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Marketing School - Digital Marketing and Online Marketing Tips

The Great Reset

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.61.4K Ratings

🗓️ 9 May 2023

⏱️ 7 minutes

🧾️ Download transcript

Summary

In episode #2449, Neil and Eric talk about The Great Reset and how it applies to businesses. Many companies expanded faster than expected during the pandemic and did a lot of hiring. Now, regardless of whether we are doing well or poorly, we have to adjust our sizes to fit the market. Tuning in, you’ll hear about why we all have to be more scrappy and smart with our money, why we should adopt an immigrant mentality, and tips on how to thrive in these turbulent times.   TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: What the Great Reset is and how you can apply this to your business. [00:34] How companies expanded faster than expected in the pandemic and did a lot of hiring. [00:50] What expanding companies didn’t foresee and the impact of rising interest rates. [01:40] How companies are now adjusting their sizes to fit the market. [02:45] Why we’re all resetting regardless of whether we’re doing well or poorly? [03:45] Reseting discipline instead of catering to the masses. [04:56] Why do we all have to be more scrappy and smart with our money? [06:07] The need to adopt an immigrant mentality.  [06:45] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! 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 Twitter @neilpatel  Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0

All right, we're going to talk about the Great Reset.

0:04.8

So the Great Reset while Neil is drinking.

0:07.2

We were just talking about this beforehand.

0:09.6

And a couple of episodes ago, I talked about how I did this mastermind in Turkey and the high level there is that all of us as entrepreneurs

0:17.0

It doesn't matter if we're doing well or if we're doing poorly right now. We're all in a sense resetting from the basically all the changes that happened during the pandemic

0:26.6

and so we are now resetting back to our roots and we wanted to talk about what that great

0:30.7

reset actually means and how you can apply that to your business.

0:34.0

Right now what we're seeing is a lot of companies during COVID expanded quicker than they expected

0:40.4

and the main reason being is no one expected such a big boom and things transforming more digitally or online

0:47.6

so it caused a lot of businesses to hire. Well a lot of businesses including ours and many others like the Googles of Facebooks etc

0:55.8

None of us understood or knew how long this would last or not last or if we'd keep going or if things would go back to normal.

1:04.0

And none of us predicted a high inflation and B the feds raising rates so much

1:11.4

that it's slowing down certain sectors.

1:14.0

It's not necessarily slowing down things like travel.

1:16.6

People are still traveling like crazy.

1:18.2

Keep in mind during COVID.

1:19.8

A lot of people didn't really travel, so maybe they're making up for it if you want to call it but a lot of other sectors

1:26.4

They're going back and the main reason being is when you have interest rates rising at a very rapid pace, a lot of companies use debt to grow,

1:34.7

a lot of companies are publicly traded, their numbers get hit, so what do they have to do with

1:39.0

higher payments?

1:40.4

They got to end up cutting fat, laying off, doing different things in their business to make

1:46.7

sure that they're healthy.

...

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