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Marketing School - Digital Marketing and Online Marketing Tips

Neil Patel and Eric Siu's Biggest Business Mistakes

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.61.3K Ratings

🗓️ 5 July 2024

⏱️ 18 minutes

🧾️ Download transcript

Summary

In episode #2773, we discuss our biggest marketing and business mistakes in the last 12 months. Neil talks about the expansion of his ad agency, NP Digital, to multiple countries and the significant increase in expenses. We also share our mistake of prioritizing speaking engagements based on revenue rather than ideal customers. Don’t forget to help us grow by subscribing and liking on YouTube! Check out more of Eric’s content (Leveling UP YT) and Neil’s videos (Neil Patel YT) TIME-STAMPED SHOW NOTES: (00:00) Today's topic: Neil Patel and Eric Siu's Biggest Business Mistakes (01:00) Neil Patel and Eric Siu's Biggest Business Mistakes (17:46) That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency X @neilpatel X @ericosiu

Transcript

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0:00.0

I wanted to actually discuss your biggest marketing mistakes or business mistakes in the last 12 months and I'll discuss mine as well.

0:07.0

We really failed.

0:09.0

I would probably say the biggest area we felled.

0:12.0

With our ad agency N.P. Digital we went from pretty much

0:15.4

being in a handful of countries and when I say a handful India, U.S. and Brazil to then all of a sudden in roughly like a year period of time

0:26.1

we expanded a total of 19 or 20 countries somewhere around there I think it's 19

0:31.1

and the exact number. And we started burning a lot of money, not like a

0:36.6

million dollars a year or two million, I mean like burning a lot like substantially more. And we're

0:41.9

not venture back, so we're using our own money.

0:44.7

I want to start looking at the economics of some of these things like I look at in

0:48.7

Southeast Asia. Wait you have you have business mistakes and marking mistakes.

0:53.9

This one's business mistakes, right?

0:55.4

Just confirming.

0:56.2

Yes, business mistake.

0:58.1

And we were a little bit arrogant because we're looking at our leads and

1:01.1

our traffic in these regions.

1:02.8

We're like, okay, if we take our closing rate in the US,

1:05.7

we divide it by two, we adjust the price,

1:09.6

the revenue per region, we started calculating how much money we can make.

1:15.2

And it just didn't work out.

1:17.1

Like in some regions, you know, their sales processes were different, Mike had to get involved,

1:22.1

fix a lot of the sales.

...

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