Ep 159 Eric Siu, the CEO of the digital marketing agency Single Grain, which has helped companies such as Salesforce, Yahoo, and Intuit scale their revenues online. Listen as Nathan and Eric talk about how Single Grain went from having negative cash flow to profiting 30K a month.
YOUR $100: Remember to subscribe to the show on itunes then text the word "nathan" to 33444 to confirm that you've done it to enter to win $100 every Monday on the show. Do this now. Stop reading this and do it!
Click here to join the top tribe and instantly learn how Nathan made his first $10k at 19 years old: http://nathanlatka.com/startertribelive
Top Entrepreneurs join Nathan Latka daily inspired by, Art of Charm, Pat Flynn, John Dumas, Entrepreneur on Fire, Chalene Johnson, Lewis Howes, School of Greatness, HBR Podcast, the StartUp podcast, Mixergy, Andrew Warner, AskGaryVee, and the great hosts of BiggerPockets!
Eric Siu has worked with various startups, non-profit organizations, and co-founded an online marketing agency. He was formerly the Growth lead at Treehouse, an online coding education business and is currently the CEO of Single Grain, a digital marketing agency. Eric has a podcast based on growth hacking at http://growtheverywhere.com/.
3 Key Points:
- Often it’s beneficial for a business to expand its main money making channel instead of investing in new ones.
- Previous expertise shouldn’t be underestimated as it can lend itself to current ventures.
- Watching the numbers of one’s business’s rise and fall is a more involved process and can be more insightful than reading a report.
Time Stamped Show Notes:
- 01:00 – Nathan’s introduction to today’s show
- 01:12 – Eric joins the show
- 01:22 – Single Grain is a marketing agency that helps with search engine optimization and paid advertising.
- 02:08 – Single Grain made 30K in monthly revenue from making nothing eight months ago.
- 02:29 – Eric was first brought on to help the agency for a 10% stake. Later he bought the other 90% for only two dollars.
- 03:25 – The company was struggling when Eric bought it out – losing money at negative 27K in net profit despite generating 1.5 million dollars in annual revenue.
- 04:32 – Eric sat down with the original founder and was able to negotiate owning the entire company by leveraging his expertise.
- 05:42 – Single Grain also generates money by referring to other agencies for services the company no longer fulfills. (Such as search engine optimization)
- 06:28 – Eric’s previous expertise hiring marketers allows him to vet agencies and determine their quality of work.
- 06:53 – Nathan and Eric discuss the latter’s earnings from Single Grain.
- 07:42 – For his newer business Care Sprout, Eric is delving into the senior living industry.
- 08:33 – Care Sprout has whittled its lead cost to 60-70$ per individual signing up for services.
- 10:05 – Nathan and Eric break down how Care Sprout makes money.
- 11:09 – A lot of businesses tend to neglect their main money making channel in favor of creating new ones.
- 11:27 – Eric talks about Care Sprout’s current money making channel, phone calls.
- 12:17 – Care Sprout spends about 30K a month for lead acquisition channels. (420 new leads per month.)
- 13:02 – Eric likes to look at his company’s numbers personally, but also uses a dashboard tool called Cyfe.
- 15:27 – Famous Five
- Growth Geeks – The way Nathan hires growth hackers on a per project basis for things like info graphics, blog posts, and other growth projects
- Single Grain – Eric’s current business
- Care Sprout – Eric’s newer business
- Cyfe – Dashboard software Eric uses
- GrowthEverywhere – Eric’s Podcast
- @ericosiu – Eric’s Twitter
- LinkedIn – Eric’s LinkedIn
- Bill Gates – CEO Eric follows
- Emerson Spartz – CEO Eric follows
- Nathan Latka – CEO Eric follows
- TextExpander – Eric’s favorite online tool
- The Billionaire Who Wasn’t – Book Eric stands by
- Favorite Book?— The Billionaire Who Wasn’t – by Conor O’Clery
- What CEO do you follow?— Bill Gates, Emerson Spartz, Nathan Latka
- What is your favorite online tool?— Text Expander
- Do you get 8 hours of sleep?— Yes
- If you could let your 20 year old self know one thing, what would it be?—Keep going; those who persist will eventually succeed.
Show Notes provided by Mallard Creatives
Listen to The Top if you want to hear from the worlds TOP entrepreneurs on how much they sold last month, how they are selling it, and what they are selling - 7 days a week in 20 minute interviews! Join the Top Tribe at http://NathanLatka.com/TheTop
The Top is FOR YOU if you are:
A STUDENT who wants to become the CEO of a $10m company in under 24 months (episode #4)
STUCK in the CORPORATE grind and looking to create a $10k/mo side business so you can quit (episode #7)
An influencer or BLOGGER who wants to make $27k/mo in monthly RECURRING revenue to have the life you want and full CONTROL (episode #1)
The Software as a Service (SaaS) entrepreneur who wants to grow to a $100m+ valuation (episode #14).
Your host, Nathan Latka is a 25 year old software entrepreneur who has driven over $4.5 million in revenue and built a 25 person team as he dropped out of school, raised $2.5million from a Forbes Billionaire, and attracted over 10,000 paying customers from 160+ different countries.
Oprah gets 60 minutes or more to make her guests comfortable to then ask tough questions. Nathan does it all in less than 15 minutes in this daily podcast that's like an audio version of Pat Flynn's monthly income report. Join the Top Tribe at http://NathanLatka.com/TheTop