The MARKETING Expert's Guide to Making More Money | Neil Patel π΅ 109
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How does Neil Patel evaluate investment opportunities?
When I used to invest in companies, I would look at things like, first off, is it a big TAM? TAM stands for Total Addressable Market. It doesn't matter how good you are at execution, if you go after a really tiny market, if you capture 100% of it, you're only going to make so much money. So you want to go after big markets where people are spending hundreds of billions a year. If someone captures 1% of it, you're generating a billion in revenue a year. That's a lot of money.
Larry Ellison calls from Oracle. He wants to buy NP Digital. He's going to offer you a billion dollars. Would you sell it?
No.
love what i'm doing ladies and gentlemen welcome to a very special edition of the money mondays we are here inside of the rv motorhome parked right outside of ty lopez's house because there's an event going on inside so we pulled up the rv right into his driveway and i've been doing back to back to back to back podcasts with local friends luckily neil patel happens to live nearby in Beverly Hills. And so I was super excited to get him over here because he's a very, very busy character. He's built some amazing companies over his career, from Kissmetrics to Crazy Egg and everything in between, been acquiring companies left and right. And so we're going to ask him three core topics, how to make money, how to invest money, and how to give it away to charity. Without further ado, Mr. Neil Patel, give us a quick two-minute bio so we can get straight to the money.
What is NP Digital and how does it operate globally?
My name is Neil Patel. I am the co-founder of NP Digital. We're a global ad agency, have a few software companies, and we spend our time just helping companies grow, drive more traffic, lead sales, and pretty much it.
The fastest intro in Money Monday's history in 109 episodes.
On like two minutes, I'm like, I already dragged it out. I'm like, I got like two seconds, but all right.
Okay. Walk us through what is NP Digital? When you say a global ad agency, what does that mean?
Yeah, so we are in, I think, 20-ish countries, 19 or 20, something like that, or 21. We have people all around the world. And let's say if you're a company like L'Oreal, which we work with, or Adobe, or pick a name, you know, where they say we need to do marketing to sell more cosmetic products or software or enterprise security, whatever it may be. We market to companies and people within all the countries that they're targeting.
When should a company consider hiring a marketing agency?
So why do Fortune 500 companies that have zillions and zillions of dollars, why don't they work in-house? Why do they hire ad agencies or why do they hire firms like yours?
They typically have people in-house and then they hire companies that specialize in certain things that they can help their internal team just get faster results and better results.
So when a company is first getting going, they're doing their first million, five million, ten million, they're really getting their bearings about them. When do you think it's time to start to consider to hire an agency?
You can hire one at any stage. I don't necessarily know if everyone needs one, but like for example, if you're at a million, $2 million, there could be a contractor that you know that will charge you $2,500 a month and can do really well and just drive a ton of Facebook ads and drive you more revenue. And that's great. If you hire someone full-time internally, it may cost you a hundred grand a year. Why not pay the person 2,500 bucks a month, which ends up being $30,000 a year, which is way cheaper than hiring that full-time person for a hundred grand a year.
So someone's fresh out of college and they're making a decision. They want to go get a job working for NP Digital or they're going to go start their company, start their business, be an entrepreneur. How does someone make a decision for themselves? Should I get a job? Should I become an entrepreneur? Should I sit home and do nothing? Should I travel the world? What would you say to someone that's first trying to figure out their life?
do whatever you're passionate about. If you already know you love something like cooking or making necklaces or hats, go do that. If you're like, one day I want to start a business in this space, instead of just going off and starting a business, I highly recommend working for someone for a little bit. Ideally a fast growing growth stage startup, not an early startup, but a growth stage one.
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Chapters
6 chapters
1
How does Neil Patel evaluate investment opportunities?
0:00β1:18
2
What is NP Digital and how does it operate globally?
1:18β2:16
3
When should a company consider hiring a marketing agency?
2:16β4:14
4
Should you pursue a job or start your own business?
4:14β5:30
5
How should you start investing your money?
5:30β9:58
6
What factors does Neil Patel consider in acquisitions?
9:58β24:02
Speakers
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