In episode #800, Eric and Neil discuss the best way to compensate marketers. Tune in to hear how you should be paying your marketing team.
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TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: The Best Way to Compensate Marketers
- [00:32] Before they started recording, Eric and Neil were discussing how the writers at Agora Financial do Billions in business.
- [01:07] On a podcast, they heard, a man was offered a job at Agora. The company offered to pay his rent for the first 6 months on the job, but the salary was small.
- [01:27] However, he was offered a dollar for every lead he was able to generate, as well as 1% of every sale that resulted from his leads.
- [01:47] In general, the best marketers are compensated in relation to their performance.
- [02:35] Once your business is established and you have built up a steady revenue stream, you may be able to get employees to take a small base plus performance incentives.
- [03:12] Everything is driven by incentives.
- [03:41] One of Eric’s friends recommends this: get the company to front $10,000 in ad spend for one month and you don’t pay the agency anything. If it works out, then you take on all the risk and grow from there.
- [04:38] Agora has their numbers down (they know what each customer is worth, etc.). If you are a new company, you may not have this information locked down and you may not be able to pay based on performance.
- [05:00] That’s it for today!
- [05:04] Go here to see how many downloads the show is getting. Also rate and review to help Eric and Neil meet their goal of 1 Million downloads per month.
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