In a discussion on business growth, the speakers highlight three critical levers: market selection, offer creation, and persuasion skills. They emphasize the importance of operating in a stable or growing market, as even the best offers and sales tactics cannot overcome a declining market. The conversation underscores the transformative potential of crafting a compelling offer, which can quickly elevate a business from average to extraordinary. Additionally, they stress the value of developing strong persuasion abilities to effectively market and sell products. The speakers encourage entrepreneurs to self-assess their position in these areas to identify growth opportunities and improve their business outcomes.
"And so the reason that investors look at this stuff is because they know that if you put a great entrepreneur in a bad market or a bad entrepreneur in a great market, the market will usually win."
This quote emphasizes the critical role the market plays in the success of a business, often outweighing the capabilities of the entrepreneur.
"Despite both of those things, he was not able to grow because he was in the newspaper market, which was shrinking by 25% every single year over eight years."
This quote highlights the specific challenge faced by Lloyd, where despite having a strong offer and sales strategy, the shrinking newspaper market led to the decline of his business.
"If you're in a horrible market, it doesn't matter how good your offer is, it doesn't matter how good your persuasive abilities are, you will not be able to outpower a bad market."
The quote reinforces the notion that the quality of the market is a determining factor in business success, and a poor market can negate even the best business strategies.
"And so these are the three biggest lever for growth in a business. Three big levers for biz growth."
This quote introduces the concept of growth levers in business, setting the stage for a discussion on what influences business expansion.
"Most of us are just in normal markets that are growing a normal amount. And the nice thing is, if you're in one of those markets, you can still make a tremendous amount of money."
This quote suggests that ordinary markets present ample opportunities for making money if one knows how to capitalize on them effectively.
"Welcome to the game where we talk about how to get more customers, how to make more per customer, and how to keep them longer, and the many failures and lessons we have learned along the way. I hope you enjoy and subscribe."
The quote serves as an introduction to the podcast's objectives, offering insights into customer-related strategies and business growth through shared experiences.
"And what I mean by that is what you are literally giving a customer in order to transact with them."
This quote defines 'offer' as the tangible value proposition presented to the customer for the purpose of a transaction.
"This is the products and services that you offer in exchange for money and the terms under which you offer them and what they need to do to redeem them."
This quote elaborates on the components of an offer, including the products, services, pricing, terms, and redemption process.
"Now, if you have an incredible irresistible offer, then more people will say yes, and you can make a tremendous amount of money."
The significance of crafting an irresistible offer is highlighted here, as it can lead to higher acceptance rates and profitability.
"If you were selling toilet paper during COVID it didn't matter what your offer was or how persuasive you were...you're going to make a ton of money."
This quote illustrates how extraordinary market conditions can override the need for a strong offer or persuasive skills.
"But most of us are in this market. Most of us are just in normal markets that are growing a normal amount."
The quote points out that most businesses operate in stable markets, where the strength of the offer is more critical for success.
"So some people are naturally good persuaders. They're good marketers, they're good salespeople."
This quote recognizes that natural talent in persuasion can be a significant asset in business.
"If I were in an amazing market, it doesn't matter if my offer persuasion abilities are good, I'll make a ton of money."
This quote suggests that in a highly favorable market, the need for strong persuasion is less critical, as demand is already high.
"If I'm in a bad market, it doesn't matter if I'm in good persuasion and good offering, I'm not going to make any money."
The quote emphasizes that in poor market conditions, even strong offers and persuasion may not lead to profitability.
"Real quick, guys, you guys already know that I don't run any ads on this, and I don't sell anything. And so the only ask that I can ever have of you guys is that you help me spread the word so we can help more entrepreneurs make more money, feed their families, make better products, and have better experiences for their employees and customers."
This quote is a direct appeal to the audience for support in sharing the podcast, highlighting its ad-free and sales-free nature and its purpose to aid entrepreneurs.
"mers. The only way we do that is if you can rate and review and share this podcast."
This quote emphasizes the importance of listener engagement in expanding the podcast's audience and influence.
"It'll take you 10 seconds or one."
Speaker D suggests that leaving a review is a quick and simple action for the listener but holds great value for the podcast.
"It would mean the absolute world to me. And more importantly, it may change the world with someone else."
The quote highlights the dual benefit of audience reviews: the personal gratification for the speaker and the broader impact it could have on others.
"But with an offer, you simply can repackage the value proposition, how you charge and the terms under which you offer your services."
Speaker A outlines how altering the presentation and terms of a service or product can significantly enhance its appeal.
"And the reason I call them that is because grand slams are both very rare and very good."
The metaphor of a "grand slam" is used to describe an offer that is outstanding and highly effective in the market.
"No matter how good your offer is in business, you go in for life."
This quote suggests that an exceptional business offer can secure enduring success, unlike the temporary victory of a grand slam in baseball.
"The only way for you to be hyper successful is to develop persuasion abilities and so that's learning how to market and sell, how to acquire customers through multiple channels."
Speaker A stresses the importance of mastering persuasion and marketing skills to achieve exceptional success in business.
"It takes a lot of time, takes a lot of effort, takes a lot of volume, takes a lot of practice, a lot of failure in order to get good at this."
This quote acknowledges the difficulty of acquiring effective persuasion skills, highlighting the dedication required to excel in marketing and sales.
"The first thing I'm going to do is check this off, is just say, like, are we making sure that we're not in a bad market and we're at least in a normal or good market?"
Speaker A indicates that evaluating the market position is a preliminary action when looking to grow a business.
"You'll know if you're in a good market, believe me."
The quote implies that the signs of being in a good market are evident and can be a strong indicator of potential business success.
if you're selling toilet paper, Covid-19 if you're selling hot dogs outside of a baseball stadium, as soon as the game lets out, you know you're in a good market.
This quote exemplifies the importance of market timing and relevance, highlighting how external circumstances can create lucrative opportunities for specific products.
What is the current offering? What are we doing in exchange for money? What are the terms of the agreement? What's the price point and what are they getting in exchange?
This quote outlines the fundamental questions a business owner should ask when assessing their business's offerings, focusing on the exchange of value between the company and its clients.
And so then what I will do is shift the business from here in this direction to create a grand slam offer.
The speaker discusses a strategic pivot aimed at improving the business's offerings to create what they refer to as a "grand slam offer," indicating a significant improvement in the value proposition.
And then finally, the last thing that you can do is you can develop all the skills of persuasion.
This quote emphasizes the importance of mastering persuasive techniques as a means to attract and retain clients, which is presented as the final step after optimizing the business offer.
So if you can rate yourself on these things, then you can identify where you have opportunities for growth and then follow these steps to get to where you want to go.
This quote suggests a methodical approach to self-assessment in key areas of business, which can reveal potential for growth and inform strategic decisions to enhance performance.