The REAL Reason Your Business Isn’t Growing

Summary

• If you're an entrepreneur with a profitable business, resist the urge to expand by launching new product lines. Focus on improving customer acquisition within your current niche.
• Don't equate the inability to spend more on Facebook ads with market saturation. Your mindset, not your market, is the limitation.
• Examine your marketing from the ground up: methods, platforms, media types, and volume. Adjust these variables to attract more customers.
• To select a good market for your business, ensure it meets these criteria:
  • Customers are experiencing pain that you can solve.
  • Easy to identify and reach potential customers.
  • Customers have the financial means to purchase your product or service.
  • The market is growing.
• To expand your market presence, consider the Pyramid of markets, which suggests five ways to grow:
  • Go "up market" to sell to customers with larger budgets.
  • Go "down market" to cater to a larger, more price-sensitive audience.
  • Explore adjacent markets that are related but distinct from your current one.
  • Broaden your market to encompass all related submarkets.
  • Narrow your focus to specialize in a particular aspect and become the go-to expert.
• Market saturation is often a misconception. Most industries have room for growth that hasn't been tapped into yet.
• Consistency and patience are key. Building a successful, large-scale business takes time, much longer than most people anticipate.
• Address the "should do's" in your business, like better lead follow-ups or diversifying ad platforms, to incrementally improve lead generation and growth.

Video

How To Take Action

I would suggest starting with these steps to grow your business without spending a lot of money or time:

1. Focus on Your Niche: Keep improving how you get customers in your current niche. Don't rush to add new products. Get better at selling what you already have.

2. Mindset Over Market: If you think you can't spend more on ads, it's likely your mindset. Remember, it's not always the market; sometimes, we limit ourselves. So think bigger and adjust your strategy.

3. Marketing Makeover: Look at your marketing from top to bottom. Maybe you can try different ways to reach customers, not just Facebook ads. Can you use more videos or different social media? Can you post more often?

4. Pick a Strong Market: Make sure it's a good one by checking these things:

   • Can you solve a big problem for customers?
   • Can you find your customers easily?
   • Do they have money to spend?
   • Is the market getting bigger, not smaller?

5. Explore Market Growth: Try these ideas from the Pyramid of Markets:

   • Sell to richer customers ("up market").
   • Offer something cheaper for more customers ("down market").
   • Sell to related businesses every day, just different ("adjacent markets").
   • Reach out to all kinds of similar customers ("broaden market").
   • Be the best at one special thing ("narrow focus").

6. Be Patient and Consistent: Remember, building a big business doesn't happen overnight. Take your time and keep at it every day.

7. Fix the 'Should Do's': What could you do better? Follow up faster with customers? Use different ad sites? Get these small things right, and you'll start to see more growth.

Remember, you probably haven't tapped into all the chances to get more customers. Do one of the things I said, then try another. Keep going until you've tried them all. It takes a lot of work, but that's how businesses get big.

Quotes

"Your Market isn't capped, your mindset is capped"

– Alex Hormozi

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"Big [__] takes time"

– Alex Hormozi

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"If you're not even close to tapping the methods, the platform, the media or the total amount of volume you need to do to reach all of those people within that Niche, then you should Niche down"

– Alex Hormozi

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"If you're trying to sell to broke people, it's probably not going to be a good idea"

– Alex Hormozi

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"There's not a lot of billionaires under 30 that made it themselves"

– Alex Hormozi