• Sat. Feb 27th, 2021

one of the first startups that I ever created and I raced tons of money well over 10 million bucks for with KISSmetrics and guess what it didn't do well financially especially in the early stages we burned over 4 million dollars before we even saw our first dollar in revenue hi everyone I'm Neil Patel and today I'm gonna share with you three marketing mistakes that you ought to avoid the first tip I have for you is don't spend too much time building out your product without marketing it I kiss metrics what we would do is we're like oh my god we want to quit this best analytics tool and software and then we're gonna market it and then we're gonna make a ton of money spent years building it and then when we market it and you know what we found out people like Neal I don't understand why I need this that was a huge mistake not just a huge mistake on mine that was a huge financial mistake you're talking about four million dollars that's a lot of money the point I'm trying to make is if you're gonna create a product or service go out there and test the market there's nothing wrong with spending a few hundred dollars or a few thousand dollars or even just picking up the phone and talking people would be like hey John hey what's up this is my idea what do you think about this would you pay for it and try to even collect money even if you don't have your product or service and if people give you their money you could reap on them right away I'm not even saying yet to deliver the product just refund them say I'm sorry get on the phone with them apologize maybe give him a free Starbucks gift card and what you'll find is if what you're doing is gonna make you money or not so don't go out there spending a ton of time and energy building something without marketing it if you don't mark it whatever you're planning on building and knowing if people are willing to pay for it you could be making a huge mistake don't do what I used to do the second tip I have for you is don't market to everyone I don't care if you think everyone in the world would love your product that's not the case pick one audience muscle you see detergent companies out there you know largely detergent marking two moms or four babies or kids or saying this is the organic one they're picking a niche even a product that everyone needs out there they're still picking a really specific segment of a market to market to and you should be doing the same thing to in which you shouldn't be Arcanine to everyone so pick the audience that you want to market to and just focus on them good example of this is convertkit they built a marketing software that helps you with email marketing they tried competing with MailChimp and everyone being like oh this is better email marketing they didn't do well once they picked a marketing software that was specifically focused on marketing just to people who have a blog they started hitting ten million dollars in revenue within two years that's right 10 million a year in two years by just picking a specific segment and that's what you needed to do so pick a niche go after it just market to them and then later on you could expand a market to more people but you need a first dominate that niche and the third tip I have for you is caring for branding over customer acquisition especially at the beginning and on a side note there's rain right now in LA so if you're hearing the rain you know on this video I do apologize never really expected this in sunny LA if you're a new startup or a new company and you want to focus on branding that's fine you can but why would you focus on building a brand we don't even have any customers go out there and acquire the customers go test Facebook Ads go test Google hours go tes SEO go test content marketing and podcast advertising go do it all it's like spaghetti go throw it on the wall see what sticks and if there's a good ROI keep doing more of it but that's the whole purpose of marketing why would you go out there and try to build a big brand be like I want to be the next uber or McDonald's I want to be the next coca-cola if you don't have any customers go acquire the customers first once you do you'll be able to build your brand over time well most people don't tell you about branding is when you acquire more and more customers and people use your part or service you're building a brand so don't think about a brand as like oh I need to get my logo everywhere that's not just brand building the best brand building is people using your product or service they're loving it and then telling their family and friends about it and be like oh my god you gotta buy snuggles or you gotta buy this toilet paper it's really soft on your tushy you gotta be really picky about your customers and making sure the right ones love your product and that's why it relates to tip number two which I already discussed mark it to a specific niche so if you get people to love what you're doing you're acquiring these customers under using it and they love it they're much more likely to keep telling other people about your product or service and that's what builds a brand you don't see Amazon doing a ton of TV advertising back in the day but yeah there are multi-billion dollar company same with Google but how they build this huge brand everyone was using their products their services having amazing experience to me like oh my god this Google is so much better than Yahoo you have to use it Yahoo what right no one's talking about Yahoo these days same with being her MSN and the same goes with your company you'll build your brand by acquiring users getting to muse your parker service and providing amazing experience the key is to knock their socks off if you knock their socks off and delight them you'll create an amazing brand over time so those are three tips that you need a fall if you don't want to fail avoid the making the mistakes that I was making and you should be good to go if you like this content make sure you subscribe to the channel join the community I'm gonna be here every single week helping you girl with your marketing in your business and of course leave a comment if you have any questions I'm here to help you out

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