4 Ways To Get Ahead of 99% of People
Summary
- Focus on one competitive advantage to beat 99% of businesses. You can choose from speed, risk, price, or ease.
- Speed is crucial. Delivering faster than others gives you a strong advantage, and it usually doesn't cost more. Make processes quicker through templates and pre-made items, and increase availability.
- Be consistent and reliable to reduce perceived risk. Build a reputation for delivering what you promise to encourage customer loyalty.
- Use guarantees to manage short-term risk, especially if you're just starting and don't have a strong reputation yet.
- Compete on price only if you can structure the entire business to be cost-effective from day one without sacrificing quality.
- Use AI, automation, and offshoring to reduce costs and maintain profitable operations without lowering the quality of service.
- Make your product or service easy for customers by removing obstacles. Simplify and streamline processes to enhance user experience.
- Decide on which advantage matters most to your customer and focus on executing it exceptionally well.
- Strategy is about identifying and excelling in one of these four vectors. Prioritize based on what is most valued by your customer base.
Video
How To Take Action
I would suggest implementing a strategy based on one key advantage to outshine other businesses. Focus on speed, as it’s often the easiest win. Make the shopping or service experience faster for your customers by using templates or pre-made items, so they don’t have to wait long. Start by identifying areas where things slow down and create templates that can help speed up these processes, like response emails or standard procedures.
Next, ensure you’re a reliable option by delivering consistent and high-quality results. This approach decreases perceived risk and bolsters customer trust. Try offering guarantees to new customers if you're establishing trust without a strong reputation. Reliability will encourage loyalty, so ensure you deliver what you promise, on time, every time.
Competing on price? Only do this if you can keep costs low without losing quality. Utilize technology like AI, offshore workers, or automation to cut costs while maintaining service quality. If ease is more important to your customers, streamline your processes to make your product or service simple to use. Remove unnecessary steps and think from the perspective of solving problems for the customer.
Decide which competitive advantage—speed, risk reduction, price, or ease—matters most to your customers and focus on excelling in that area. Stick to one, master it, and ensure it aligns with what your customers value most.
Quotes
"You can beat 99% of other businesses if you only pick one thing to beat them on"
– Alex Hormozi
"Speed rarely actually costs more; it typically comes from idea alpha"
– Alex Hormozi
"Fast beats free"
– Alex Hormozi
"Customers do not understand multiple benefits"
– Alex Hormozi
"Easy is when everything that's hard vanishes"
– Alex Hormozi
