这是用户在 2024-3-29 10:02 为 https://app.immersivetranslate.com/pdf-pro/f715e6b2-db9a-4604-ac2e-753a32f4059a 保存的双语快照页面,由 沉浸式翻译 提供双语支持。了解如何保存?

ג. Acquisition.COM  收购.COM



ALEX HORMOZI 亚历克斯·霍尔莫兹

Your First Avatar  你的第一个头像

"These aren't the droids you're looking for"
- Obi-Wan Kenobi, Star Wars: A New Hope

2019 - I can't remember the month.
2019 年 - 我记不得是哪个月了。

The room was cold and dark. Presenters filed on and off stage. We sat at the "cool kids" table for business owners who had software over ARR (annual recurring revenue). We felt good about ourselves. Our software company ALAN had recently crossed per mo threshold in its first six months.
房间里又冷又暗。演讲者们在舞台上进进出出。我们坐在“酷酷的孩子”桌子旁,这是为那些年收入超过 的企业主准备的。我们为自己感到自豪。我们的软件公司 ALAN 在前六个月里刚刚突破了每月 的门槛。
As we chatted between speakers, the event host got on stage. "Our next speaker is someone everyone should pay close attention to. This man is responsible for over billion in sales." The noise in the room quieted. The host continued, "...He is a specialist in pricing and profit maximization. He worked for years at Vista, one of the most renowned software private equity funds in the world." Gulp. Reality check. I'm still a minnow.
在演讲者之间的交谈中,活动主持人上台了。"我们的下一位演讲者是每个人都应该密切关注的人物。这个人负责超过 亿的销售额。"房间里的噪音渐渐安静下来。主持人继续说道:"他是定价和利润最大化方面的专家。他在 Vista 工作了多年,这是全球最著名的软件私募股权基金之一。"咽了口口水。现实检验。我仍然只是一条小鱼。
The speaker broke down the process Vista used to grow companies. Their method was unlike any I had heard. Here's how it worked.
演讲者详细介绍了 Vista 用于发展公司的过程。他们的方法与我听过的任何方法都不同。以下是它的工作原理。
When they consider acquiring a company, they analyze the company's current customers. They look for the customers who stay the longest and pay the most. Then, they score them according to this value. The highest scores go to the customers worth the most, the lowest to the ones worth the least. If they feel there's a vein of underserved valuable customers, they buy the company.
Once they buy a company, they'd cut channels that brought the low value customers. Then, they double down on the channels that brought in the best ones.
That's it. More of the high profit customers. Fewer low profit customers. Rinse. Repeat.
When he broke down the math, it became even more obvious. It was Pareto's principle (80/20) on steroids. Twenty percent of customers bring in eighty percent of revenue. If you replace the eighty percent with those high spenders, you grow the business . No small feat, especially in billion dollar companies. I wondered how I could apply this method across our portfolio. Since then, it's become a pillar of our value acceleration method (VAM) at acquisition.com
当他分解数学问题时,情况变得更加明显。这是帕累托法则(80/20)的加强版。百分之二十的客户带来了百分之八十的收入。如果你用这些高消费者替换百分之八十,你就可以发展业务。这对于亿美元的公司来说,不是一件小事。我想知道如何在我们的投资组合中应用这种方法。从那时起,它已经成为我们在 acquisition.com 的价值加速方法(VAM)的支柱。

Finding the Right Customers

Earlier, I talked about picking the right market. It's an important strategic business decision. Choosing the perfect avatar is a subset of that larger decision. This is where we become more nuanced about exactly who we serve, and more importantly, who we do not.
There are four steps to installing this process. I outline them below. Then, I share what we found after implementing this in Gym Launch. Here are the steps.
安装这个流程有四个步骤。我在下面列出它们。然后,我分享了我们在 Gym Launch 实施后发现的情况。以下是这些步骤。
  1. Survey your customers: Set up a form with the questions below and send it out. Or, for higher engagement, go over it with them live at an event or on a call. Make sure they show they completed it to receive some benefit. Ask them every relevant detail you'd want to know. Here's an example of questions I would ask business services customers:
a) Demographics: Who are they? Age? Gender? Political affiliation? Geographic location? Digital Location? Single/Divorced? Partnered in business or solopreneur?
b) Business Stats Before & Current. Revenue? Profit,? # of employees? Churn? Pricing? Products? Customer lifetime value? # of customers? Niche? How long in business?
b) 业务统计数据之前和现在。收入?利润?员工人数?流失率?定价?产品?客户终身价值?客户数量?利基?经营多久?
c) Aspirations: What was their goal upon purchasing your services/products? What problem were they trying to solve?
d) Buying Process: What's the single biggest reason they bought? Was there a trigger event that caused them to buy? Did they consume any specific piece of content? Was there a specific testimonial they consumed? How many pieces did they consume? When did they first hear about you vs when they bought? Where did they first see us? Did someone refer them?
  1. Find your biggest spenders: Sort the replies by the customers you like the most, spent the most, and stayed the longest. Focus on the top . Ignore the rest.
    找到你的最大消费者:按照你最喜欢的客户、消费最多的客户和停留时间最长的客户对回复进行排序。专注于前 名。忽略其他人。
  2. See what they have in common: This takes reading through all the answers and using your brain. I know. Thinking is hard. The good news is - your competitors won't do it - easy advantage. Goal: Come up with the fewest qualifiers they all have in common. Now, list them out. Usually there are three to five qualifiers.
    看看它们有什么共同点:这需要阅读所有答案并动动脑筋。我知道,思考很难。好消息是 - 你的竞争对手不会这样做 - 轻松获得优势。目标:找出它们共同拥有的最少限定条件。现在,把它们列出来。通常有三到五个限定条件。
  3. Execute: Once you have these answers you're going to do two important things.
a) Speak your new avatar. Be upfront about your customer requirements. Get all advertising to speak directly to them. You will repel the bad customers and attract the good ones. Stop selling anyone who does not meet your ideal customer
a) 说出你的新形象。坦率地表达你的客户需求。让所有广告直接与他们交流。你会排斥坏客户,吸引好客户。停止向不符合你理想客户的人销售。

requirements. Seriously, stop it. Then, increase effort on the channels these people come through
b) Re-engineer The Sales Process. Look at what caused these better customers to buy. Reverse-engineer the buying process your best customers went through. Then, make it happen on purpose.

Pro Tip: You Make More Because of Who They Are, Not Because of Who You Are

The profit you make comes from the premium you can charge for your stuff. The price reflects this premium. You can increase the price if you increase the value. The beauty of selling to better customers means you provide more value for the same work. Let me explain. You can charge more because of who they are, rather than who you are.
Quick Example. Imagine you're a sales page designer. Let's say you improved a sales page to convert from five percent conversion to seven percent. As a result, your client makes more money. Let's look at the value you provide two different customers for the same work. If company A made per month from the page, they now make per month. If they company B made per month, they'd now make per month. You work the same amount in both cases. But, you provided more value to company B (by a lot). And, you could charge for it. Let's say you charged 10% of growth. For the first business, you'd make per year. Not bad. From company B, you'd make per year. Much better. You gotta think different to make crazy money. Serving the right customer is one of those ways.
快速示例。想象一下,你是一个销售页面设计师。假设你改进了一个销售页面,将转化率从 5%提高到 7%。结果,你的客户赚了更多的钱。让我们看看你为两个不同的客户提供相同工作的价值。如果 A 公司每月从该页面赚取 ,现在他们每月可以赚取 。如果 B 公司每月赚取 ,现在他们每月可以赚取 。你在两种情况下工作的时间是一样的。但是,你为 B 公司提供了更多的价值(很多)。而且,你可以为此收费。假设你收取增长的 10%作为费用。对于第一个企业,你每年可以赚取 。还不错。从 B 公司,你每年可以赚取 。好多了。要想赚疯狂的钱,你必须有不同的思维方式。为合适的客户提供服务就是其中之一。
Pro Tip: What To Do If You Have No Customers - Start with what you know
Want to know how the best venture capitalists invest in startups? They pick the founders with past experience relative to the industry they want to serve. This makes sense. There's a lot of in depth knowledge that takes time to learn. A fast track for new entrepreneurs is to start with the industry you know the most about. Most of us have some inside knowledge due to friends, family, past jobs, etc. Even within that subset, you just want to pick the people you can help the most. Create a narrow target, then serve them first. Don't get fancy. Start with what you know, then branch out over time as you learn more. You can run the customer analysis process again once you have more customers to survey.
Here's what happened after we did it. We did steps one through three. We surveyed. We sorted for the biggest spenders. Saw what they had in common. Then executed. See the results of the e
Findings from steps 1-3 about our best customers:
关于我们最好的客户的步骤 1-3 的发现:
Demographics: Right leaning/conservative, Married, 25-45, Male, Gym Owner, US-based
人口统计学:右倾/保守,已婚,25-45 岁,男性,健身房业主,美国为基地
Business Requirements: Signed Lease, Employees minimum, Per Month Revenue Minimum when starting, Min 30 Existing Clients
业务要求:签署租约,最少 名员工,起步时每月最低 收入,最少 30 个现有客户
Aspirations: gym, not work so much, open more locations
Buying Reasons: Not enough leads, "bad market", bad pricing, can't find good employees
Step 4a: New Redefined Avatar: We surveyed our customers to see what the top 20 percent had in common. In other words, we got to see what our most successful customers looked like. Actions: We focused on the audiences that had the highest concentration of these types of gym owners. We spelled out our requirements in our ads and pages. We talked only about the specific problems and aspirations of our best customers, rather than all customers.
步骤 4a:全新定义的头像:我们对我们的客户进行了调查,看看前 20%的客户有什么共同点。换句话说,我们了解了我们最成功的客户的样貌。行动:我们专注于那些拥有这些类型健身房业主最高密度的受众群体。我们在广告和页面中明确了我们的要求。我们只谈论我们最好的客户的具体问题和愿望,而不是所有客户。
Findings from step 1-3 about how they bought:
关于他们购买方式的 1-3 步骤的发现:
After looking at the data, we found that of our top customers had consumed AT LEAST TWO pieces of long form content before purchasing from us. This means that if we
在查看数据后,我们发现我们的 顶级客户在购买我们的产品之前至少消费了两篇长篇内容。这意味着如果我们

got on the phone with someone who had not done that, our chances of selling them were lower.
Step 4b: Reverse-engineer buying process. Actions: My team then recreated this "ideal" buying experience. From this point onwards, we injected two long form high value content pieces to each lead as a part of their buyer journey. And, we increased our total output of content. On top of that, we created a list of our "all time greatest hits" of content to arm the sales team. They then hand select two to three pieces they think could help the prospect. By doing that, they forced them to go through the same buying process that caused our best customers to buy. Note: They were not disguised sales pitches, they were genuinely value-in-advance content. (Like this, hopefully).
步骤 4b:逆向工程购买过程。行动:我的团队随后重新创建了这个“理想”的购买体验。从那时起,我们在每个潜在客户的购买旅程中注入了两个长篇高价值内容。此外,我们增加了我们的内容总产出。除此之外,我们还创建了一个“有史以来最佳内容”的列表,以供销售团队使用。然后,他们手动选择两到三个他们认为可以帮助潜在客户的内容。通过这样做,他们迫使他们经历与我们最好的客户购买时相同的购买过程。注意:它们并不是伪装的销售推销,它们是真正有价值的内容。 (希望就像这样)。

A Comparison 一个比较

A while back, I considered buying an equity stake in a business services company that served fitness business owners. I spent the morning with the business owner learning about his business metrics. From speaking with him, I discovered that despite the owner serving the same vertical as me, and making the same number of total sales, hewas making 70x less profit (yes, seventy times less!) Spoiler: it wasn't because we're brilliant. It's because figuring out the most valuable customers to sell to works.
前段时间,我考虑购买一家为健身业主提供商业服务的公司的股权。我与业主一起度过了一个上午,了解他的业务指标。通过与他交谈,我发现尽管业主与我服务于同一垂直领域,并且总销售额相同,但他的利润却少了 70 倍(是的,少了七十倍!)剧透:这并不是因为我们很聪明。而是因为找到最有价值的客户进行销售是有效的。
The difference. They accepted anyone with a pulse and a credit card. As a result, they dealt with high customer churn, high costs of acquisition, low retention rates, and lower satisfaction scores. And it had to be that way. Compared to ours, their advice was generic. On the other hand, we selectively pursued and catered to the highest value customers. We ignored all others. This gave us higher retention, higher gross margins, premium pricing, and lots of repeat business. Same market. Different customer segmentation. Monstrously different results. This stuff matters.

Quality > Quantity 质量 > 数量

Many competitors try to recreate our buyer journey. However, they don't fully commit. They panic, then cut out steps to get more volume. This is often a mistake. In my experience, everytime we removed qualification steps, our lead volume increased, but we made less money. Merging marketing and sales into one acquisition department solved this problem for good. Marketing stopped complaining that the sales team wasn't closing. Sales team stopped complaining that they

wanted more leads. Everyone came together to focus on what mattered: closing lots of valuable deals. We now use the optimal amount of steps to generate the highest return on advertising over the long haul.
Example: I would rather pay to acquire than pay to acquire (even though it costs five times as much).
我宁愿支付 来获取 ,也不愿支付 来获取 (即使它的价格是后者的五倍)。
Knowing your ideal buyer journey forces patience. You see the business holistically, rather than as a widget to be sold to as many people as possible. The ladder is how small newbie entrepreneurs think - don't think like that.
了解您理想的购买者旅程需要耐心。您将业务视为一个整体,而不是一个要尽可能卖给尽可能多人的小部件。阶梯是小型新手企业家的思维方式 - 不要像那样思考。
To give some context, the average Gym Launch competitor has an LTV of around . I know because I've looked at buying their businesses. Our LTV is north of . Now despite the LTV being only 6-8x higher, the subsequent margins that occur as a result are breathtakingly different. For a moment, I want you to imagine 8x your price, and keeping your costs the same. How much more profit would you be making? Probably a lot. That's the difference.
为了提供一些背景,平均健身房启动竞争对手的生命周期价值(LTV)大约是 。我知道这一点,因为我考虑过收购他们的业务。我们的 LTV 超过 。尽管 LTV 只高出 6-8 倍,但由此产生的后续利润率却截然不同。想象一下,如果你的价格增加了 8 倍,而成本保持不变,你将获得多少更多的利润?可能会很多。这就是区别所在。
Once you narrow down your focus, you serve fewer customers in the short term. This may mean a short team decrease in revenue (due to the cost of change). But over the long haul, you get a long term with higher retention and profitability. And unless you're planning on quitting business, why wouldn't you make the right long term call?

Pro Tip: Sell To People Who Don't Stop Buying

Fortunes are created when we sell things that customers don't stop buying. So our goal should be either to improve our product such that they all want to keep buying, or limit our avatar so we only serve the people that have those traits. Either solution works. This chapter relates only to changing the avatar to get the result.
Note: There's a reason companies that have enterprise clients tend to get higher multiples. Reason: they deal with better customers who can afford more, have resources to deploy, and are generally easier to deal with than bottom-feeders. And most importantly, once they start buying, they tend to continue to buy.

How to Use This Chapter to Get More High Quality Leads Immediately

You have three actions to do at the end of this chapter to get more leads. First, survey your existing customers. Next, use this data to decide which characteristics are leading indicators of high value customers. Finally, use this information to change your messaging in your advertising, and re-engineer a sales process for them specifically.
Over the long haul, this increases the quality and quantity of your lead flow. It also increases your average customer value as you are weeding out all the less-than-qualified potential customers up front.
Growing a business comes down to selling more customers or making them worth more. This chapter accomplishes both. You get more clients because your marketing becomes more tailored. And, you make your clients worth more by exclusively selling the highest value people. It feels like cheating because it's so obvious. But here's the great part - no one does it. Getting this step right will act as a force multiplier on the remaining contents in this book.
Now that we know who we are looking for? Is there any other way we can scale our avatar? Short answer - Yes. And we will tackle that on our next adventure.
READ THIS:  阅读此内容:
Our average portfolio company 3.01X profits in first 12 months. And between month 12 to 24, they increase profit . If we don't help you triple your business in five years, you can keep our investment, and we stop getting paid.
我们的平均投资组合公司在前 12 个月内获得 3.01 倍的利润。在第 12 个月到第 24 个月之间,他们的利润 增加。如果我们不能帮助您在五年内使业务增长三倍,您可以保留我们的投资,我们将停止获得报酬。
DO THIS: 做这个:
If you have a business, and want to scale it to and beyond, fill out an application at Acquisition.com. We'd be happy to see if we can help.
如果您有一家 企业,并希望将其扩展到 及更大规模,请在 Acquisition.com 上填写申请。我们很乐意看看是否能提供帮助。