (1707 seconds)

Published: Tue Oct 24 2023