The Best Way to Compensate Marketers | Ep. #800

In episode #800, Eric and Neil discuss the best way to compensate marketers. Tune in to hear how you should be paying your marketing team. Eric and Neil have committed to throwing a FREE Marketing School Live Event in Los Angeles, once Marketing School reaches 1M downloads in a 30 day period. Take action: Rate, review, subscribe, and SHARE. Check the progress here! TIME-STAMPED SHOW NOTES: [00:27] Today’s Topic: The Best Way to Compensate Marketers [00:32] Before they started recording, Eric and Neil were discussing how the writers at Agora Financial do Billions in business. [01:07] On a podcast, they heard, a man was offered a job at Agora. The company offered to pay his rent for the first 6 months on the job, but the salary was small. [01:27] However, he was offered a dollar for every lead he was able to generate, as well as 1% of every sale that resulted from his leads. [01:47] In general, the best marketers are compensated in relation to their performance. [02:35] Once your business is established and you have built up a steady revenue stream, you may be able to get employees to take a small base plus performance incentives. [03:12] Everything is driven by incentives. [03:41] One of Eric’s friends recommends this: get the company to front $10,000 in ad spend for one month and you don’t pay the agency anything. If it works out, then you take on all the risk and grow from there. [04:38] Agora has their numbers down (they know what each customer is worth, etc.). If you are a new company, you may not have this information locked down and you may not be able to pay based on performance. [05:00] That’s it for today! [05:04] Go here to see how many downloads the show is getting. Also rate and review to help Eric and Neil meet their goal of 1 Million downloads per month. 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.