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. Leave some feedback: What should we talk about next? Please let us know in the comments below. 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 See omnystudio.com/listener for privacy information.

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