Podcast-Logo-dr-krista-fabrick-marketing-strategy2

Subscribe: Let us do the hard work and send the podcast to you: https://bit.ly/2NZjODA 

Review: Share the love and leave a 5* review from your phone: http://getpodcast.reviews/id/1375904962 

(from anywhere else hit the ‘Write a Review’ button in the Apple Podcasts app or iTunes)

Guest and Episode Links
Dr. Krista Fabrick
https://www.kristafabrick.com/
https://www.linkedin.com/in/krista-fabrick/

Enjoy the Episode – Happy Marketing!

Website Thingy: www.marketingstudylab.co.uk
The Professional Bit: https://www.linkedin.com/in/petersumpton/
Facebook Community: https://www.facebook.com/groups/marketingstudylab/
Tweet Tweet: https://twitter.com/cousinp81

Intro
Something a little different this week as I want a share a recording of the first live a attempted to do way back in March of 2020. Yep, way back when we were young and mask free.

Why am I sharing this now? As I think it is such a topical time to dive deep into all things Marketing Strategy. When your industry and buyers behaviour may be changing at a rapid rate, you should always focus on your strategic direction, whether this needs reassessing or nailed to the mast.

A robust Marketing Strategy will weather most stormy seas… I really don’t know where these turgid sayings are coming from so let’s stop at now and get chatting to Marketing Study Lab second timer Krista Fabrick, now Dr. Krista Fabrick (but not at the time of recording which is why it isn’t really mentioned) – congrats by the way.

In this episode we cover;
– How to formulate a strategy
– The difference between Strategy and Tactics
– Pricing and perception
– And of course, where do podcasts fit in with all this

Without a random opener today, let’s dive straight in with a tentative ‘are we live yet?’

Watch the episode video:

Podcast-Logo-dr-krista-fabrick-marketing-strategy

Transcript (this transcript isn’t 100% accurate but provides a decent representation of the conversation – soz for any confusion)

Peter Sumpton 

See how this works? All right, we should should be live now. Fantastic.

Hello, first live. Thank you very much, Krista joining me seems to be working as well. So I can close that now fantastic. And focus on my guest. So I just like before we get into anything else, I’d just like to give you a brief introduction, and then you can fill us in on the bits that that’s that’s missing. And then we’ll dive straight into what people should be doing in terms of marketing, because I know there’s a lot of people out there that are probably thinking that things have changed and we need to completely reinvent the wheel if you don’t, but let’s just go through it bit by bit. So, first of all, who is Krista, so she she teaches students, entrepreneurs and small businesses how to market themselves. She’s got a podcast, and she’s currently doing a doctorate in which a dissertation topic is going to be social media marketing, so what better person to speak to right now on a social media channel than Krista

Very, very brief intro, I’d like you yourself to fill in the bits that I’ve missed and beat yourself up a little bit.

Krista Fabrick 

Yes. No, no, that’s it. That’s me a nutshell really. And it really boil down to everything that I do has to do with teaching and marketing, right. So that’s, that’s me. But I’ve worked in marketing advertising for almost 20 years, and worked with in social media from the very early days before anybody really even knew what social media mess so I was fortunate to get to work with Ryan and wireless. When they were working on their Twitter account, how do we use Twitter to answer customer questions and to promote some of our hip young things we’re doing with music tours and things and so that was way back in 2007. I was already doing that. A CBC

Peter Sumpton 

so so different in 13 years, isn’t it? You know,

Krista Fabrick 

yeah, so I’ve really and but the thing that you know, I’ve done is I’ve evolved with it right? Social media. If you’re not using it, then you’re out of date. So You know, I thankfully I love being social online and offline. And so it’s a natural fit for me to have to be have to be active on social media and get to meet awesome people like you. Yeah. So that’s, I guess that’s all I could I don’t have a whole lot to add because you have me in a nutshell.

Peter Sumpton 

Brilliant, fantastic. And you’ve got so much going on and let you say, and I learned this the hard way, even today, that if you’re not practising it, and you’re not doing it day in, day out, it’s so easy to slip behind. So I had this we had this Facebook Live arranged about a month ago or so due to time schedules and everything and it was only today I thought,

I better make sure that I know how to do this live stream.

Then looked at a few things and realised that there wasn’t much on facebook live out there. And then looking at stream yard asked you what you used and all that kind of stuff. And you came to my rescue. Thank you very much. But yeah, absolutely. It was it was just a bit crazy in terms of like how things change and you think you’re up to speed but I suppose the thing is you’ll never know everything.

Krista Fabrick 

That’s right. If anybody tells you that they know everything run away quickly and don’t hire them.

Peter Sumpton 

Yeah, absolutely. Damn right. So what I’d like to do is dive straight into all this stuff we call marketing and kind of take it from the top. So one thing I asked my group members was, what do you want to know and learn about and one of the main things was strategy. And I think we get that confused in a lot of ways. And we’ll come on to that a little bit later on. But I suppose first and foremost, and this is the bit that I always preach and teach because everyone forgets it. And they want to go straight to the nice, fluffy promotional stuff. And we’ll even get to that later on. But where do we start with marketing planning, like Phyllis in help us out here?

Krista Fabrick 

Yes. And as I know, that’s why you and I connected in the first place. I think Vicki connected us because she knew we both kind of preached that same thing all the time that you have to start, you know, With the foundation, you can’t just jump into tactics and promotions. And in today’s world of want results now in social media and all the online stuff, a lot of people just really do forget that. So, you know, yeah, I love this is one of my favourite topics to talk about, believe it or not I even get my college students excited about this in my social media marketing clubs I teach because they’re there that Oh, I’ve never really heard about this or I didn’t realise how important it was to. So where do you start though? I think really, you have to start with what is the problem you solve? You know, what, what, what are you? How are you helping your customers or potential customers with your products or services because if you’re not solving some sort of problem, or making their life easier or better in some way, then you don’t have anything to market. And if you don’t know how to clearly articulate what problem you solve, once again, you’re gonna have a hard time getting a clear marketing message across. Yeah, that’s where I always have people start and I that’s anytime I get a person who does helped me with my marketing or I get a potential new client that will probably stop and, and sometimes, why What do you mean?

Peter Sumpton 

Yeah, absolutely. And it’s interesting you mentioned, Vicki there because, you know, she does a lot on persona work as well. And that’s, that’s something key, you know, where do you start? What problem do you solve and who you’re solving it for. And one thing that I do, and I’ve just started in the classroom because I heard on a podcast, and I just thought it’s brilliant, is that you get people to describe their favourite character, fictional character or onscreen character in detail, you know, go into detail how old they are male, female, what do you like doing? What’s the job and all that kind of stuff? And then you get them to read it out. And usually it’s a bit funny cuz, you know, people like, like, comedy and stuff like that. And then you say, okay, that’s fantastic. Thank you very much. Right. Okay. I’d like you to do exactly the same for your customers.

And it’s like,

but, but we don’t know that.

Krista Fabrick 

What Yeah, yeah. That’s great. And that’s actually I love that exercise. That is a great way to do that. And yeah, I’ve learned, it’s something that’s an area that I’ve worked a lot on. But I’ve learned a tonne from Vicki. And so I’m going to steal that that exercise right there. But that is that’s my next thing is it? Once you know the problem, you solve it? Yeah, who are you solving it for? If you don’t know who your ideal customer is, then you got to go back to the drawing board and figure that out? Because you cannot. You can’t talk to everyone unless you’re Coca Cola, right?

Peter Sumpton 

Yeah, absolutely. So just sticking with that. So we found out that the problem that we’ve solved, we’ve got a great solution and the problem, but like, how do we know who our ideal client is? Well, you know, what are we doing? Where do we go to find this stuff out? emails? might sound like a stupid question.

Krista Fabrick 

No, not at all. The question that I answer all the time. Yeah, sure. So if you’ve been in business for any amount of time, then look at look at who are your current customers who have you been your past customers, and try to see if there’s any themes, you know, recurring characteristics, you know, I’ll give it away. real life example. So, you know, I actually do have a business with a partner called paging you that you know we work on. We help people with personal branding for entrepreneurs is really the main focus there, but anybody can learn from it. And we started with the intention of wanting to go after because my business partners 25, we thought, okay, we’re gonna go after there’s a lot of 20 somethings that like really want to like, you know, do a side hustle, start their own business, whatever. And we so we started doing workshops, and we did, you know, just doing all the content and whatever. And all of a sudden, six months in, we were realising that our core audience was not at all who we wanted to go after who we thought we were going after, we were getting 35 to 55. You know, moms and dads who have a business and they’re trying to figure out how the heck do I use social media to help my business, and that’s where our message was resonating with. And as soon as we leaned into that, and really started targeting what we were saying more to that audience Then we were getting even more engagement and getting more referrals and getting more people to our workshops. Because we were we were targeting our right ideal audience, right? So when we started out, we were brand new. And we kind of based on what we knew from what we’ve been doing and who we talked to our circles. You know, we thought that was a customer. But after six months, we were able to look and see who have we really been reaching? So if you have been in business for a while, that’s the first place to start is the who’s been buying from you, who’s sharing your content? Who’s been engaging with your content, who signed up for your email to subscribe to your YouTube channel, your podcast. Now, if you’re brand new, or you haven’t been you have maybe customers all over the place, then you can cheat a little and start looking at your competition, right? Yes. So you can see who’s following their Instagram page who’s subscribed to their YouTube channel. You can see all this information online and who’s following who and you can see like their Facebook page, you can see that ads they’re running and who’s liking the ads? They’re running even Facebook. So there’s, there’s a lot of simple ways that you can find out. Who is your ideal class customer? yourself, you obviously could think of like, Who? Who needs the problem? Who needs the solution you’re offering, right? Something very specific. Like let’s say you have some sort of product for babies, obviously, you know, you’re targeting parents with babies. I mean, things like that.

Peter Sumpton 

Yeah, absolutely. And that’s an interesting point there. Another thing I do in when I’m teaching is I usually take a cereal box with me and it’s usually some kind of children’s cereal so I suppose in the US that would be captain crunch and knowledge area or

is it Fruity Loops

Froot Loops Yeah. Okay in this in this country, may be Coco pop, something like that. And I say, okay, Who’s that? Who’s this for? Who’s the product for? And it’s for children. And it’s okay. So the front of it, who’s it marketed for? What’s got it got a monkey on it or some kind of character? If it’s children? Absolutely, really? who’s buying it? The parents? Okay. So how do you get the parents involved other than peer pressure from from the kids, right? To purchase it, and you look on the side in the back, and it’s all about nutrients and sustainable farming and things like that. children aren’t bothered by that. But the parents are. Yeah, so it’s almost that Who’s your target market, but who’s going to do the purchasing as well?

Krista Fabrick 

Yeah, yeah. Yeah, well, you’re targeting, you know, certain services like that were either products for children or maybe products for like, people that are being taken care of like, you’re targeting two audiences at the same time, which complicated but that’s another excellent example. I love that exercise as well.

Peter Sumpton 

Yeah. Cool. So what I want to do now is we spoken about why you should mark the implant in And obviously everybody should in the entire world. And I just I think we’ve touched upon a few things there. But I just want to go into a bit more detail about some some research and why we should bother doing any type of research. Why can’t we just, we know our ideal client, we know the problem we solve. Let’s just go for it.

Krista Fabrick 

Yeah.

Just go for it. Yeah, that’s not a good idea. Why not? Well, because you need to find out a lot of things. First of all, once you know or you think you know who your ideal client is, you really need to research that ideal client, right? So you need to figure out where do they want to hear marketing messages, right? For example, like Gen Z. They say they don’t want to hear marketing messages yet, that favourite influencer tells them go buy x and they go buy x, you know, so they actually do want to be marketed to they just don’t want to be marketed to with a TV commercial or a piece of direct mail. But you know, let’s say somebody maybe your target audience is 16 and older, you’re not going to get to them on Tech Talk or maybe even on Facebook, you might my parents are on Facebook, but you know, but they you will probably still get to them with direct mail. So you know that you need to know who your ideal audience is. But then you need to research where are they want to be marketing to where are they spending time? Where are they consuming content? You know, there’s so many options now there’s, you know, pre roll and mid roll and post roll ads on YouTube and Hulu and so even commercials still can work. They’re just not commercials in the way we thought about 10 years ago even now, but yeah, you need to you need to research you know, where is your ideal client likely to be found and where are they likely to be receptive to your marketing message? And then you need to figure out you know, do you have the time and or the budget and or the resources to market in those places. Kind of one of my simplest way that I always explain to my my college students marketing is the right product or service. With the right message to the right person in the right place at the right time.

simple,

Peter Sumpton 

yet familiar?

Krista Fabrick 

research, I mean, you know, what, whether it’s looking at what your competition is doing, looking at where your audience is hanging out where your customers are hanging out, where they’re looking to see what you’ve done in the past, that’s worked. I mean, if you’re not tracking, measure tracking and measuring and evaluating your previous marketing efforts, then you’re also missing out there. That’s another great area to be researching.

Peter Sumpton 

Yeah. And we don’t have to be on all channels all the time. And that’s

exactly what you say in there. All the right people, the right places and all that doesn’t have to be all the channels. And again, if you’re just starting out, absolutely. Take a look at what your competitors are doing. But if, if you’re not, it might not be where your competitors are actually focusing their efforts. that you need to focus your efforts on, you know, do your own research.

Krista Fabrick 

Yes. Yeah. Sometimes you might have an opportunity to be somewhere your competition’s not, and your your customers are. Okay. But if you can reach, you know, find a way to reach your customers, that’s the competition. If not, then obviously, that’s a that’s a great opportunity. And that’s where things like, you know, if your audience is on or customers are on the, you know, under 40 side, things like being an early adopter on the latest platform can advantage or latest technology like when text messaging came out first came out as like a way to send out promotions. There was a lot of companies that did really well with that because none of their competitors were doing it and there are people like me who hate email and I’d rather get a come on over text any day. And so yeah, so kind of researching what are the opportunities out there for marketing and potentially reaching reaching your customers in a place competitions not

Peter Sumpton 

I like text messaging, I think there’s quite an open space that if you get the right information, and you’re allowed to utilise that information, because like, like for me, depending on the target market, obviously, but but for me, if there’s a little red dot somewhere on my phone, I can press it and get rid of it. And usually, the text message doesn’t really have that many red dots. For me, it’s usually what’s up. So it’s an open space. Really?

Krista Fabrick 

Yeah, yeah, my text message. And that’s usually the thing I refers to. I mean, I’m more likely to read and respond to my text message on my phone and read out. Yeah, I hate the red dots. Yeah,

Peter Sumpton 

you go. There you go. Okay, so moving on. One thing I think we don’t do. And this is from a marketing point of view, I don’t mean you and I just just marketers in general, and this is where we can add real value and show our actual value is either setting goals for the business, or if we’re working for a business set goals for marketing, and our department, even if we’re self setting these goals, hugely important, but how do we go about this then? Because we’ve done our research, we know what we’re doing. But then what are our goals gonna be?

Krista Fabrick 

Yeah, so I and I love this topic too. Because if you don’t have a goal, how do you know what you’re even trying to accomplish? Or, you know, how how do you track results and success and failure? So goals are extremely important. And I think a lot of people just think, Oh, I kind of know in my head what I’m trying to do, or Oh, no goal, you know, I don’t want to set some big complicated goal, it, you need to actually write it down or type it out have it somewhere. So that is documented. And how do you do it? I mean, it’s, so I love to use the smart, the smart formula, which I know is used throughout business as this works for any goal really, but you know, specific, measurable, achievable, realistic and time based. There’s a couple variations on that, but that’s Yeah,

that’s the point. So that you know, it has to be something like for marketing for example, you know, now with 2020 comm kind of crazy for everybody, you might have to reassess your goals. But one example could be, you know, I would like to maintain my sales revenue at 2019 levels for 2020. Maybe before I was you were going to grow but now you’re just trying to maintain. That’s so you can that’s a specific, measurable, achievable, realistic, you know, time base, you can now go at the end of 2020. Or if you want to do a quarterly, whatever, at the end of the time period, you can look back and say, Okay, what were my revenue, sales revenue numbers for 2019. Okay, what were my numbers for 2020. Okay, it worked. Yeah. I mean, that that sounds super simple, but that that really is because now you know, if your goal is sales, revenue, growth, then you know, you could now take that as a starting point. What do I need to do, you know, step by step to increase my sales revenue. Do I have my website solid? Do I have a social media plan? You know, am I Consistently creating content, am I sending out my weekly newsletter on my email me or whatever it is you’re doing you, you now know, I have I have this goal to achieve. Now, here are the steps to take to achieve that goal.

Peter Sumpton 

Absolutely and not setting those goals. You’re basically setting yourself up to not not not fail, but not achieve very much. Because if you if you’re if you’ve got your own business, then it’s a fantastic marker, something to line in the sand. That’s what I want across. If you’re working for a business, it highlights to where your manager, your director, or the owner or whoever, that we are achieving these things, or these are our targets that we want to achieve because of a certain reason. Yeah,

Krista Fabrick 

yep. Yeah. And yeah, and it can be more even more clear than like just sales or no, it can be things like I want to launch one new product by the end of 2020 or by October 1 or but writing that document that goal gives you a deadline and we all know we work better with that. And yeah, I mean, yeah, especially if you’re entering to a client or to a boss about the marketing that you’re doing. You those goals, give them something to understand why you need the resources you need to do what you’re trying to do.

Peter Sumpton 

Yeah, absolutely. And I think one thing to point out there is that and I see this more in qualification marking qualifications than anything. And when it says set a SMART goal, people usually write down SMRT and then say it’s specific because of this. It’s measurable, because then it’s like, yeah, okay, I get that that’s in depth, that’s fine. But that’s not necessary. It’s like literally a sentence or two count below those requirements quite easily.

Krista Fabrick 

Yes. Yes. Exactly. Exactly. And when you know, when students are learning I have them do similar like that just to really get the concept. But yeah, business as a business owner as a marketer doing it in real life situation. Yes. Literally, a single sentence is often all you need.

Peter Sumpton 

Yeah. And people overcomplicate it because they see these five elements in the thing. Well, how does it make it specific how To make it better, and it’s like, No, no, just just literally write something that is undeniably what you want to achieve and how long it’s gonna take you.

Krista Fabrick 

That’s it. Right? And you know, the achievable and the realistic Part I, you know, I don’t often touch specifically on that, but it seems so simple. But the point is, is, if you are, you know, a brand new startup company, and let’s say the fitness apparel space, your goal cannot be I want to be number two, and by the end of 2020, right, that is not achievable and realistic, you don’t have the resources to do that, you know, unless you get some angel investors gonna invest a billion dollars in the show, things like that, or even if it’s, you know, 2020 considering where we are now, if, if your goal is I would like to double my sales revenue in 2019, unless you’re a company like zoom or one of these online education companies, right. doubling your revenues in 2020 is probably not achievable or realistic. So that’s things like that, that you have to really think about. Yeah,

Peter Sumpton 

so I want to move on to my favourite topic in marketing at the moment because we don’t do we don’t do this often enough.

Absolutely no problem

Krista Fabrick 

at all that’s like trying to break into my bedroom.

Peter Sumpton 

No, you you do what you need to do

to fail.

So yeah, so what we’re going to move on to when Krista comes back is formulating a strategy, looking at your strategic options.

It’s kind of close to my heart. And I think it’s massively important because we don’t necessarily do this we jump straight to the tactical elements. And what we’ll do in a minute, we’ll have a look at the difference between strategy and tactics. Quite simply put, what is a strategy and what is a tactic and what makes it different. So now Krista is back. Well, I was just saying they’re brilliant.

Fantastic. There’s nothing like alive is that but

Krista Fabrick 

normally they’re in school right now, but obviously homeschooling, you

Peter Sumpton 

know, these are the things that we accommodate nowadays, you know, it’s absolutely fine. No problem. It’s live is real. So I was just saying there is, is this topic quite close to my heart because it’s one thing we in marketing or a lot of marketing departments skip, and they go straight to tactics. And that is the formulation of strategy or strategic element. So what I’d like to do is just briefly talk about, like formulating a strategy or what that kind of entails or what it looks like.

Krista Fabrick 

Yeah, yeah. Okay. So you know, once you know, your goal, this is why you have to have a goal, too is because once you have a goal, then you can decide your strategy strategic approach. So if you know your goal is to increase brand awareness, then your strategy is going to be related to, you know, it’s gonna be a brand based strategy, how can we build brand awareness? If your goal is sales revenue, focus, then you’re going to have a financially based, you know, strategy and if your goal is, you know, So if your goal is to launch a new product, then you’re going to be having a strategy focused on product. Yeah. So you really have to have that goal in order to be able to accomplish or come up with a good appropriate strategy to accomplish that goal. And then also, if you know, the problem you saw that kind of ties into and who and who you’re solving it for, that all ties into the strategy. And so, you know, strategy is going to be your overarching perspective perspective, I guess, on how you accomplish your goals, and how that you’re, you know, you’re going to do your marketing. And so, you know, there’s things like, if you’re launching a new product, then you might be looking at a strategy that’s looking at, you know, differentiation, or is your new product different than what’s already out there in the market, or are you going after a new segment that’s not previously prepared. Not going after it? Or are you going after a completely new segment and a new product? You know, like, everything’s brand new. And so you how you go to the tactics comes out of this strategy, right? So we’re gonna have a completely different marketing mix together completely different promotion, planning tactics, depending on if you’re in marketing to, you know, new customers and new ways, new customers and old ways, old customers a new way. Right, that’s all it. That’s the that’s the layman’s terms of those different types of strategy.

Peter Sumpton 

Yeah, absolutely. I think you kind of referring to Ansoff matrix there, but let’s not get too theoretical. Trying to keep this. Yeah, less less theory led here. The one thing that I always say about like formulation of a strategy or how you can tell if it’s a strategy is if you’re going to take a car journey, and you want to go from A to B or sorry if you want to go to a to b your objective is get is to Get to be at a set time. The strategy will be I’m going to take a car to get from A to B. Now the tactics are the roads Do you fill up with gas? Or petrol? You know, a DD? Is there any brakes? What speed limit? Are you gonna do all those the tactical elements but taking the car is your actual strategy?

Krista Fabrick 

Yeah, yeah.

It’s a parallel example there.

Peter Sumpton 

Yeah, yeah, I think it’s just it’s just easy to kind of understand. And another thing and I know I said not get into theory, but my favourite model in marketing at the moment is the, if the SWOT and the toes element of the swap, which leads into strategic elements and don’t really want to go into detail about that.

Krista Fabrick 

about that stuff.

Peter Sumpton 

Yeah, let’s do another live and we’ll probably geek out about the rotten toaster. I absolutely love it. It solves so many problems. Yeah, yeah. Which is cool. Okay, so, what I want to do now, and this is massively important for everybody, there’s just two things that are I’d like to just clarify for everybody, because I see time and time again, with students getting these two things confused. So that’s the difference between strategy and tactics. And we’ve kind of covered that. But I’d like your interpretation on kind of tactics compared to strategy. And then what are we casting is the marketing mix? Simply because the amount of time I speak to people and yeah, and they see the marketing mix as your communication channels? Yeah. And so yeah, so tactics, let’s talk about tactics.

Krista Fabrick 

Okay. Yeah. So, you know, and we kind of started this interview with talking about how we have to go have the foundation in place before we go straight to tactics. You know, I give you the strategy as the foundation like you said, it’s who who are we marketing to how are we market or who are we marketing to and where are we going to market to them, but the tactics is, we are going to create this new product, and it’s going to be priced at this price, and we’re going to Send this marketing message to this platform you know so that you know the car so so the car manufacturers as he said the car example. So you know, your Honda and your strategy is you would like to launch a new electric only vehicle to electrical and a budget friendly vehicle to the US and what’s your that’s kind of your goal your your strategy there is reaching, eco friendly, you know, budget conscious car drivers in the US, but your tactics are we’re going to price it out, you know $20,000 and we’re going to promote it in through our dealerships on our website for your email campaign. We’re going to do a national TV campaign. We’re going to national social media campaign on Facebook and Instagram and tik tok, you know, whatever, that’s the tactic. So that, you know, the strategy is the overarching idea of what you’re going to do, but tactics on how you’re going to actually make do it and how you make it happen.

Peter Sumpton 

That’s actionable tactics. And there’s one thing you mentioned that the very first thing you said what are we going to price it at? And that fundamentally is something that marketing a lot of marketing departments are almost missed out on it amazes me is like who set up a sales setting these prices? How can sale set a price that’s that’s ludicrous. Yeah, like that leads us nicely on to pricing and the the PS if you like,

Krista Fabrick 

yeah, yeah the four P’s the marketing mix, so then you know, I believe that the foundation of the four P’s are still important part of marketing Of course, you know, there’s now the the modern seven P’s and there’s the you know, eight p and there’s all these things, but you know, looking at the four P’s the product or service the price, you know the the the distribution or the place right so that was it online as an in store is it whatever and then of course promotion but pricing. Yeah, I agree people, so on underestimate the power of pricing and the importance of it to your marketing. And, you know, I mean, think about Apple, does, you know, this, does this, is this actually worth $1,000? And, you know, no does it actually cost Apple $1,000 to produce? Absolutely not. But they have, you know, perceived value pricing strategy. And so they have done an excellent job of being able to put themselves in a place in the market where they can charge premium prices for their products. And that’s almost exclusively due to their marketing, of course, you know, the quality of the product had to follow. They put those two together, and they’re able to charge significantly more than some of their competitors. Just like and you know, the Mac, the Mac laptops and desktops. Those are way more expensive, but there’s a perceived value that there’s, you know, worth it. And so pricing is really, really important. And, in fact, a favourite example of mine realised very recently I had a physical therapist client, one person shop doesn’t take insurance. And she was terrified of raising your prices because she, you know, didn’t want to lose her customer. She already had the patient she already had. And I told her I was like you are. She’s worked on professional athletes, college, high school students who are like losing their college scholarships. They got an injury and she could rehab them so quickly. They were able to get a full ride to a you know, division one university. I mean, she’s very specialised very good at what she does, and she was charging next to nothing. So I I forced her to try just with new incoming patients, a new pricing structure. And I mean, she went up by like 50% and prices, and she saw me screaming Oh, my God, Kristen, my conversion rates have like triple people person I’ve shown the new hire pricing has said yes, and they’ve signed up for my package. deal that I was like, that’s because they perceive that you are that you are valuable and they want, you are valuable. And now that your pricing matches that they, they’re more likely to buy from you because it’s, oh, why won’t the best and she charges as much, so she must be the best, you know, and so that she had never really thought of it as part of her marketing. And now she’s, you know, every six months, Dr. Baker kind of raise your prices a little. Almost a year ago that happens. So we’re in the midst of a price adjustment again, but bit by her raising her prices, she got more business and more money for the business, you know, per patient. So

Peter Sumpton 

yeah, absolutely. And it’s probably deserved as well. That’s the thing in that instance, massively deserved. It’s a it’s like any any collectibles or baseball cards or something like that. It’s like that perceived value is so overinflated for what it actually is. But it’s not if that perception of that value. And you know, anyone’s perception is reality. It’s like any art Like this, there’s a beauty in it yet for what it is, you know, it’s paint on a canvas. Like literally that is all it is.

But you know, I suppose I’ve probably upset quite a few views. Yes.

Krista Fabrick 

Definitely. Yeah, I think on the value of the beholder, right, so that I have a hold on, because if somebody thinks that piece of art is worth $10,000, and they want to pay $10,000, to have the joy of looking at it, then it’s worth $10,000. Yeah. Yeah. You know, and I’m, other than to see value I want to talk quickly about in this current situation. I know a lot of businesses are just discounting or trying to come up with creative special offers to continue getting business through these crazy times. And I’ve seen a lot of talk of saying don’t discount too deep because it’s not going to last long term. Well, I think it depends, for example, a lot of restaurants here locally, have been doing like, you know, 50% off alcohol to go with your takeout order or 35% off all takeout orders. And, you know, right now they’re running their restaurant on a minimal amount of staff because they don’t have all the staff required to have the in house dining. So their cost to operate are significantly lower. So if they can continue to get business from people on takeouts by offering 35% off, they might actually be the same or ahead of the game as far as profits go, even though 5% founder significant discount to offer long term, but if that means they’re getting business, they’re getting business, and as long as they’re able to actually pay for the cost of the staff and, and prove that they are using AI. You know, I think that’s a that’s a possibly a very good thing to be doing. But I know some businesses that are maybe going a little too far. And Christina, you know, yeah. So yeah, there’s right now pricing is actually really important as well.

Peter Sumpton 

I was feeding somebody today that just just on a side note, the hand sanitizer It was in Australia, and they changed their pricing structure instead of saying only two per customer, and they changed it. So you can have as many as you like, the first your first purchase is $2 a second purchases $1,000 thereafter, it’s just I just thought it’s a great way of viewing it.

Krista Fabrick 

Yeah, I did. I heard about that too. And I think that’s a wonderful because that’s a great way to encourage people to, you know, take only what they need, obviously. So making that first one their normal price and available, anybody who has $2 but then for some of those crazy people who maybe do have disposable income, then that business is going to make up for some lost income potential, right?

Peter Sumpton 

Yeah, absolutely. And you know, perception is reality and if if people that have bought you know, 50 hand sanitizers in one go really want them they’ll be prepared to pay that money as well. But it just shows you know, you you hiked that price and people like, Oh, no, no, I’m not gonna I’m not gonna buy that at that price. Right. Did you really need it in the first place, then? Probably not.

Krista Fabrick 

You Yeah.

Peter Sumpton 

So just interestingly, we got a question today from Chico D sorry if I’ve said your name wrong there and it links in very nicely what we’re speaking about now and he says, Is it time to have an eighth? p in the marketing mix? I think there already is one productivity and I think it goes on forever. But But let’s stick with the seven extended mix and he says either project projection or perspective in terms of the the current Cova 19 outbreak and changing marketing at this moment in time, what do you think about that? Should we add a p in terms of perspective more than projection into it or is that a bit too far?

Krista Fabrick 

You know, I think I mean, I think if you want to add a great because it’s something that you should always should be kind of integrated into your marketing mix. I mean, if you are not, you know, not projecting looking at projections of current In future trends, and if you are not taking in a perspective of what is going on in the world around you, then you’re going to be dead in the water anyway.

Unknown Speaker 

Yeah.

Krista Fabrick 

So I think that’s an excellent question. And I don’t know that we need to add it officially, but especially in times of crisis, like we’re facing right now, both health and economic, you do have to be acutely aware of what is what’s going on and, and look at it from the perspective of if you’re like, for example, my target audience from what I do is all small businesses a lot most of the small businesses who are my ideal client are hurting big time they’re either doors are completely closed, or their businesses way down. So you know, how I talk to them now is I’m trying to give them as much value as much help as I can and reminding them that now is the time to assess their marketing plan, or marketing strategy, prepare to come out of this stronger, you know, and to not just ignore not, don’t ignore them, you know, but let’s say You know, somebody like company like zoom, right now they need to be out there marketing as much as possible telling we have the tools you need to keep doing your business or to keep doing Oh, you know, and maybe somebody who’s a business that’s closed down, they can’t market their services, right or their products or services right now, but they can continue to show up and talk to their ideal customers, either email via text via direct mail via social media, however they normally do, but maybe just you know, give them some inspiration, give them some education, just even updates on how your business is doing. But just because there’s a crisis going on, you know, doesn’t mean you can’t market but you do have to look at the perspective of your, your ideal customer and your audience. And make sure that you’re being sensitive to that to their perspective of what’s going on.

Peter Sumpton 

Absolutely. And also, that whatever whatever will happen later on in six months, wherever we are in six months, who knows, but there will be an point to this to this current situation. And it’s almost a case of, well, what do you want to be? Not necessarily known for? But how do you want to be remembered in this time? Is it a case of you just shut? Shut up shop? And nobody heard from you? Or is it that you were the friendly face? That wasn’t pushy, that wasn’t sales, he was just there for that community. at a time. It was a pandemic in in the world.

Krista Fabrick 

Right. Right. Yeah. And that, you know, people are spending more time online right now than probably ever before. You know, and everybody’s getting tired of having to read constant updates about the pandemic itself. Yeah, if you’re showing up and providing any kind of value or entertainment or education, or anything, you know, your, your audience is gonna like you for that probably. So remember that. So,

Peter Sumpton 

I just wanted to finish today, with your take or your perspective of the types of tools and stuff thought that we should Well, I mean, I suppose it’s more prevalent now than ever, but the token shot software that we should be using within our marketing that can really help us.

Krista Fabrick 

Yeah. Ah, well, it you know, depends of course on the size of your business and your marketing team, you know, but generally speaking, I highly recommend, you know, having a something like a Trello product management, things like that, you know, a sauna air table, you know, pick your choice, what’s most comfortable for you Trello is what I’ve been using for a bit now. Because that allows you to have your schedule out project, schedule, a marketing, you know, and collaborate, invite other people to edit and to see what’s going on. You can set due dates. And so that’s something marketing can get overwhelming so easily so. So having an organised what you’re doing with your marketing is really going to help you keep track of what you’re doing a consistent And actually execute you know what what you’re doing. Now, as far as actually, you know, creating content or being active on social media, I would say, you know, getting something set up something like a fee or a drama daya.io. So you can be, you can sign up to get content, about your industry about your business so that you can stay up to date. And it also can be it can inspire your content as well. Because if you don’t know what content to create, read an article and then write a post with your three takeaways from that article. Share the article, I mean, boom, now you have content, right? Yeah, like Feedly or java.io. And then, if you need help creating any kind of graphics, images, anything if you haven’t tried Canva Canva for the non designer Canva is super helpful. You can do emails, you can do flyers, you could do your website, headers, you could do Social media graphics, I mean it has options for just about anything and everything. Those are kind of some of my favourite tools that I use for marketing for me my clients. You know if you can use up more of a CRM system, Hootsuite or even HubSpot are fabulous. I have lots of clients have used those. And I’ve used them myself as well, for a more comprehensive customer relationship management.

Peter Sumpton 

So would you suggest as my final question to you because we both dabble or create it is would you suggest people look to invest time in creating their own podcast?

Krista Fabrick 

Oh, yeah. If you have any desire to do one and you have a topic that you can talk about, then I highly recommend you know, if you think you could do it, I challenge you to sit down and write down 30 episode titles. Quickly and easily come up with 30 episode titles or ideas, then you’re probably ready to start podcasts. And you know, podcast world is so unsaturated still? Yeah, you know? No, it’s where blogs were 10 years ago, right. And what’s beautiful about podcasts is that you know, people are on the go. People are doing schoolwork they’re doing work, they’re commuting, they’re running, they’re at the gym, they can have a podcast and no matter what you’re doing, you can have that in your ear and be listening. Yeah, so it’s only continuing to grow the average subscriber listen to podcasts. Trevor has subscribed to seven podcasts. And it has more and more celebrities jumping on that. They’re bringing more people to podcasting five to six other ones other than that celebrity podcast, right? Yeah, I’m a big believer in podcasting. I love talking. I love having one. I love listening to them. Yeah,

Peter Sumpton 

same here. And I think it’s interesting to note, I think there’s 850,000 podcasts are available now. And the majority of them don’t get passed. four episodes. So if you think of that in terms of blog posts and blogging, like you said, so untapped market, it’s unreal.

Krista Fabrick 

Yeah. Yeah, I know. That’s how I feel. I feel proud to say our podcast is that we just released Episode 62 yesterday. So we’re, we’re going strong. We haven’t we took two weeks off in December. And other than that we have not missed a week since January 1 2019. so

Peter Sumpton 

brilliant. Love it. Well done. That’s, that’s great stuff. absolutely superb. Just for people that are listening name of podcast.

Krista Fabrick 

It’s called it’s a beautiful influence. There we go. All the podcast places,

Peter Sumpton 

all decent podcast places. And that final question then because I know you have your own Facebook group. And I know you’ve got a few things going on there. And I would really, really like you to push and promote what you what you’re currently doing on your group.

Krista Fabrick 

Yeah. So my group is called simplified Marketing for Small Business Owners. So exactly what is that what I’ve been talking about my ideal client And that group is fairly new. It’s not It’s not even two months old yet, but it’s growing every week. And in there, I’m doing weekly marketing audits for members of the group. So, you know, I’m asking for volunteers, I’m booked up a few, you know, at least a few weeks advance, where I actually go through and I give them a minimum of three to five wins in their overall marketing strategy and tactics, and three to five areas for improvement. So that’s one of the most exciting things I think I’m doing in there. I’ve also been hosting weekly live interviews with different experts, including our believe our mutual friends, both Vicki O’Neill and john experience.

Peter Sumpton 

Yeah, absolutely.

Krista Fabrick 

Yeah. And so I’m doing today I’m going to try and bring in some accounting and you know, different areas of business just to help small business owners there. And then in fact, this coming week, I’m doing a series of mini live video trainings in there. Today I’m going to be doing a training on how to use Instagram Stories better. So I’m just trying to provide a lot of value in there and help small business owners Whatever marketing in any, any way I can, that’s cool.

Peter Sumpton 

Well, I’ll do I think you can actually link groups. So I’ll link a link to your group. And I’ll put the link in the show notes and not well, the posts and all that kind of stuff as well, because people need to be involved in it. As soon as I saw you, you did that kind of marketing audit. I just sat down I thought, why nothing?

Such a good idea. It’s absolutely brilliant. I love it.

Krista Fabrick 

Yeah, I said, it’s been so helpful, you know, you’ve ended up you know, for somebody like you and I who we could do that in our sleep. You know, I spend about maybe 30 minutes a week doing that. So it’s not like a huge time investment. But it’s, it’s such a blessing to those small business owners. They really are gaining and learning from that. And I’ve loved seeing every single one of them have implemented at least a few of the changes I’ve suggested, which has been really fun to see. So

Peter Sumpton 

I love it and those and you say implement changes, but it could be a small change. That could make a huge difference.

Krista Fabrick 

Yes, yes. Absolutely.

Peter Sumpton 

Absolutely. So any

But it’s still listening. Check it out, get on it, get on the group and put your hand up and say, Get Krista. Do you an audit? It’s well worth it. So, final thing. Thank you so much for joining me absolute pleasure. I mean, I think we could talk for another three or four hours about all this kind of stuff. But we’ve got, we’ve got houses that we need to stay in for the foreseeable, so we need to go and do some cleaning or something I think.

Great. So thank you very much, Krista, and I’ll speak to you soon.

Krista Fabrick 

Yeah. Thank you so much, Peter.

Transcribed by https://otter.ai

Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
Creative Commons License