The Difference Between 7-, 8- and 9-Figure Businesses | Ep. #551

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 2 February 2018

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In episode #551, Eric and Neil lay out what makes a 7-figure business, 8-figure business, and 9-figure business. Tune in to hear great tips about how to gradually scale up your company. Time-Stamped Show Notes: [00:27] Today’s Topic: The Difference Between 7-, 8- and 9-Figure Businesses [00:46] 7-figure businesses want a return on investment. [01:00] You want a 5:1 return, on average. [01:15] 8-figure businesses want to break even on their ad spend. [01:53] 9-figure businesses are willing to lose money at first. [02:13] They know the worth of a return customer down the road. [02:30] To compete, you need to outspend and have a funnel that converts very well. [03:00] “He who spends the most to acquire a customer, wins.” [03:58] Russell Brunson may lose money on the initial sale, because of his skill at setting up funnels he will recoup that money in the end. [04:30] It's hard to build a big business, unless you are willing to lose money up front. [04:45] You have to have the stomach for losing money. [05:00] The Microsofts and the HubSpots probably lost money their entire first year in business. [05:25] To build a successful 7-figure business, you have to hit product market fit. [05:41] 8-figure businesses capitalize on past successes and drop what isn't working. [06:15] 95% of the time, it's a process problem. 5% of the time it's a people problem. [06:54] When you're looking to go from 7, 8 or 9 figures, you need to look to your teams to start scaling up. [07:30] You have to know what you want and go for it! [07:34] That's all for today! [07:36] Go to Singlegrain.com/Giveway for a special edition of Crazy Egg, the heat mapping tool. 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: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0	Get ready for your daily dose of marketing strategies and tactics from
0:06.8	entrepreneurs with the guile and experience to help you find success in any
0:11.4	marketing capacity. You're listening to marketing school
0:14.5	with your instructors Neil Patel and Eric Sue.
0:19.4	All right guys before we start we got a special message from our sponsor.
0:27.0	If you want to rank higher on Google, you got to look at your page speed time.
0:31.5	The faster your website loads, the better off you are. With
0:34.4	Google's core vital update, that makes it super, super important to optimize your
0:38.5	site for low time. And one easy way to do it is use the host that Eric and I use dream
0:44.5	host so just go to dream host or Google it find it check it out and it's a
0:49.3	great way to improve your load time.
0:51.6	Welcome to another episode of Marketing School.
0:55.0	I'm Eric Sue and I'm Neil Patel and today we're going to talk about the difference between
1:00.0	seven, eight, and nine bigger businesses.
1:02.0	So we're going to talk about it from two perspectives,
1:03.8	from marketing and also from entrepreneurship as well.
1:06.6	I'll kick it off by talking a little bit about kind of seven figures,
1:09.1	kind of the expectation for marketing,
1:10.8	and I'll let Neil kind of cap it off with eight and nine figures and then we'll jump into more of a more of a discussion.
1:15.8	So you know what seven figure kind of businesses when you're marketing one you want to return on your money right?
1:21.6	You want to return on ad spend return on investment now when you think about the e-commerce company usually you know when they come to us they're looking for you know a four to one or five to one kind of roas or return on that spend right so you want to get you
1:34.2	you put a dollar in you get a certain amount back right so that's what it looks like
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Eric Siu and Neil Patel, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Eric Siu and Neil Patel and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.