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.
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