Are you constantly getting great business ideas and not sure how to validate your next idea? If you're asking yourself, "will this business idea work?" and you already have a great thing going, take the advice from Brian Lee, and focus on your business until it's flatlined. Watch this video to learn how to validate your next idea with a simple philosophy. Both Eric Siu and Neil Patel share their favorite marketing advice on this episode of Marketing School Live - an live entrepreneur event with expert advice on SEO, digital marketing and influencer marketing.
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Full Transcript of The Video
There's only one other one I'm looking at right now, which is the SAS product that we're building, which is focused around on SEO. Other than that, people always ask me how did Neil and I crank out so much content, and how do we have the time. It's just because we batch everything out. We're gonna crank out probably 40 episodes in four hours, and then we're probably good until the new year.
So, that's probably ... Just batching things and organizing your calendar, and blocking that time out. A lot of people suck at that.
Neil Patel: I try not to evaluate new deals, I stick with what I have. There was a guy named Brian Lee. I had the problem of ADD, in which I was trying to do too many things. And there was a group dinner, and he's based somewhere in Santa Monica or Beverly Hills, or something. His first company was Legal Zoom, then ShoeDazzle, and then Honest Company with Jessica Alba.
So he's a guy who loves a business concept of, you find a problem, you find a celebrity and then boom you go after that market. ShoeDazzle, Kim Kardashian promoted that really well. And, he told me something that was really smart, that changed my perception. And nowadays I just focus on one thing and that's it.
In which he said, you should focus on your core business. The moment it starts flatlining in growth, and you can't figure out ways and you've tried many ways to keep growing it. He's like, the moment it flatlines and you can't grow it anymore, that's when you should expand and look into new ventures, or ideas, or expansion areas.
But, as long as you're consistently growing, or you have ways to keep growing, he's like, don't lose focus, just keep doing what you're doing 'cause it's working. Why would you try to divert your resources when you have something that's already growing and going up and to the right? One of the smartest things I've heard, and I didn't think about it that way.
And there is a time to shift focus. That is when your business starts flatlining, 'cause you have no choice but to expand into other avenues, or else your valuation is gonna go down. Your value based off not just revenue, but also your growth rate. So you need to consistently look at your growth rate, and if it's going up or declining.
Eric Siu: After SEO, what are some of the things you start thinking about for marketing?
Neil Patel: Go find influencers on Instagram, who have the same exact problem. Not the ones who have one million followers. People in the hair and beauty niche, 'cause there's a lot of people who have that demographics, and go give them their product for free, or go pay them a bit to post. It doesn't matter if ... Make sure they have at least 100,000 followers.
They don't need to have a million but, they need to be in your space. You'll generate a shit ton of sales from that. There was a company called Hex Tie that just sold ties on social media, and I think they got up to three or five million. But the key I learned when analyzing their business and numbers 'cause they shared it is, you have to get relevant influencers to post, or else it doesn't convert. And it's the quickest and easiest way.
You have to do that for a period of six months straight. So, every week you need to get multiple people to post for six months, and you'll your a revenue climb quite quickly after three months.
Eric Siu: The things I'll add to that is around, so Neil talked about influencers, there's also with the concept of micro-influencers. We're talking 5,000 to maybe 100,000. So, there's a company out there in L.A. called Unity Influence and you can start with them as low as $200. Full disclosure, I'm an investor.
But, they're ... I've heard really good stories from them, they're doing really well. And then, the other thing is, it just makes sense naturally. Daisy over here in the front, she's got a YouTube channel. She started her business off YouTube, so that's something to consider as well. It's really difficult nowadays, you probably have to pump out one video a day.
That might be a way ... You look at Neil's YouTube channel, how many views are you getting per month right now?
Neil Patel: Not as much as I want but, it's new, I'm getting around ... When I checked today I think it was last 130,000 over the last 30 days.
Eric Siu: Not as much as he wants. Yeah [crosstalk 00:04:04].
Neil Patel: I need [crosstalk 00:04:04] like a million a month.
