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

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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 pillars 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 referrers. 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 or and who you are. And even if you're an online business, you might think internal marketing. You know what, that 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 are 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 the 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'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 media 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. 2. 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. Thanks again for joining me today.

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What a great lesson by Dr. Tyson Franklin. 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 going to create a video, if you're going to create a blog post, if you're going to 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. Gotta keep getting new customers and earning your current customers business again and again. It's like eating, it's like breathing payroll. You gotta keep on doing it. So make sure you have a system in place or you have somebody who's in charge of that is gonna 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. All right, I'll check you in tomorrow's episode. I'll see you then. Take care.

At Capella University, learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the courseroom to the workplace. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.