Neil Patel
๐ค SpeakerAppearances Over Time
Podcast Appearances
So we probably paid closer to 12-ish times, 12, 13-ish times profit on the business. But when we took it over, we were able to provide really quick growth. And within six months of spending time on it, we bought it and we let it sit there because we didn't have time for our integration team and some of our development team.
But just in the first six months, we've owned it for quite a bit longer now and we've seen good growth even after. But in the first six months, we were able to take it from, call it, 60 a month in profit to 200 plus grand a month in profit, literally in just a six month time. And then we're able to see more growth after that.
But just in the first six months, we've owned it for quite a bit longer now and we've seen good growth even after. But in the first six months, we were able to take it from, call it, 60 a month in profit to 200 plus grand a month in profit, literally in just a six month time. And then we're able to see more growth after that.
But a lot of times there's just little things that you need to adjust and tweak to get more growth. And one of the biggest problems with Answer the Public was they had a $99 plan and we already knew the market for their product with the features they had, people would love it at $9 a month. So we created a $9 plan and that changed the business. Literally that one change.
But a lot of times there's just little things that you need to adjust and tweak to get more growth. And one of the biggest problems with Answer the Public was they had a $99 plan and we already knew the market for their product with the features they had, people would love it at $9 a month. So we created a $9 plan and that changed the business. Literally that one change.
And instead of saying you got to pay up front, we did a free trial because we knew free trials in this space convert better and just do seven days. And we knew if they took more payment options like PayPal, they would see another 16 to 18% lift for new revenue on a monthly basis. So there's just a lot of small things that they were doing wrong that we knew were easy fixes.
And instead of saying you got to pay up front, we did a free trial because we knew free trials in this space convert better and just do seven days. And we knew if they took more payment options like PayPal, they would see another 16 to 18% lift for new revenue on a monthly basis. So there's just a lot of small things that they were doing wrong that we knew were easy fixes.
And when I said the first six months, it was really only like two and a half months of change, but it took six months to really see all the results from those changes. And then After that, we were able to see a lot more progress, but it required much more work to see the future growth. But we knew going into the business, okay, we can get it to a real 200 a month in profit really, really fast.
And when I said the first six months, it was really only like two and a half months of change, but it took six months to really see all the results from those changes. And then After that, we were able to see a lot more progress, but it required much more work to see the future growth. But we knew going into the business, okay, we can get it to a real 200 a month in profit really, really fast.
And if you're buying something for... 8.6 and you're doing 2.4, you're paying less than four times profit. It's not hard to arbitrage. And we knew there was a path to getting to three, four, five, 600 grand a month in profit and the steps we needed to take to get the product there. So it was a really easy math equation for us.
And if you're buying something for... 8.6 and you're doing 2.4, you're paying less than four times profit. It's not hard to arbitrage. And we knew there was a path to getting to three, four, five, 600 grand a month in profit and the steps we needed to take to get the product there. So it was a really easy math equation for us.
I just done it long enough. I've done marketing for so many businesses and so many different verticals. You kind of figure out what works. I'm not saying because I'm smart or anything like that. I'm not saying because I'm a better marketer. And none of those are true. The only reason I'm saying it works is I just have done it for so many years in so many industries, not being smart.
I just done it long enough. I've done marketing for so many businesses and so many different verticals. You kind of figure out what works. I'm not saying because I'm smart or anything like that. I'm not saying because I'm a better marketer. And none of those are true. The only reason I'm saying it works is I just have done it for so many years in so many industries, not being smart.
You know, Elon Musk is considered smart in my book or Bill Gates, me on the other end of not knowing much and having a low IQ. You just learn what works and what doesn't by just doing something long enough and making enough mistakes.
You know, Elon Musk is considered smart in my book or Bill Gates, me on the other end of not knowing much and having a low IQ. You just learn what works and what doesn't by just doing something long enough and making enough mistakes.
Jack Ma said it best. He would recommend someone who's young to go work for someone else. learn from all the mistakes, build the network, learn on their dime. And then once you have the experience, maybe seven, eight, 10 years later, go start your own business. And a lot of times just going and doing something on your own right away isn't necessarily the best choice.
Jack Ma said it best. He would recommend someone who's young to go work for someone else. learn from all the mistakes, build the network, learn on their dime. And then once you have the experience, maybe seven, eight, 10 years later, go start your own business. And a lot of times just going and doing something on your own right away isn't necessarily the best choice.
Reason being is there's a lot that we can learn over the years. There's a lot of things that other people have done right that can help us in our future. There's a lot of networking opportunities that you can use in your future from the relationships you build from working for others.
Reason being is there's a lot that we can learn over the years. There's a lot of things that other people have done right that can help us in our future. There's a lot of networking opportunities that you can use in your future from the relationships you build from working for others.
And if you have this end goal, the quickest path to getting that end goal isn't necessarily to go from where you are to just try to do that. Sometimes you need to go in between and take a few extra steps to really accomplish what you're looking to do.