What You Should Do When Your Revenue Tanks | Ep. #538

<p>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. </p> <p><strong>Time-Stamped Show Notes:</strong></p> <ul> <li>[00:27] Today’s Topic: <em>What You Should Do When Your Revenue Tanks</em></li> <li>[00:37] Everyone has their ups and downs, no business keeps climbing forever.</li> <li>[00:53] Microsoft once invested in Apple, so that they wouldn’t go bankrupt and Microsoft wouldn’t end up facing antitrust lawsuits.</li> <li>[01:15] Revenue often tanks, because companies are distracted. You can’t lose focus on your main revenue source.</li> <li>[01:45] Revenue also drops, because companies stop innovating their core products.</li> <li>[02:15] <a href= "https://www.amazon.com/Rocket-Fuel-Essential-Combination-Business/dp/1942952317"> <em>Rocket Fuel</em></a> is a great book about a visionary and an “integrator”.</li> <li>[02:45] You need to have preventative measures in place for when your revenue takes a dip.</li> <li>[02:55] Even consider short-term loans from places like <a href="https://www.kabbage.com/">Kabbage</a>.</li> <li>[03:10] Someone from IBM once made a billion dollar mistake. The CEO simply called it a “billion dollar lesson”.</li> <li>[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.</li> <li>[04:45] Once everyone is on the same page with the same goal, you can get your company back on track.</li> <li>[05:00] Neil puts a person in charge of each aspect of the funnel or business process.</li> <li>[05:30] Once your revenue tanks, create your action plan.</li> <li>[05:52] Neil believes in firing the squeaky wheel, as opposed to considering it a lesson learned.</li> <li>[06:15] Survey your clients about their satisfaction levels.</li> <li>[07:04] Have a weekly sales meeting cadence, so it’s quick, informative, and concise.</li> <li>[08:10] Eric likes to use <a href=