In this episode, Alex (@AlexHormozi) explains why most education businesses struggle with churn and sellability, not because their content is bad, but because they confuse one-time value with ongoing value, and price them wrong.Welcome to The Game w/Alex Hormozi, hosted by entrepreneur, founder, investor, author, public speaker, and content creator Alex Hormozi. On this podcast,t 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 and will learn on his path from $100M to $1B in net worth.Wanna scale your business? Click here.Follow Alex Hormozi’s Socials:LinkedIn | Instagram | Facebook | YouTube | Twitter | Acquisition Mentioned in this episode:Get access to the free $100M Scaling Roadmap at www.acquisition.com/roadmap
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We have to answer, what problem are we solving? If people are churning and you have an education business, well, unless you're doing continued education, that is the nature of the business and you probably miss price on the back and probably miss price on the front end.
This is where service businesses start to sprout off of education because they're not coming for the education, they're coming for the service. They come for the service, they'll keep paying for the service if it's good. Back streets, back, all right. Or is it let's go? I don't know. I actually don't know the words to the song.
Don't know the words to any song, believe it or not, except for one that I did for poetry class in seventh grade because I actually had to like write it down. So I'm a very visual learner. Literally can't remember any of the song lyrics. Anyways, that's not why you're here. I am on a little bit of a roll this morning because I've had a lot of things that have been percolating.
I haven't done one of these in a minute. I've just had a lot of backlog of like consistent questions that I get around the same themes. And I wanted to make stuff to like... just put a nail, you know, drive a nail into the coffin, like not have to, basically it's like, I want you to not like this, like this is solved. Like you don't have to think about this one again.
Like this is, this is the, this is, I won't say the answer, but I'll do my very best. So here's the issue. Many people have education businesses. And so that means books, courses, you know, media, speaking, coaching, all of that stuff. Right. And they want to make sellable businesses and And they also want their customers to never leave.
And so they have these problems, which is that customers are leaving and their business isn't sellable. And they think there's something wrong with their business. And the answer is maybe. So let's dive into this. Number one, what makes Harvard Harvard? Like, why is Harvard different from whatever one, two, three, you know, coaching education business?
OK, well, number one is that Harvard has standards. So they have many people apply and only a few get in. If you accept everybody who has a credit card, that's not a very high standard. And so if you want to create a brand around education, you can't let everybody in. Thing number one. Thing number two, Harvard makes no promises.
They don't say, hey, you're going to make this much money and you're making this many days. So they've completely gone away from that. Instead, it's just it costs this much money to get in and you might not get a result. Now, here's the here's the craziest part. Number three, not everyone passes. So not only does not everyone get in and everyone pays with no promise, not everyone passes.
And so if you just look at those three criteria, there's more. But if you just look at those three criteria, you'd be like, oh, that's why they're different from 99% of other education businesses in general. They also do education. Now, what else is different about their thing?
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