Small Business, Big Marketing with Tim Reid - Episode 57 - a podcast by Peter Sumpton

What is Mendelows Matrix? It’s another Marketing framework that look at the internal, but more on that later, as now is the time to chat to our guest, who is one of the reasons you are listening to me right now.

Tim Reid is one of Australia's top marketing keynote speakers and host of The Small Business Big Marketing Show which just happens to be a podcast and one of the first that I was ever introduced to and hooked on (please check Timbo’s show out, it is Marketing GOLD! - and that is a little in joke from his show, you’ll understand it when you listen to it).

Anyway, Timbo helps small business owners make their company, products and services truly irresistible, using public speaking, masterminds, workshops and webinars as well as, of course the podcast.

 

Takeaways

- A man after my own heart. Timbo admits that his podcast has lead him onto greater things such as conferences and keynote speeches and it shouldn't be a forgotten medium when it comes to comms planning. Thanks for showing me the value and genius of the podcast Timbo. 

- In speaking to a lot of business owners, there are some fundamentals that, from a marketing perspective are important to get right in order to increase your chances of success. Firstly, try and make marketing your hobby, something you enjoy, but remember to put some theory and relevance behind it by understanding who you want to appeal to and make it clear why they need you in their lives

- Finally, the boomerang effect. Timbo believes that what you put out there you get back by using the ‘pull’ technique where you get your target market to come to you by being helpful and engaging that builds trust and familiarity reducing the price sensitivity rather than the pushy type of marketing that can be…. Lets face it, pushy!

 

Mendelows Matrix

This is a quick tip as its difficult to describe a boxed framework on a podcast so here are the basics of Mendelows Matrix (check out the link in the show notes so you get a good feel for what it is we are discussing here).

So what is it? The matrix is a tool that can be used to consider attitudes of an organisations stakeholders in terms of a project or strategy plotting their interest towards it against the power they hold. What impact, involvement or influence they may have and in turn how well informed or involved they need to be, which will have an effect on the success of the project or strategy.

There are four key areas in which a stakeholder may be placed:

• High Interest and High Power
• High Interest and Low Power
• Low Interest and High Power
• Low Interest and Low Power

Depending on where key stakeholders are positioned, you will be able to determine the impact they may have and the involvement they will require in order for a project to be successful. These stakeholders hold the key to the three key pillars of most strategies, being resource, cost and time.

Happy Marketing Everyone! Peter www.marketingstudylab.co.uk www.linkedin.com/company/marketing-study-lab/ www.facebook.com/marketingstudylab/ https://twitter.com/mktstudylab (@mktstudylab) Music Featured on this Podcast: Sleepy in the Garden Lobo Loco www.musikbrause.de Creative Commons License

LinksTim Reid https://smallbusinessbigmarketing.com/

Podcast:https://smallbusinessbigmarketing.com/podcast-2

Podcast Episode:How to create a highly profitable customer manifesto: ...

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