This video covers the basic five elements of marketing that every small business owner should be aware of. By understanding these basic tenants of marketing: Using the right marketing mindset, crafting a unique message, defining your target market, selecting the best media and measuring your marketing activities with simple metrics, you will have the right foundation for online success in everything else you do.
Hey guys. This is Aaron Fletcher at Geek-Free Marketing. In this video, we’re going to cover the foundation of marketing, something that we call the 5 M’s of Marketing. And really this…what’s that? Can you see I’m making a video here? Alright, excuse me one second. Sorry about that.
So this is our—I’m not a ventriloquist—and Madison here is going to explain the 5 M’s of marketing, right and what it takes to be effective in marketing, right?
(So the first thing you want to do is to really focus on your website and make sure that there’s nothing wrong with it, right? You want to say something?)
Okay, so thank you very much, Madison. I appreciate that.
Okay, as I said, were going to talk in this video about the 5 M’s of Marketing and this is just a system I used I called the 5 M’s because it really forces you as a business owner to remember the core foundation of your marketing. And really, the reason I say it’s the foundation is because this is the stuff that carries you all the marketing you do. Everywhere you advertise your business, everywhere you want to gain new clients or generate leads, whether that’s on a bus bench, on the internet, the Yellow Pages, via direct mail, or even referrals to a certain degree in how you position your business, so as excited as you might be to go ahead and prove your website and start getting traffic and learning to get in the first page of Google and cut out the weights from your marketing, all the cool things we’re going to cover in this course, we just stop for a minute in this quick video and just talk about that foundation.
So again, the 5 M’s of Marketing. Number one is your Mindset. And I hate to say it but as I alluded to earlier, I need to be your coach a little bit because 99 out of a 100 small business owners that we talked to, this is where it all fall apart, is the mindset. If you haven’t read the book called “The E-Myth”, I highly recommend that and you can find that on our website if you go to geek-freemarketing.com/books.
Anyway, the mindset is that a lot of us go into business as an entrepreneur. If you’re a baker, you open a bakery. If you’ve been practicing law for a while, you might open your own law firm as a solo practitioner. Well, the downside is, what it takes to be successful on a small business, is an equal portion of skills in terms of managing the business and doing those skills and the technical skills of the business, the trade, if you will. Most business owners we talked to again, that’s where things really fall short is in that mindset that most small business owners focus solely on their technical skills and then they try to outsource things. So it’s about the mindset. It’s about how much time you’re spending on the technical part of your business first actually learning how to market and grow business and this might sound brutal and I might lose some viewers right away, but if you’re not into marketing, if you don’t want to embrace it and become a better business person for the rest of your career, it’s always going to be hard work. There’s things we’re going to learn in this course about how adding content to your site and actually stopping for an hour a day and looking at metrics and that kind of thing. If you’re not into that kind of stuff, it’s probably you’re not going to be successful. That’s why most small businesses fail. Is it because their pizza doesn’t taste that good or because they really don’t look at who their market is and know how to run and grow the business? Nothing happens until a client comes to the door.
So the mindset really is that your marketing is too important to outsource entirely. You have to look at some basic metrics and be in charge and be accountable for them and know what’s happening with the business and also you’re in charge of your reputation and you’re a stakeholder in your business, you’re the primary stakeholder, so nobody but you should control the messaging and the reputation online. It’s easier than ever as most of you are probably aware to get a bad review or if you have a bad customer experience that people know about it. That is the benefit and the drawback of the internet is networked communication. So only you can be in charge of your marketing and it takes a right mindset to do that.
The next M of Marketing, the second one is we need to look at your Market. You need to know about your market. And what we mean by that is when you go to open up a business, a lot of people say hey, there’s some foot traffic, let’s hang our chandelier here and open a business. But you need to know kind of what percentage of the market you have or intend to go after. And when I say market, I mean the age, the behavior, the geographical radius might be a factor. Maybe in your business, you’re targeting families that go out to dinner, that make this 40 or 50K minimum to 90K a year, that lived within 25 miles on location of your restaurant.
The same can be said for divorce. How many married families are within the radius that you serve, okay? So that’s really like how big is the pie that you’re going after and then that’s going to carry out to everything that you do in terms of search if you’re vetting out a potential advertising source like the Yellow Pages. How many people in our area that match your ideal persona, your targeted market are in that area? How many people are looking on Google every month for bankruptcy attorney in Dallas? What other competitors are in that market? So you need to understand about the market. I can do a whole course on just market research and the 5 M’s of Marketing but I just wanted to set this a quick foundation video.
So I already mentioned that you should read “The E-Myth” just from a general kind of franchise modelling applied to all small business working on your business instead of in your business. The second book I’d like to refer you to is “The Ultimate Marketing Plan” by Dan Kennedy, which is also on our site. So your target market is really important.
The third M or marketing is your Message. And this is where a lot of small business do fall short. What I mean by that is now that you have the mindset and you’re going to start thinking about marketing and looking at metrics and actually hopefully enjoying this eventually, and you know who your target market is in terms of within a radius of your business or at least some of the intrinsic and extrinsic characteristics of who you’re going after, you need to craft a message. We call this a unique selling proposition, unique value proposition. And what it really means is if I looked at your website or on your collateral, anywhere that your business is listed, does it talk about your unique value proposition not just spewing out what you do? So go to a lot of websites that says “Aaron Fletcher, bankruptcy attorney”. That’s really good. Imagine if you went to a restaurant that just said like “food”. It’s about having a unique proposition and maybe that’s the fact that if you’re a criminal attorney, for example, or you’re a police officer before and you understand both sides of the law, maybe you’re a public defender and if you’re a restaurant owner, maybe you’ve used your unique family recipes for 30 years and created unmatchable value and quality that kind of thing.
Now that you know again the target market, the message should be unique to only what you do and if you’re trying to craft a message and a unique message, you should think about why do clients choose you? If I was to ask you, well, I guess I am asking you, why do clients choose you and not the other three or four people that provide exactly what you provide? So that needs to carry out. If you look at the headline of a sales letter that you mail out or the landing page of your website, it should talk about the needs of the client and how you can serve them not about your business, okay?
The other piece is Media. So the fourth M of the 5 M’s of Marketing is Media. And I guess I should underline this to be uniform, I know what that means but it looks cool in purple. Now that we know who the target market is and what we want to say to them and how we want them to know about our business is knowing where they hang out online. So a big reason why you’re watching this video series or this video at least is probably because you realized that millions of people are shifting in the way they find local services from thumbing through the Yellow Pages to looking on Google and other online sources and social media and online directories and that kind of thing.
So we need to understand, okay, it’s like think about fishing. So we have the right bait, we know what kind of fish we’re trying to catch, now we need to fish in the right pond or nothing else we’ve done matters. So it’s important to understand kind of vet out any—we’re going to talk about this in the next video, measuring your marking—potential media know, now that you know exactly who your target audience is, which media are more prone to lead to getting clients. So you don’t have unlimited amount of marketing money and we want to get away from spray and pray marketing. That’s where you spray a bunch of money out there and pray that it works for you. So we’re going to measure things.
This brings us to the fifth and final M of marketing. I’m glad you’re hanging in there so far, and this is Metrics, okay? This is one that I get all excited about because this is the ultimate kind of secret formula that exists and it’s very simple to implement in local businesses and you’re going to end up implementing it as well. When you start to measure things, just by measuring alone, life changes for a small business owner, amazing things happen. It goes back already to your mindset. If I was to ask you right now how many visitors come to your website each month? It’s okay but you’ll probably say I don’t know exactly or I have a rough idea. What percentage of them convert into leads, meaning they pick up the phone and call you or fill out an online web form, if you have one, which many don’t? So that’s how you start to know the basic funnel, what’s working and what’s not.
For everything you’re doing in marketing, this is what the next video is about by the way, is setting up a basic online funnel and excel that you can manage in a few minutes a day or week that can really save you a ton of money and really help you grow your business, but say you’re doing the Yellow Pages and Google AdWords, maybe some Facebook advertising, maybe just SEO, you’re paying an SEO company to do whatever they do, which you usually have no idea, which we’re going to fix in video 8 or 9.
You need to know, okay, it’s really simple, in saying out of all the things I’m doing, how much exposure am I getting and how many leads are being generated and you have magical insight and then saying okay, well, I’m paying $20 a lead for Google AdWords. I’m paying $16 a lead for SEO. I’m paying $200 a lead for the Yellow Pages, so let’s cut that and do more of this. Again, imagine driving a car where people were sitting on the conveyor belt just saying, I think we tighten the bolts a little bit. I think we throw four tires on the vehicle. Or imagine going to the doctor and they never take your pulse or your vital signs, your weight, your body fat, your cholesterol. You look kind of overweight and a little bit grey. So that might not work too well either. So being a business owner is about metrics and this is Geek Free. It’s nothing to be intimidated by. It’s simply numbers that we’re going to cover in the next video so stay tuned.
Once again, the 5 M’s of Marketing provide a complete foundation you need. I know that this has nothing to do with your website and shortcuts to getting on Google, but this is building a right, solid foundation that’s going to carry out and keep you not only protected but growing more rapidly than ever before because you’ve implemented the 5 M’s of Marketing.
Read “The E-Myth” as your homework. Read “The E-Myth”. Read Dan Kennedy’s “The Ultimate Marketing Plan”. If you go to Geek-Free Marketing and look at resources our books there and it is hopefully a link so we do get paid when you order them and of course it’s free. If you don’t like it, we will give you a full refund, but please order the books and we’ll you in the next video. Thanks.
The 5M's of Marketing: Building a Simple and Solid Marketing Foundation by Aaron Fletcher