This episode breaks down the nuanced art of downselling to close more deals. Learn how to leverage psychological principles like reciprocity to make customers feel accommodated, securing a "yes" without simply lowering prices. Hormozi emphasizes genuine communication and identifying deal-breakers to strategically move conversations forward.
Key takeaways
Don't just lower prices; strategically adjust offerings (e.g., bundles, tiers) to create a perception of accommodation and value for the customer.
Utilize the principle of reciprocity by offering a concession, which can make customers feel obligated to reciprocate by accepting your adjusted offer.
Employ phrases like "fair enough?" after a concession to gauge customer acceptance and move the deal forward.
Focus on genuine, confident communication. Your tone and delivery are as critical as the words themselves in influencing a sale.
Clearly define your business's deal-breakers versus flexible aspects to avoid giving away too much value while still accommodating customer needs.
Make the customer feel like you are accommodating them in every way possible. Today, Alex (@AlexHormozi) talks about how reciprocity is one of the greatest persuasion tools when it comes to downselling, how to get your customer to genuinely say yes to your offer, and why your words and the way you say these words affect the flow of the conversation.Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast you’ll hear how to get more customers, make more profit per customer, how to keep them longer, and the many failures and lessons Alex has learned on his path from $100M to $1B in net worth.Timestamps:(0:56) - Downselling with skill, avoiding price lowering, using strategic cards(1:47) - Reciprocity: a powerful influence in human psychology.(3:11) - Properly using reciprocity in a downsell environment, asking for testimonials.(6:57) - Making clear deal-breakers, sounding convincing with "fair enough?"(7:55) - Goal: get customer to say yes, talk genuinely and convincingly.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition
What does this episode say about conversion & cro?
Don't just lower prices; strategically adjust offerings (e.g., bundles, tiers) to create a perception of accommodation and value for the customer.
What does this episode say about founder & leadership?
Utilize the principle of reciprocity by offering a concession, which can make customers feel obligated to reciprocate by accepting your adjusted offer.
What does this episode say about conversion & cro?
Employ phrases like "fair enough?" after a concession to gauge customer acceptance and move the deal forward.
What does this episode say about conversion & cro?
Focus on genuine, confident communication. Your tone and delivery are as critical as the words themselves in influencing a sale.
What does this episode say about conversion & cro?
Clearly define your business's deal-breakers versus flexible aspects to avoid giving away too much value while still accommodating customer needs.
