Innovation in the Industry Ep 3

In the Gym Secrets podcast, Alex Hormozi and his wife Layla discuss the critical distinction between innovation and imitation in the fitness industry. Alex emphasizes the importance of being an innovator, constantly experimenting with new strategies and applying fresh ideas to stay ahead of the competition. He shares his approach to adopting successful tactics from other industries, investing significantly in learning, and being a first mover in marketing trends. Layla highlights Alex's unique ability to create original content and strategies that set their programs apart, leading to their clients' impressive results. They both stress the necessity for gym owners to remain informed and adaptable to maintain market dominance.

• Alex Hormozi and Layla Hormozi host the Gym Secrets podcast.
• The episode's topic is the difference between innovation and copying.
• The conversation was spurred by a discussion over dinner and a glass of wine.

What's up, everyone? Welcome to the Gym Secrets podcast. I am here with my wife, Layla Hormozi. Welcome, Layla.

Hello.

This quote is an introduction to the podcast episode and its hosts, Alex and Layla Hormozi.

• Layla Hormozi introduces the topic, which originated from a question about what sets their programs apart.
• The question came from someone interested in their program who was skeptical about their success and testimonials.
• The fitness industry is perceived as competitive, with many businesses trying to outdo each other.

So, basically, this topic came about because somebody asked me today when I was talking to them, and they were interested in one of our programs, and they were like, well, what makes you guys different? I don't understand how you have all these testimonies and how you're able to hit these numbers and et cetera.

This quote explains how the topic of innovation versus copying was prompted by an inquiry into the distinctiveness of their fitness programs.

• Layla describes Alex as an innovator first and foremost.
• Alex's approach to business and fitness is original and leads to unique strategies.
• His innovation allows clients to be the first in the marketplace with new tactics.
• The fitness industry is filled with "gurus" who often copy each other, but Alex's methods are original and organically developed.

Because Alex isn't just a coach like the rest of the people that you've worked with or that you've heard of. He's an innovator, and that's what he is. First. First and foremost, Alex is an innovator, and he's literally innovating the marketplace as we speak.

This quote highlights Alex Hormozi's role as an innovator in the fitness industry and how his unique approach differentiates their business.

• Layla emphasizes the importance of having a unique selling point in business.
• Alex's unique selling point is his innovation.
• The fitness industry is often a competition of who can imitate others more effectively.
• Alex stands out because he doesn't copy; he creates new strategies by applying learned concepts in novel ways.

There's so many gurus out there in the fitness industry, and right now, it's basically a game of, like, who can copy who better? And when it comes to Alex, there's no copying. It's all completely organic.

This quote discusses the rampant imitation within the fitness industry and contrasts it with Alex's original and innovative approach.

• Alex reads a book, learns a concept, and then applies it to the fitness industry in a new way.
• This process of application leads to innovations that have not been done before in the industry.
• Their clients see impressive results because they are utilizing strategies that are fresh and untried.

I mean, I live with the man, and he reads a book, learns a concept, and then applies it to the fitness industry and to a gym. And it's a completely new whatever, innovation, project, play tactic, strategy that nobody's ever done before.

This quote describes Alex Hormozi's process of translating concepts from books into innovative strategies in the fitness industry, leading to unique offerings for their clients.

• Alex Hormozi discusses the introduction of Instagram story ads and the positive feedback received from their gym legacy group.
• He expresses frustration about seeing his intellectual property, such as programs, meal plans, and contracts, being used by other gyms without credit.
• Layla Hormozi's recipe book was also copied by others.

ted running Instagram story ads, and we're just always experimenting with stuff. And our gym legacy group, which is our top end group, was like, dude, I just saw your first ads. Those were sick. How do we get in on that?

This quote highlights the innovation and experimentation with Instagram story ads by Alex Hormozi's gym legacy group and their desire to leverage these new advertising strategies.

I've seen every single piece of every program that I've ever written on another gym's wall being sold in some way or another.

Alex Hormozi shares his experience of seeing his work copied by others, indicating a lack of respect for intellectual property within the fitness industry.

• Alex Hormozi emphasizes the importance of continuous learning to stay ahead of the market.
• He invests significantly in education, including masterminds, seminars, and courses, to maintain a competitive edge.
• By learning from other industries, such as real estate, and adapting their strategies, Alex's business remains innovative.

I'm add af, and I can't stop myself from reading books. I can't stop myself from taking courses.

This quote underscores Alex Hormozi's dedication to learning and self-improvement, which he believes is critical for staying ahead in business.

I spent 100 grand last week going to a mastermind with Russell that was only for people who did, like, eight figures and above.

Alex Hormozi reveals his investment in high-level masterminds to network and learn from other successful individuals, showcasing his commitment to growth.

And it's just so that we can always know exactly what's working. And a lot of times, it's in other industries.

He explains that learning what is effective in various industries helps his business innovate and apply new strategies to the fitness industry.

• Alex Hormozi discusses the trial and error process of adapting strategies from other industries to fitness.
• Success is often achieved after multiple attempts and fine-tuning of these new approaches.
• Eventually, the industry catches up, and others begin to adopt and rebrand the innovations that Alex's team originally introduced.

And we do it, and then we try it once, it doesn't work. We try it again, it doesn't work. And we try it the third time, we're like, boom.

This quote illustrates the perseverance and iterative process Alex Hormozi goes through to successfully implement new ideas in his business.

• Alex Hormozi has come to accept that imitation is an inevitable part of the business.
• He recognizes the pattern of adoption in the market, with first adopters, normal adopters, and the rest following suit.
• The true differentiators for his business are the results (testimonials) and the culture they have built with their clients.

I used to get really frustrated about it, but the reality is that all we have is the testimonials that we have and just the culture of the people that we worked with.

Alex Hormozi acknowledges that while imitation can be frustrating, the unique value of his business lies in the tangible success of their clients and the community they've cultivated.

• Early adopters of trends or technologies tend to secure a significant majority of the market benefits.
• Those who adopt at a normal pace can still gain a share, but it's markedly less.
• Late adopters struggle to gain traction and often waste resources in saturated markets.
• The time difference between early and late adoption can be as short as six months to a year.

"Late adopters, and the first adopters usually get like two thirds of the spoils. And then the normal adopters get, like, I want to say, the last third."

This quote by Alex Hormozi emphasizes the disproportionate rewards that early adopters receive compared to those who are slower to adopt new trends or technologies.

"The people who are late basically get nothing, and they just spend all their money trying to do something that people. Two standard deviations of time ago, which in the marketplace that we live in now is like maybe a year."

Alex Hormozi points out the disadvantages faced by late adopters, highlighting the rapid pace of market change and the narrow window to capitalize on new opportunities.

• Podcast growth is heavily reliant on listener engagement, such as ratings and reviews.
• Audience actions like rating and reviewing can be done simultaneously while listening, making it an easy way to support the show.
• The host humorously guilts listeners into engaging but emphasizes the importance of listener support for the podcast's success.

"Hey, if you're a return listener and you have not rated or reviewed the show, I want you to know that you should feel absolutely terrible about yourself and everything else in the world. I'm kidding."

The unnamed speaker uses humor to encourage listeners to engage with the podcast by leaving ratings and reviews, suggesting a sense of urgency and community in supporting the show.

"But it would mean the absolute world to me if you guys would go ahead and do that."

Alex Hormozi expresses genuine appreciation for listener support and emphasizes how crucial it is for the growth of the podcast.

• Enjoyment and passion for the industry are key drivers for staying ahead of trends.
• Continuous learning and application of knowledge are essential for business success.
• Being a first mover on platforms like Snapchat and Instagram can lead to undervalued attention and cost-effective marketing.
• Practical knowledge of industry operations, like running gyms, can inform effective strategies for leveraging new technologies.

"And that's it. I love this stuff. I enjoy the crap out of it, and I think it's a lot of fun, which is why we stay ahead."

Alex Hormozi attributes his success in staying ahead of market trends to his passion and enjoyment of the work, suggesting that enthusiasm is a critical factor in maintaining a competitive edge.

"So if you're a gym owner, if you're a fitness facility owner, you have to read, you have to stay ahead, because if you don't stay abreast on the issues, you don't stay on Snapchat and Instagram and YouTube, and you don't see Instagram Stories come out and realize that there's a whole bunch of attention that's just being very undervalued."

Alex Hormozi advises gym and fitness facility owners on the necessity of staying informed and proactive in adopting new platforms and marketing strategies to take advantage of undervalued opportunities and remain competitive.

• Experimentation and persistence are crucial in finding a successful marketing strategy.
• Many people give up too quickly after initial failures.
• Understanding that marketing principles are universal can lead to success across various industries.

"And we try it once and doesn't work. And we try it again. Doesn't work. And we try it a third, we're like, huh, that one worked. And so a lot of people just give up too early."

This quote highlights the importance of perseverance in marketing efforts and the common mistake of abandoning strategies prematurely.

• Marketing is effective across all industries when the right approach is identified.
• Dean Graciosi's analogy compares the certainty of marketing to the physics of airplanes flying.

"Everything works for every industry. This from Dean Graciosi. He said, airplanes always fly. You just have to figure out what did he say? What was the exact quote?"

The quote conveys the idea that marketing strategies, like airplanes, are bound to work provided the correct formula is found.

• Marketing at its core involves capturing human attention, regardless of the platform.
• Small adjustments to the offer or format can significantly impact the success of a campaign.

"There's so many different traffic platforms, and ultimately, at the same, no matter what it is, it's a human being with eyeballs on the other side of it, and you have a small sliver of their attention that you're trying to grasp."

This quote emphasizes that the target of all marketing efforts is a human audience, and the goal is to capture their attention.

• Understanding traffic and attention is key to dominating a market.
• The speaker's clients achieve rapid market dominance by applying these concepts.

"There's a reason that every gym that we work with goes into their marketplace and conquers it and dominates the marketplace within a 30 day period."

The quote illustrates the effectiveness of mastering traffic and attention in marketing, leading to quick market dominance.

• The podcast serves as an invitation for gym owners to seek assistance in improving their business.
• Resources are offered, including case studies demonstrating the successful application of the speakers' methods.

"If you are thinking about starting a gym or getting your gym to the next level, hit us up."

This quote is a direct call to action for listeners who may benefit from the services and expertise offered by the speakers.

• The podcast aims to provide value and is part of a series focusing on gym businesses.
• Listeners are encouraged to engage with the content at their convenience.

"So, anyways, this is the gym Secrets podcast. I hope you found this valuable."

The quote closes the podcast, expressing the hope that listeners found the content useful and reinforcing the brand of the podcast.