What You Should Do When Your Revenue Tanks | Ep. #538

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 20 January 2018

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #538 of Marketing School, Eric and Neil discuss what you should do when your revenue tanks. Tune in to hear why you should have a plan of action for this eventuality and tips on how to overcome this hurdle. Time-Stamped Show Notes: [00:27] Today’s Topic: What You Should Do When Your Revenue Tanks [00:37] Everyone has their ups and downs, no business keeps climbing forever. [00:53] Microsoft once invested in Apple, so that they wouldn’t go bankrupt and Microsoft wouldn’t end up facing antitrust lawsuits. [01:15] Revenue often tanks, because companies are distracted. You can’t lose focus on your main revenue source. [01:45] Revenue also drops, because companies stop innovating their core products. [02:15] Rocket Fuel is a great book about a visionary and an “integrator”. [02:45] You need to have preventative measures in place for when your revenue takes a dip. [02:55] Even consider short-term loans from places like Kabbage. [03:10] Someone from IBM once made a billion dollar mistake. The CEO simply called it a “billion dollar lesson”. [03:41] It’s important to have a plan for when your revenue tanks and learn from the mistakes that led you down this path. [04:45] Once everyone is on the same page with the same goal, you can get your company back on track. [05:00] Neil puts a person in charge of each aspect of the funnel or business process. [05:30] Once your revenue tanks, create your action plan. [05:52] Neil believes in firing the squeaky wheel, as opposed to considering it a lesson learned. [06:15] Survey your clients about their satisfaction levels. [07:04] Have a weekly sales meeting cadence, so it’s quick, informative, and concise. [08:10] Eric likes to use Ask Nicely for his surveys. [09:03] That’s it for today. [09:06] 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

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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.
0:56.0	And I'm Neil Patel.
0:58.0	And today we're going to talk about what you should do
1:00.0	when your revenue chanks.
1:01.0	And Neil, this has probably happened a couple times in your
1:03.6	businesses it's happened in my businesses so do you want to go first yeah you look
1:08.0	at people you can look at me you can look at the Elon Musk the Gary Vanererchucks, the Peter Theles of the world.
1:14.7	I don't care who they are.
1:16.0	Everyone has their ups and downs.
1:18.1	No business just keeps climbing forever.
	...

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