In recently reading Alex Hormozi’s book “$100M Offers“, he gave an interesting challenge. From the book:
10x to 1/10th test. If my customers paid me 10x my price (or $100,000) what would I provide? If they paid me 1/10th the price and I had to make my product more valuable than it already is, how would I do that? How could I still make them successful for 1/10th price? Stretch your mind in either direction and you’ll come up with widely different solutions.
It got me thinking a lot about the services we offer. If someone were to pay us 10x more for what we did, what kind of additional value could we deliver? This was a relatively easy one to sort out, but it certainly got me thinking.
The reverse was much more difficult. If someone could only afford 1/10 of our cost, what could we do to still help them out?
It reminded me of this popular video from a few years back:
It’s similar to the questions that Alex asked, and it applies to make different types of work. One of the top comments on that video says, in part:
I’m a hairdresser and I share this video all the time because clients tend to want the 10 minute job in the 12 second time frame and fail to understand why that’s not possible. Your video is a terrific visual aid to show them what a time or budget crunch will get you as a result.
If someone only has 1/10 the cash or a “12 second time frame”, that doesn’t mean that nothing can be done, but both parties should be keeping that in mind. Quality work takes time and/or money and if someone can do it far faster, quality is likely to dip.
Think about your own offerings. If you could get 10x (or 1/10) the revenue per product, how would that shape what you do? Just walking through those options might give you some interesting ideas.
