In episode #551, Eric and Neil lay out what makes a 7-figure business, 8-figure business, and 9-figure business. Tune in to hear great tips about how to gradually scale up your company.

Time-Stamped Show Notes:  
[00:27] Today’s Topic: The Difference Between 7-, 8- and 9-Figure Businesses
[00:46] 7-figure businesses want a return on investment.
[01:00] You want a 5:1 return, on average.
[01:15] 8-figure businesses want to break even on their ad spend.
[01:53] 9-figure businesses are willing to lose money at first.
[02:13] They know the worth of a return customer down the road.
[02:30] To compete, you need to outspend and have a funnel that converts very well.
[03:00] “He who spends the most to acquire a customer, wins.”
[03:58] Russell Brunson may lose money on the initial sale, because of his skill at setting up funnels he will recoup that money in the end.
[04:30] It's hard to build a big business, unless you are willing to lose money up front.
[04:45] You have to have the stomach for losing money.
[05:00] The Microsofts and the HubSpots probably lost money their entire first year in business.
[05:25] To build a successful 7-figure business, you have to hit product market fit.
[05:41] 8-figure businesses capitalize on past successes and drop what isn't working.
[06:15] 95% of the time, it's a process problem. 5% of the time it's a people problem.
[06:54] When you're looking to go from 7, 8 or 9 figures, you need to look to your teams to start scaling up.
[07:30] You have to know what you want and go for it!
[07:34] That's all for today!
[07:36] Go to Singlegrain.com/Giveway for a special edition of Crazy Egg, the heat mapping tool.

Leave some feedback:
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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

In episode #551, Eric and Neil lay out what makes a 7-figure business, 8-figure business, and 9-figure business. Tune in to hear great tips about how to gradually scale up your company. Time-Stamped Show Notes:   <ul> <li>[00:27] Today’s Topic: The Difference Between 7-, 8- and 9-Figure Businesses
</li> <li>[00:46] 7-figure businesses want a return on investment.</li> <li>[01:00] You want a 5:1 return, on average.</li> <li>[01:15] 8-figure businesses want to break even on their ad spend.</li> <li>[01:53] 9-figure businesses are willing to lose money at first.</li> <li>[02:13] They know the worth of a return customer down the road.</li> <li>[02:30] To compete, you need to outspend and have a funnel that converts very well.</li> <li>[03:00] “He who spends the most to acquire a customer, wins.”</li> <li>[03:58] Russell Brunson may lose money on the initial sale, because of his skill at setting up funnels he will recoup that money in the end.</li> <li>[04:30] It's hard to build a big business, unless you are willing to lose money up front.</li> <li>[04:45] You have to have the stomach for losing money.</li> <li>[05:00] The <a href="https://www.microsoft.com/">Microsofts</a> and the <a href="https://www.hubspot.com/">HubSpots</a> probably lost money their entire first year in business.</li> <li>[05:25] To build a successful 7-figure business, you have to hit product market fit.</li> <li>[05:41] 8-figure businesses capitalize on past successes and drop what isn't working.</li> <li>[06:15] 95% of the time, it's a process problem. 5% of the time it's a people problem.</li> <li>[06:54] When you're looking to go from 7, 8 or 9 figures, you need to look to your teams to start scaling up.</li> <li>[07:30] You have to know what you want and go for it!</li> <li>[07:34] That's all for today!</li> <li>[07:36] Go to <a href="http://www.singlegrain.com/giveaway">Singlegrain.com/Giveway</a> for a special edition of Crazy Egg, the heat mapping tool.</li> </ul> Leave some feedback: <ul> <li>What should we talk about next? Please let us know in the comments below.</li> <li>Did you enjoy this episode? If so, please leave a short review.</li> </ul> Connect with us: <ul> <li><a href="http://neilpatel.com/">NeilPatel.com</a></li> <li><a href="https://www.quicksprout.com/">Quick Sprout</a></li> <li><a href="http://growtheverywhere.com/">Growth Everywhere</a></li> <li><a href="http://www.singlegrain.com/">Single Grain</a></li> <li><a href="https://twitter.com/neilpatel">Twitter @neilpatel</a></li> <li><a href="https://twitter.com/ericosiu">Twitter @ericosiu</a></li> </ul> Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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Marketing School - Digital Marketing and Online Marketing Tips

In episode #551, Eric and Neil lay out what makes a 7-figure business, 8-figure business, and 9-figure business. Tune in to hear great tips about how to gradually scale up your company. Time-Stamped Show Notes:    [00:27] Today’s Topic: The...

The Difference Between 7-, 8- and 9-Figure Businesses | Ep. #551

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