The difference between a $10k per month business and a $100k per month business usually boils down to one thing:
The ability to scale.
Scaling a business is a tricky hurdle that all entrepreneurs will face when trying to take their business to the next level.
In this article, I’ll share three exercises used by Alex Hormozi to scale the businesses in his portfolio of companies. What’s more, I’ll even give you the ChatGPT prompts you can copy and paste to apply these exercises directly to your business.
Exercise 1: What if the product was 10x the price?
The first exercise is a thought experiment which requires you to imagine if your main product or service was 10x the price. What would you have to deliver to make it worth the price?
Whats the goal?
Alex Hormozi is a strong believer in charging as much as you can for your product and services. This exercise will help you identify the ways you start ramping up your pricing.
If you can charge more (while delivering value), your business is going to grow.
How can ChatGPT help me?
Use this prompt in ChatGPT to help you brainstorm the things you would need to do to 10x the value of your product and services.
Prompt: I want you to help me conduct a thought experiment to improve my product / service.
My product/service is [PRODUCT/SERVICE]. My target audience is [TARGET AUDIENCE]. My product/service costs [PRICING].
The thought experiment is as follows: If the product was 10x the price, what would we have to deliver for it to be worth that price?
Example prompt
Example ChatGPT result
Exercise 2: Reduce your costs (and become more profitable)
The second exercise requires you to imagine your product was one-tenth of the price. If that was the case, what systems, processes and products would you have to build to provide the service profitably at that price.
What’s the goal?
To successfully scale your business, you must be able to bring on more customers without adding too much additional operational drag or costs. This exercise demands you to consider the ways you could make that possible.
How can ChatGPT help me?
Copy and paste this prompt in ChatGPT to use the power of AI to analyze your business and figure out how you could decimate the cost of delivering your product or service.
Prompt: I want you to help me conduct a thought experiment to improve my product / service.
My product/service is [PRODUCT/SERVICE]. My target audience is [TARGET AUDIENCE]. My product/service costs [PRICING].
The thought experiment is as follows: If the product was 1/10 (one-tenth) of the price, what would weneed to build to provide the same value to customers?
Example prompt
Example ChatGPT result
Exercise 3: Unlock word-of-mouth marketing
The third and final exercise used by Alex Hormozi requires you to imagine you are no longer allowed to do any marketing at all. The only new customers you can earn is through word of mouth. If that’s the case, how would you change or update your customer experience?
What’s the goal?
Word-of-mouth marketing is the most effective and cost-efficient way to market your products and services. Any business that hopes to scale will need to create a product or service that people are willing to recommend.
This exercise is designed to make you focus on making this a priority.
How can ChatGPT help me?
Use this prompt in ChatGPT to make your customer experience so good that they have to tell everyone about it.
Prompt: I want you to help me conduct a thought experiment to improve my product / service.
My product/service is [PRODUCT/SERVICE]. My target audience is [TARGET AUDIENCE]. My product/service costs [PRICING].
The thought experiment is as follows: All we have is our existing customers and we are not allowed to do any more marketing. The only way to get more customers if through word of mouth. If that was the case, how would our customer experience change?
Example prompt
Example ChatGPT result
It’s time to take action
Don’t let this be like all the other content you consume and forget.
I am pleading with you to open up ChatGPT and try this prompt out for yourself. I tested this prompt with several business owners, and they were shocked by how useful the responses are.
Now it’s your turn.
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