MBA1053 Guest Teacher: Dr Tyson E Franklin – The 6 Pillars of Marketing

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Welcome to the $100 MBA Show. Because your business is not going to build itself, it needs you getting better every day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online. And today's lesson is a guest teacher lesson. On our guest teacher lessons, I invite an expert to teach you a lesson in their area of expertise. Today we have Dr. Tyson Franklin. Tyson's a good friend of ours and an incredible entrepreneur. He's won several business awards, has written two business books and is the host of the very smart podcast it's no secret with Dr. T. And today he's gonna be teaching you the six pillars of marketing. I love how he breaks down today's lesson, giving you action items you can take today. Dr. Tyson's been in business for a very long time, but he's going to serve you up these six pillars of marketing on a silver platter for you to take on today. So let's get into it. Let's get down to business. Today's episode of the $100 MBA show is supported by Podia. Podia helps thousands of creators earn money from their passion. It's an all in one digital storefront that you can sell courses, memberships and digital downloads in one place. It's the most creator friendly platform on the market with zero transaction fees and a super friendly 24, 7 life support team no matter what plane you're on. So they're going to take care of you even if you're just getting started. What's great about Podia is that it eliminates all the technical headaches. It takes care of every aspect of selling your course or membership or digital download. If you've got video courses, they do the video hosting for you. If you want an easy way to charge your members on a reoccurring basis for a membership, Podia takes care of it. You want a secure way for people to download your products. When they pay for them, they take care of that too. They also offer free migrations on their shaker plan. Best of all, Podia puts their money where their mouth is. They have a 30 day free trial with no credit card required. So if you don't love it, you don't pay a penny. If you're looking to start an online course, sell any kind of digital product or start a membership site, check them out and support the show by going to podia. That's P O D I-a.com MBA As I mentioned, I know Tyson personally. I've met him at conferences and he's one of my favorite Australians. Even though he's been so successful throughout his career, he's very, very humble, down to earth and just a super nice guy. And because of this, he's able to teach you some really important business lessons in a very practical, approachable way. Today he's going to be focusing on the six pillars of marketing. This is definitely a lesson you're going to want to take some notes on. So take out your note taking app or a pen and paper and take some notes and see how you're applying or not applying these six pillars in your own business. So without further ado, take it away. Dr. Tyson Franklin.

G' day everyone. I'm Tyson Franklin and I want to thank you for joining me today. And today I'll be teaching you my six pillars of marketing. But before I explain the six pillars of marketing in detail, I think it's essential to understand the importance of having multiple marketing pillars. You see, creating a successful marketing strategy involves many factors. And the most crucial of all is making sure your business has as many referral sources as possible. Meaning it has many ways of attracting new clients. It's dangerous to rely just on one or two predominant referral sources, because no matter how good they are, if one disappears, so does half of all your business. Instead, you should have dozens and dozens of referral sources which, when you group them together, becomes what I call a marketing pillar. A pillar is basically a supporting structure that props up an object. And in this particular case, your marketing pillar are used to support and prop up your business. In 438 BC in ancient Greece, the Parthenon was built. And if you've ever seen a picture of this amazing structure, you'll notice the number of large pillars used to support its massive ceiling. And after two and a half thousand years, it is still standing and recognizable today. That's because it had a lot of supporting pillars. You need to look at your business in a similar way. Your business is the ceiling and your referral sources, when you group them together, are the marketing pillars. There are also no limits to the number of referral sources you can develop within each marketing pillar. And the more you develop, the further it strengthens and stabilizes each marketing pillar. Also, the stronger the marketing pillars, the less chance you'll notice a financial downturn if one referral source within a pillar suddenly crumbles. And this is why you should constantly be nurturing and maintaining your referral sources within each pillar and also be adding new referral sources to each marketing pillar for further stability. I know a lot of younger entrepreneurs think marketing online is the only marketing pillar they need, but bear with me and you'll see that every business, even online businesses, need to use all six pillars if they want to succeed and grow the business to its full potential. Plus, are they really only marketing online? They may think they are, but they're not really, which you'll soon see. I'm often asked, how do you go about grouping referral sources into actual marketing pillars? Well, I don't think there's a right or wrong way to do this as long as it actually makes sense to you. And you've got to understand that every industry is going to be different. However, here's an example of how I group my referral sources together into marketing pillars. Marketing pillar number one, I call professional referrers. And this comprises all marketing activities that involve direct referral from people within your own industry. For example, in the health industry, a physiotherapist receives a referral from a gp, or an accountant might receive a referral from a lawyer, or maybe a carpenter receives a referral from a plumber. These are all industry specific professional refers. Now, even a website developer working from their home office will have industry specific referrers that fall into this category. Marketing pillar number two, non professional referrers. This group comprises referrals from businesses outside your specific industry. So for example, a lawyer or carpenter could receive a referral from like the local hairdresser or a podiatrist could accept referrals from a website developer and so on. So the only difference between marketing pillar one and marketing pillar two is the first marketing pillar is industry specific and pillar two is not. But they both need nurturing. But, well, both need nurturing if you want to grow your business. So marketing pillar number three is internal marketing. And this involves everything you do within your business that the general public does not see until they step inside your business or make an inquiry to become a client. What a client sees, smells and feels is so important. I don't think you should have anything on your walls if it's not promoting what you do and who you are. And even if you're an online business, you might think internal marketing. You know what, it doesn't apply. However, if you meet clients one on one or even over Skype or on Zoom, what you're wearing and how you represent yourself is all internal marketing because they're getting to see the inside of you, which is your business. Marketing pillar number four is external marketing. And this involves all your visual and auditory marketing directed towards people in your target market who are not yet clients. Traditionally, newspaper, radio, television, sponsorship would fall into this pillar. But for each of these, there is now probably an online equivalent. Marketing pillar number five, this is verbal marketing. This is one of my favorites. This involves all communications you have with the broader market by way of public speaking, networking events, business lunches, trade shows, expos, conferences and other things like that, where you're actually talking to other people. Even your elevator speech is part of your verbal marketing. And I'll admit, verbal marketing is still one of my favorite marketing pillars. So marketing pillar number six, online marketing. Now this involves every activity your business does online. Now I know all the young entrepreneurs, now they're all throwing their hands up in the air and saying Yahoo. But this includes your website, blogs, social media pages, audio accounts, video channels and anything. Anything basically online. And if you have a business and you do not have a website, then I reckon you don't have a business. Only a few years ago I would have said that all marketing pillars are equal. However, marketing pillar six is the most important, especially your website. Your website is like a mothership and everything you do needs to drive traffic to that mothership. Marketing pillars one to five, I reckon are wasted if you do not have a great engaging website. And notice I said great, not a good website. And if you designed it yourself, just always be careful because even ugly babies look good to their parents. So unless you're a website professional that designs websites for a living, I would have somebody else take a look at it because it's too important to ignore. You'll also notice some marketing activities can live in probably more than one marketing pillar, which is excellent because these are like supporting beams, which further strengthens each pillar. For example, a YouTube video used on your website and social media, which is online marketing, could also be played on a TV set inside your business, which is internal marketing. Therefore, look for these opportunities. Don't let them slide past. And don't forget about repurposing. I am, I'm a huge fan of repurposing. All content, all marketing should never be used one off. That is a wasted opportunity. Like I mentioned, with your YouTube videos, you use them internally. But if you still do newspaper advertising or you've had an editorial or meter release done on you, or your business, request an electronic copy and use it in your social media, put it in your email newsletters, combine it with some audio and video and create a whole new product that you can put onto YouTube. There's endless opportunities if you open your mind up and you really think about it. So to just recap what I've covered. One, make sure you're using all six marketing pillars. It will grow your business faster, even an online business. Two, develop as many referral sources as possible within each marketing pillar, so if one does happen to crumble or come falling down, it's not going to impact your business financially. And three, always look for repurposing opportunities. Don't let these things slide past without giving it some thought. So, okay, guys, this was Tyson Franklin. And if you want to earn more, work less, and enjoy what you do more each day, check out my podcast, it's no secret with Dr. T, where I have weekly guests sharing some really cool small business information. So thanks again for joining me today. And now it's back to Omar.

Today's episode is supported by the Mattress Experts over at Mattress Firm. Are you struggling to get to sleep? If so, the fine people at Mattress Firm want to help. Mattress Firm is here for you when you're looking for more ways to improve your sleep. We all know how important sleep is as an entrepreneur, and these people are the mattress experts. And they're not just mattress experts. They can help you build your bed. From headboards to adjustable bases to sheets. They even have bedroom decor. They've got you covered, literally and figuratively. Plus, if you go to mattressfirm.com podcast, you can save 10% with code. Podcast 10. That's podcast 10. Mattress Firm offers a 120 night sleep trial so you can rest assured that you'll love your mattress or or your money back. And they also offer 120 night low price guarantees, so you know you paid the perfect price. With more than 3,000 stores nationwide, not only are they in your backyard, but this means they have the ability to offer you the deals that nobody else can. And that's on top of the 10% savings you'll already cash in on. So go to mattressfirm.com podcast and start sleeping better tonight. What a great lesson by Dr. Tyson Franklin. Tyson. You really hit a home run with this one. Or what's a home run in cricket? Because that's what you play in Australia. Anyway. You did great. I especially like the idea of repurposing your marketing efforts. If you're gonna create a video, if you're gonna create a blog post, if you're gonna be mentioned in a blog post, why not reuse that in different mediums? Whether you're running Facebook ads or marketing internally with your own customers. Remember, if you have a business, you need repeat customers to stay in business. Regardless if you're a software as a service or you're selling physical products, you need the customers to come back and buy again. So you have to earn their business over and over. So that point of internal marketing is so, so important. Well, that wraps up today's lesson. Don't forget to check out Dr. Tyson Franklin's podcast. It's no secret with Dr. T. You can search for it on itunes, Stitcher, Overcast, whatever you use to listen to podcasts. Or you can go to TysonFranklin.com podcast. That's it for me today guys. But before I go, I want to leave you with this. In your business, marketing is one of those things that never stops. You got to keep on doing marketing. You got to keep getting new customers and earning your current customers business again and again. It's like eating, it's like breathing, it's like payroll. You got to keep on doing it. So make sure you have a system in place or you have somebody who's in charge of that is going to take responsibility of that. If that person is you, hold yourself accountable and have some to do's that you have to actually finish at the end of every week to keep your marketing going. Alright, I'll check you in tomorrow's episode. I'll see you then. Take care.

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