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To sell more of anything, turn it into a one-of-a-kind offer

Fix the "commodity problem."

April 30, 2024

Hello, awesome marketers and founders.

This is Luv, and here’s your weekly Marketing Shot :)(Delivered every Tuesday)

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Here’s a powerful insight from the book "$100M Offers: How To Make Offers So Good People Feel Stupid Saying No" by Alex Harmozi. This book is a good read for marketers looking to create offers that are impossible for their audience to resist.

To sell more of anything, turn your product or service into a distinctive, one-of-a-kind offer.

Here's a tip to avoid getting into a price war with your competitors. Try to make it difficult for customers to compare your product or service with your competitors'. This way, your customers won't be able to find a cheaper option elsewhere easily. This approach can help you sell more and potentially charge higher prices. If you compete solely on price, you might end up with lower profits. So, if your product or service is unique and cannot be compared to others in the market, you can avoid losing customers to other cheaper competitors.

Hormozi's got a solution to fix the "commodity problem".

1. Identify a Starving Crowd:

  1. To start a business, you need to find a group of people who really need your product or service.

  2. Look for people who have an urgent need, desire, or a big problem to solve.

  3. They should have the money to make a purchase.

  4. They should be easy to reach.

  5. Lastly, pick a market that's growing so you can make progress faster.

2. Specialize Your Niche:

If you're starting a business, it's a good idea to focus on a smaller group of customers to increase your chances of success. By concentrating on a specific segment of the market, you can become an expert in that area, which will make your sales pitch more powerful and effective. Hormozi suggests that you should only think about expanding your customer base once you've reached a significant revenue milestone, such as making $10 million in annual revenue.

3. Craft a Distinctive Offer:

To make your product or service stand out, it's a good idea to add some extra features that solve your customers' specific needs and problems. That way, you'll be able to offer something that other products or services can't. This will not only make your offering more valuable but will also help you carve out your own place in the market.

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That's a wrap for today! Stay tuned for more insights in the next MarketingShot. See you next Tuesday :)