DiscoverProductive Insights Podcast — Actionable Business Growth Ideas — with Ash Roy
Productive Insights Podcast — Actionable Business Growth Ideas  — with Ash Roy
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Productive Insights Podcast — Actionable Business Growth Ideas — with Ash Roy

Author: Ash Roy

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Are you a business owner looking to increase profitability through the growing power of ONLINE & CONTENT MARKETING?

The Productive Insights Podcast — the show notes of which you can access at https://www.ProductiveInsights.com/podcast — brings you brings you top entrepreneurs and shares actionable advice that can help you take your business to the next level. Some of the previously featured guests include: Ryan Deiss, Richard Lindner, Roland Frasier, and Marcus Murphy from Digital Marketer, James Schamko from Superfast Business, Neil Patel, Amy Porterfield, Ryan Levesque, Rand Fishkin from Moz, Jon Morrow the founder of Boost Blog Traffic, Brian Clark and Sonia Simone from Copyblogger, Noah Kagan from Appsumo, Molly Pittman, Ezra Firestone from Smart Marketer, Todd Herman — Author of The Alter Ego Effect, Mike Rhodes — a leading google adwords expert, and lots more!

Subscribe to this podcast to get the latest content designed to help you grow your business profitably using marketing automation, content marketing, mindset techniques and productivity tips.
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SHOWNOTES: In this video you'll learn:- What it takes to be a successful entrepreneur- The mindset needed for long-term success- How to communicate your vision to teams- The biggest mistake startups make- Execution risk and how to avoid it- How to build systems that scale- And lots more0:00 Introducing Martin Karafilis5:00 Biggest Mistakes startups make7:13 How Martin Karafilis implemented the execution risk11:17 The importance of visioning18:43 Communicating vision to your team23:52 Martin talk about the book "Maverick"25:44 Accountability and Trust in the work force26:44 Martin's Best Approach to Building Community33:31 Martin's Approach to Business Development Customer Acquisition36:38 How to communicate with prospective and past customer40:39 Customer Journey Map44:46 Martin's view on Artificial Intelligence46:51 Creating Culture that enables successLinks Mentioned: productiveinsights.com/122productiveinsights.com/210productiveinsights.com/175productiveinsights.com/54productiveinsights.com/84productiveinsights.com/49Transcript: (This transcript has been auto-generated. As artificial intelligence is still in the process of perfecting itself, there may be some errors in the transcription)Ash Roy:  Today we're going to talk about entrepreneurship, business growth, and technology, which will help you, our viewer, to build and create a product that solves a problem that your customers are willing to pay for. Martin Karafilis is an accomplished entrepreneur,  a speaker, a founder of multiple companies with successful exits under his belt.He also happens to be the CEO of Fishburners, which is where I met him recently. And he also is the entrepreneur in residence at the Australian Graduate School of Management at the University of New South Wales, where I happen to do my MBA. So I'm delighted to welcome Martin to the Productive Insights Podcast.Martin, thanks for being here.Martin Karafilis:  Thank you for having me.Ash Roy:  It's great to have you, Martin. Do you want to tell us a little bit about your background? And my audience would specifically like to understand a little bit about  What entrepreneurial ventures you've been engaged in and what exits you've achieved, what problems those businesses solved and anything else you'd like to share?Martin Karafilis: Yeah, absolutely. So  I think I've always been a serial entrepreneur. So multiple different businesses, some have worked, some haven't worked. Uh, I always say the first ever startup that I ever had was playing in a band. I think, you know, you're sort of playing, trying to travel to our no money at all. No sleep, trying to sell merch to be able to sort of, you know, feed your way through and, and, you know, really came down to marketing and getting your music out there and, you know, getting a bit of a brand out there as well.So, you know, through school playing, playing music, I had a small sort of audio hire platform that came from that because I was touring and I was playing a lot of music and I had some gear around. I was like, Hey, you know what? Um, I'm sure that there's other people that would like to use this equipment that's just sitting there doing nothing.I sort of learned a lot of things very fast, and one of the biggest things that I learned was I didn't have the ability to scale that, and I think probably the understanding of how to obtain customers or how to really obtain capital is probably the next step, and I realized that I wasn't able to scale that, so.moved on from that business. I then started a company where I actually created a biodegradable style plastic. Again, not really realizing what I probably stumbled upon because I was sort of doing something that I really loved and something that I wanted to do. And later on was able to sell the IP for that company where I didn't actually realize what the value of that was.And then my last venture was a computer vision AI company, really deep tech company with amazing co founders, amazing team, uh, and amazing customers. And. able to  successfully move on from that business and now be CEO of Fishburners, where, you know, I still do investment into startup. I still work and advise multiple startups.I've also gone along the journey of writing a book on, on everything that's happened. So, you know, I, I get to see quite a lot and there was really like no better way to be able to give back to the startup ecosystem than to join the Fishburners team. So. Yeah. For those that don't know about Fishburners, it is Australia's largest and longest standing startup community.Ash Roy:So tell our audience about the book. I'm really interested to know what it's called. Martin Karafilis: So release will, uh, release will come out, uh, very, very soon. Um, so. You know, it's a little bit under wraps until that's all out. But the concept really is about the idea of starting off as an entrepreneur and having everything. Everybody tell you how crazy you are and how hard everything's going to be.Ash Roy:Oh man,  I can relate to that. Martin Karafilis: And really sort of starting to operationalize what you do, start to use some frameworks and say, Hey, this is actually very achievable. Start to knock those off and actually say, okay, well, those that are saying that you're crazy, you're actually a genius at the end of it all.Say I think the, uh, the only real thing that separates crazy or genius is execution in the end, and I think there's a lot to do with the frameworks and the help that you have along the way. Ash Roy:I love what you said there, that what separates genius from crazy is execution, and we'll be talking about that more in this conversation.What instrument did you play?  Martin Karafilis: guitar.  I can play most instruments, but I was a guitarist. Ash Roy:I play the guitar too. And depending on who you ask, I play it well.  If you ask my wife, she'll say I can't, but you know, if you watch me in my normal habitat, which is where I'm not today. Right now we're recording at Fishburners, but, and this is the first episode we've recorded outside of the Productive Insights studio, but there's a guitar.There are two guitars in the background when I record from home or from my studio. So, okay, Martin, you've been a CEO of the CEO of Fishburners for, Over a year now, and you've been an entrepreneur in residence at the University of New South Wales,  you've seen a lot of startups, and I'm sure you've seen a lot of them fall on their face as it were, and let's face it, it's not easy, right? What is the biggest mistake you find they make, and what's the best way to solve that problem? Martin Karafilis:I think it's easy to sort of talk about biggest mistakes when we start to go down vertical industries where the stage of the startup is at,  if we're going to talk about the one biggest mistake that encompasses all stages, all industry verticals is the inability to effectively understand and  really react to execution risk.So we did mention execution being the key. Uh, what I would say is that no matter what stage you are in your business, execution risk is always going to be your biggest risk. So when a founder goes into creating a product, goes and looks at a market, tries to understand what the customers want, what they need, what the problem is, when they're going through all of these kinds of scenarios, They have to be pretty open, honest, blunt about how they actually execute on this and what the risks are. Now, this might be something like something as simple as a capital constraint. Okay, well, how do I create a strategy that allows me to reduce the amount of risk that's there? Is it to obtain more customers and create some form of revenue earlier and not invest as much into a future product? Is it, do I have to raise capital and go externally?Maybe it's something as simple as building a team and how do I build that team out? So a good example is founder dependency. So really early on, you're quite dependent on founders, but as you sort of grow and as you want to build equity within your business, you can't have the CEO doing absolutely everything anymore.So how do you actually build that and actually start to reduce execution risk is really important. And I would say that's the number one thing where startups fall down. Ash Roy:So let me ask you this. When you started off back in the day, you were in a band and you were trying to figure all this out. You didn't presumably know what execution risk meant. But you, I'm guessing,  implemented it, or for want of a better term, executed on minimizing execution risk. Can you look back on that time and tell us  how you did that? And for people who are watching, people who are not very familiar with the term execution risk or, you know, a lot of our audience is not very familiar with the startup world.How would you explain it to them? Martin Karafilis:I would say I wish that I was smart enough to realize it at the time. If I'm completely honest, I think. Uh, and, and I realized this as I was actually writing my book that a lot of the things that I was doing and a lot of the frameworks that I was using probably didn't exist.A lot of that stuff I was doing anyway, I was sort of mapping out, you know, the journey and the strategy and how we sort of  really mitigated a lot of those risks. And I realized much later, years down the track, actually, what I was actually doing along the way. So I think there's a lot to sort of. Starting at your end point and starting to work back is probably one of the, one of the biggest and easiest things to sort of say, Hey, how do I take those steps to actually achieve that goal? I think under any circumstance as well is always aiming higher than what, you know, the realistic goal actually is.Right. Uh, so.  I think I found that the lower I aimed, the more I was okay with getting pretty mediocre results. So I've always come from a pretty high performance background and it was always about, Hey, looking for the best, being the to
Dive into the riveting journey of digital marketing maven Neil Patel on the Productive Insights podcast, expertly guided by the dynamic host Ash Roy. From toilet scrubber at an amusement park to the architect of NP Digital's $100 million annual revenue, Neil shares gripping stories, challenges, and golden insights in the ever-evolving world of digital marketing. This lively conversation spans the realms of business growth, scaling strategies, and leadership, peppered with Neil's practical tips for content creators. Buckle up for a rollercoaster of inspiration as Neil's narrative unfolds, offering entrepreneurs a thrilling ride.Key points:00:00:42 Neil's Humble Beginnings Neil recounts starting his first job at 15 and a half, cleaning restrooms and picking up trash at an amusement park.Share the challenges and motivation behind the job.Set the stage for Neil's journey towards success. 00:01:27:05 Building NP DigitalNeil discusses his entrepreneurial journey, from starting KISSmetrics and selling it to transforming his consulting business into NP Digital.Talk about a failed attempt at a cloud computing company, burning $1 million of borrowed money, and the valuable lessons learned. 00:02:03:08 Neil's Expertise in Digital MarketingHighlights Neil's expertise in search engine optimization, content creation, pay-per-click advertising, and more.Emphasizes the importance of long-term strategies over short-term gains. 00:02:29:08 Dealing with Growth Slowdown Neil provides advice on what to do when growth starts to slow down.Encourages businesses to explore new avenues during slowdowns. 00:02:41:19 Leveraging Technology and Staying on the Cutting Edge Discusses the relevance of staying updated in the age of AI.Talks about building amazing products, creating great user experiences, and staying ahead in the industry. 00:03:23:22Scaling Internationally Neil shares insights into scaling a business internationally.Emphasizes the importance of tapping into new markets for sustained growth. 00:15:52Starting Out and ScalingNeil shares his experience of combining consulting with overcoming financial challenges.Discussion on scalability and the importance of making money initially. 00:18:43 The Challenge of Saying "No" and Focus Insights into overcoming perfectionism, avoiding overanalysis, and the need for faster revenue generation. 00:19:33 Saying "No" and Focus on ProfitabilityDiscussion on Neil's biggest mistake, the importance of focus, and hiring strategies. 00:21:34 International Expansion and Growth Insights into NP Digital's international growth strategy and overcoming economic challenges. 00:23:31 Balancing Revenue and Profit Neil emphasizes the shift from revenue to profit, maintaining profitability, and challenges in reinvesting. 00:26:26 Hiring Strategies for Success Neil's approach to hiring is based on experience, loyalty, and success with previous competitors.00:30:57 Generosity, Empathy, and Content CreationNeil's perspective on generosity in content creation, the dual-sided nature of content, and the importance of empathy.00:35:15 Choosing to Stay PrivateNeil's decision to keep NP Digital private despite offers to go public.Brand-building Links mentioned:www.productiveinsights.com/1www.productiveinsights.com/147www.productiveinsights.com/200www.productiveinsights.com/222Quotes:Ash Roy: "I don't really see being able to have six months to a year ahead where they're integrating stories that are so amazing that people want to read."Neil Patel: "You create content, you educate, you build relationships, you learn more, you become wiser."Neil Patel: "Figure out what people are paying for in your industry that you can make for free and give it away for free, and you'll naturally just get traffic without doing any marketing over time."Neil Patel: "If your company is growing at a nice pace, just tell these folks and keep doing what you're doing. The moment here, growth slows down. Start looking at other things to do to speed it up."Neil Patel: "I'm doing it because I love helping people. But I'm also learning a lot, too."Introduction00:00:00:02 - 00:00:25:10Ash RoyIf you're looking to build your brand using digital marketing strategies, then you're in for a treat. Today's episode on the Productive Insights podcast features the legendary Neil Patel. Neil is someone I'm proud to call a friend. He's received multiple awards over the last 20 years and has also been recognized by President Barack Obama for his incredible contributions in the field of digital marketing and entrepreneurship.Neil happened to be the first guest on the Productive Insights podcast. You can go back and check it out on episode one and you can listen to how green I was back then. And in this episode, Neil shares his story, which starts from a very humble beginning, where he was picking up trash at an amusement park.00:00:42:04 - 00:01:10:14Neil PatelI'm 38. That was when I was 15 and a half. I was able to get my first job and it was from minimum wage at that time was $5.75 an hour. Technically, they're able to pay me a little bit under minimum wage. I don't know why. Maybe because I was at 16 and it was clean restrooms and picking up trash at a theme park.And I loved cleaning the restrooms because when I clean the Russians leave, they're paying extra $0.25 or $0.50 an hour to clean the toilets was a really messy job because of the theme park.00:01:10:16 - 00:01:27:04Ash RoyHe worked his way through some very challenging situations. He started KISSmetrics, he sold it, and then he built his own consulting business, which later on turned into an agency now known as NP Digital, and it currently makes around about $100 million a year in revenue.00:01:27:05 - 00:01:44:20Neil PatelIt tried to create a cloud computing company before that was really popular. Before there's Amazon Web Services. From my understanding, maybe I'm getting my timing off, but I'm pretty sure before this was big, we're trying to do cloud computing and it didn't work out and burn $1,000,000 of borrowed money and eventually had to pay it back. So it's like NAYLOR.00:01:44:20 - 00:02:03:07Ash RoyShared his entire story from his very humble beginnings all the way through to where he is today. He shares what he's done to become a dominant force in his chosen industry, which is digital marketing. Neil is an expert in search engine optimization, content creation, pay per click advertising and lots more.00:02:03:08 - 00:02:15:14Neil PatelI don't really see being able to have six months to year ahead where they're integrating stories that are so amazing that people want to read. I think people under or overestimate what I can do in the short run and they underestimate what it can do in the long run.00:02:15:18 - 00:02:29:07Ash RoyIn this episode, we also talk about what you can do when growth starts to slow down and how you can stay on the cutting edge of your field while still producing results and leveraging technology efficiently.00:02:29:08 - 00:02:41:18Neil PatelI learned this great piece of advice. I'm going to use it. If your company is growing at a nice pace, just tell these folks and keep doing what you're doing. The moment here, growth slows down. Start looking at other things to do to speed it up.00:02:41:19 - 00:03:02:07Ash RoyIn today's world of AI. This is particularly important and relevant. And finally, we talk about how to build amazing products, create great user experiences, and build services that your customers continue to come back for and enable you to build a brand that prevails and succeeds against all the odds.00:03:02:08 - 00:03:23:16Neil PatelLet's give you a hypothetical right here. If someone's established business, you make over $100 million a year in a market like the United States. When you have a bad market, it most likely your numbers are going to start getting hurt your growth. Then suddenly number three and start going backwards. But on the flip side, if you're in a new market, let's say you could just expand to the United Kingdom, which has a good GDP and you're at $0 in revenue.00:03:23:22 - 00:03:42:01Neil PatelGood market, bad market doesn't matter. You're going to close something you shouldn't be. So you're going to be better off than where you were before. And in a good market, close more in a bad market cause that'll be slower. And that's why we're growing still at a decent clip is because we're adding a ton internationally.00:03:42:01 - 00:04:20:02Ash RoySo tune in and enjoy. Before we go, there's one more thing I wanted to share with you. Only about 10% of you that are watching this video have actually subscribed to our YouTube channel. So please go ahead and subscribe. Because the more you see these videos, the more you like them and the more you leave comments under the videos on YouTube, the more likely they are to be seen by more people.The bigger our audience gets and the better quality guess we can get you. You've got some great guests lined up for 2024. Please do like and subscribe and share this with other people who might benefit so we can get you more content just like this. Thanks again. Thanks again. I appreciate your support and I look forward to seeing you in the comments.00:04:20:04 - 00:05:20:23Ash RoyWelcome back. Today, I am delighted to welcome the oldest friend of the Productive Insights podcast, our very first guest from episode number one, and that's Neil Patel, the founder of NPR Digital. The Wall Street Journal calls him the top influencer of the Web. He's a New York Times best selling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.He's received congressional recognition from the United States House of Representatives, most recently AMP Digital. That's Neil's company was awarded Best Workplace in 2023. For the second year in a row, they were chosen out of 591 applicants as an MP digital partner. We add productiv
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