0:01

Welcome to Marketing School, the only

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podcast that provides daily top level

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marketing tips and strategies from entrepreneurs

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that practice what they preach and live

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what they teach. Let's start leveling

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up your marketing knowledge with your instructors,

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Neil Patel and Eric Sue.

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and we'll see you over there today.

1:17

We are going to talk about how to plan

1:19

your marketing for the new year. So as of this recording,

1:21

this is happening a couple of days before

1:24

those of you that celebrate the holidays Christmas,

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and we want to talk about how you can plan your marketing

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for the new year because we want you to hit

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the ground running. So Neil, you want to go first. Yeah,

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So the big thing that I would do for the new

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year, because we're coming into a time where

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there's a lot of uncertainties in the economy,

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but I would end up, instead

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of being really aggressive with your

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business and marketing in twenty twenty three,

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I would first start off your planning. Instead

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of, you know, painting a crazy picture of hey,

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this is everything I want to accomplish, I

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would paint a picture of what's the

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lowest hanging through and what's the most realistic that'll

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add more revenue growth and EBADA

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in the next twelve months. And

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the reason I would say you should focus on that with your

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marketing and start with that first. The extra

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revenue EBADA will give you more opportunities

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to swing for the fences or shoot for

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the moon, whatever analogy you want to end up using

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And it's so funny. It's most

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businesses focus on new shiny objects,

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which in marketing would be new channels

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when they can take a lot of their existing channels and

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quickly fine tune them. A great example of

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this is if you're running Payperquick or SEO. Have

2:29

you ever run conversion rate optimization tests

2:32

on your landing pages? Getting ten twenty thirty

2:34

percent extra lifts is massive

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because a lot of that will start dropping to your bottom line.

2:39

Yep. And when Neil says ebada, it is just earnings

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before interest, taxes and ambortization.

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It's a form of measuring profit. Just to oversimplify

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it for people, But you know, at

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the end of the day, when Neil's talking about I

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think you have to consider the macroeconomic situation

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as well. So you have geopolitical tensions,

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you have inflation, you

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have energy problems right across the world.

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You have in some cases food problems as well,

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and things just aren't as stable right And

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in situations like this, you want to focus more

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on protecting your cash because cash is king,

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and so usually in times where

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it's a bull market, you can afford to take shots

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on these moonshot projects, right, A lot

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of these other projects that might take a long

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time to realize profits on. In situations

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like this, you unfortunately don't get to do that, and you have

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to look at cutting costs. You have to look at the cost

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benefit analysis a lot of the things that you're doing,

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and to Neil's point, looking at when you

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look at CRO you're not necessarily spending a lot of money

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there. Right When you're making a lot of optimizations on your site, if

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you're doing the new site, yes you do, but look

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at things that are maybe low

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cost to do or no cost to do that are

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quick wins. And one framework that you can

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use when you want to think about planning your marketing

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is the ICE model. So I stands

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for impact, see stands for

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confidence, and EASE stands for ease,

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right, So impact, confidence, ease, and then you score

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each one on a scale one to ten, ten being

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the degree of impact that you're going

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to see from each level. So ten on impact, ten

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out of ten confident that this is going to work, and in

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terms of ease, this is ten is like super easy, right,

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And then you add it up, you know, score from

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three to thirty and then the higher the score

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is the better, and thin can score your projects that way,

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right, That's just a simple way of doing it. I'm not saying this is

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the endl be all, but I'm saying you have

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to think about again using a framework to

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help you measure things, and then figure out things

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that don't cost a lot of money that are high impact, and

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then you know, down the road, maybe

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after we come out of all this this craziness, then

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you can start to think about taking moonshots again. But there's a

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reason, not just the marketing, but in business

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why the Amazons of the world are

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cutting people, right, The Googles of the world are sorry

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methods of the world are cutting people on Google's even talking about

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they've paused hiring, right, and they probably will cut people

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as well, So you got to think about that. Look,

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there's a lot of ways to plan your marketing, but what Eric

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and I want you to focus on twenty twenty three is

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not as much on moonshots. Look for low

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hanging fruit. Focus on that, get

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those quick singles and doubles, and

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start improving your numbers, which will then give

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you more flexibilities to go after the moonshots.

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But with a lot of uncertainty

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in the market, whether it's the economy or

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political issues or related to war. You

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got to just focus on the low hanging for especially

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when a lot of other people are cutting

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back on hiring and

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when you see the economy slowing down,

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and it's very clear, like if you look at the jobs report,

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the number of new jobs that are happening on a monthly basis

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is starting to decrease, which just shows that,

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you know, we could end up being in a whirlwin for twenty

5:24

twenty three. So just be prepared. Yeah,

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focus on the foundational pieces. There's a lot of people

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that are talking about projections on hey, like

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we might not come out of this until twenty twenty five, like

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the minimum. You have billionaire investors saying that, So

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you know, we don't have a crystal ball, Like a lot of people

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are saying different things, right, But what you can worry about,

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what you do know for sure is that just focus

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on delivering a lot of value with your products and services,

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and you know, focus on kind of the foundational

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pieces of your marketing. Get it right, have a

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very solid business, and then when the timing is right,

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then you can pounce on low costs with marketing

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or you can maybe acquire some assets as well

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that have good attention. But now we don't

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believe that is the timing for this, so that

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is it for today. Please don't forget to rate

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reviews, subscribe to us pod. It helps us grow, and

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we'll catch you in the next one.

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We appreciate you joining us for this session

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of Marketing School. Be sure to rate

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next time. Class dismissed.