Today’s Book of Experts TV episode is with Tim Fitzpatrick of Rialto Marketing.
Tim can show you three ways to stop wasting marketing money so you can grow your business (which you know can feel super challenging in the current business environment). We’ll talk about:
– How to generate higher quality leads, so you increase conversions.
– How to increase profits and customers while saving time and money with this simple framework.
– How to know exactly where to focus your marketing today to get the best return on your investment.
You can learn more about Tim at www.RialtoMarketing.com and more about our growing list of expert-based businesses at https://bookofexperts.com/
Did you know about the Book of Experts Welcome Kit? Use this link to see more of what you get (at no cost) when you get accepted as a member of Book of Experts: https://blog.bookofexperts.com/welcome-kit/
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It's time for books. They were talking about how do you avoid wasting your money with marketing? You know that famous quote, I can't think of the guy's name, I should have written this down before I went live. Half of your money in marketing is wasted. If you just knew which half, we'd all be rich, right? Well, we're going to talk about a process so you can think about not wasting your money but being more efficient, converting better with higher quality leads, and a whole host of questions. I think you're gonna love this one. It's time for book of experts up.
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Time for Book of Experts, TV,
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This is book of experts, brought to you by SalesMAP.me.
Unknown Speaker 1:04
All right, so welcome the book of experts, Tim Fitzpatrick, excited, Tim Fitzpatrick, from real auto marketing and joining us from the Denver area. So welcome aboard, Sam. Thanks for having me, Toby. Super, super excited to talk to you. Because you know what this topic is? I mean, this is what people need to know about, right? Every every expert based business that we talk to every business owner out there saying, I don't have money to waste on my marketing, but it's fuel for the engine. So I think this will be very much of interest to folks. Before we go there, though. Tell us a little bit, Tim, about your background, because you've got an interesting story. You You built up a distribution distribution wholesaler business, you that was acquired, you started the marketing business, I'd love to hear a little bit of background from you and how you made that shift. What your what, maybe six, eight years into the marketing side of the business?
Unknown Speaker 1:58
Yeah, yeah, about that. So I
Unknown Speaker 2:00
am I got involved in wholesale distribution right after college. It was I was very fortunate to get involved in that. But I ended up running that business I was, I was a partner in it. I was the only day to day partner that was was managing on a day to day basis. So I and I learned more doing that in six months than I did and four years of college. So it was, it was an amazing experience. And we were really we were in at a good time. And our businesses grew very rapidly. We were grown about 60% a year. And then we got acquired, I worked for that company for another three years. And then after that, I actually transitioned and got into residential real estate, it was in residential real estate for about three years. And man, I went from a high to a very low point. It was just I was not enjoying it. You know, I was starting to have some success. But man, I was working so hard, and I was not making as much money i was i was i was knocking on doors helping people get out of foreclosure. But everybody had a piece of that commission, you know, the banks, my brokerage, and I was like, man, I I dread getting out of bed every day, I got to do something different. And so that's when I shifted and started thinking about well, you know, what do I want to do? At the time mobile applications were were really hot. And so I started reaching out to and initially, we were offering mobile applications into the K 12 education space. And about two or three years into that Apple had a really big shift in their publishing guidelines. That slowed things down a lot. And I was like, man, I, my livelihood is tied to Google and Apple policies. And this is not a good place to be. So that's when I shifted gears again. And we started offering more more comprehensive holistic marketing services to help small businesses grow, and which is where we are today. So you know, like everybody's journey, the path I started on is not where I am today, things change. So
Unknown Speaker 4:07
I love that, that diagram of the entrepreneurs journey, right? Well, it's a bunch of squiggle marks I want to go up into the right, but it's really like, and I think there's something interesting here because, you know, you and I share this in common but a lot of times when you enter into a business or a sector or an industry, you do see things from the inside, sometimes troubling things that make you course correct. And there's a lot to be learned from that for others who haven't had that experience yet. So if I go to you in reality, oh, you know, I'm gaining those years of wisdom that you gathered and being able to see that not building putting all your eggs in one basket and building under one big banner because we've seen it the Google slaps Yeah, Apple take downs like Amazon in the e commerce space, like all those big names. They're out for their business, not necessarily ours. owning your list, there's a bunch of strategies we can talk about. But owning your list and being able to control your destiny is always a, you know, that's preferable here.
Unknown Speaker 5:09
Always a good thing.
Unknown Speaker 5:10
Yeah. Especially if you felt that pain of having a business essentially taken out from under you and I have some friends with, you know, they lost thousands, overnight, literally half their business revenue went away, just because of a policy change. So yeah. So tell tell us, I know you're bringing three things. Today, Tim, tell us Let's start with the first and again, we're looking at this as a frame of reference. I wish I grabbed that quote of the rip this. This was like 100 years ago, but really famous guy in the advertising world said, you know, if I could just figure out which half of my money I'm wasting, which half is working, great marketing, advertising space, but how do you stop wasting money and actually make it go longer? Because no small business is going to have, you know, unlimited runway there?
Unknown Speaker 5:59
Yes. So my opinion, is that you gotta start with the marketing fundamentals first. A lot of businesses skip the fundamentals, because they're not cool. They're not sexy. But inevitably, they run into problems, things aren't working, and they're not sure why. And it almost always comes back to the fundamentals. So you know, I love this quote from Michael Jordan, he said, Get the fundamentals down, and the level of everything you do will rise. The Mark, the marketing fundamentals are, frankly, the fundamentals in whatever discipline you're in, they don't change. They're the same, they were the same 25 years ago, they're going to be the same 25 years from now. So when I look at the marketing fundamentals, I call them the marketing strategy trilogy, you've got to know who your target market is, you got to have good messaging. And you have to have a plan that you can follow. So if we look at the first one, your target market, the first part of your target market is what Who are your ideal clients? Right? Who are you trying to serve? to too many businesses, you ask them who they serve? And it's like, well, everybody, right? I mean, that's not focused enough it when you are trying to reach everyone, you reach no one because it's just, it's too hard. So you've got to sit down and look at who are my 123 ideal client types that I want to market to. And that's where you're going to focus your marketing efforts. So you've got to understand, you know, with from an ideal client standpoint, who do you Who do you love working with? Who do you do the best work for, and who's profitable? That's a great place for an existing business to start to try and identify these 123 groups of people that they really want to target.
Unknown Speaker 7:47
Yeah, I love that measuring stick of, you know, the profitability is, of course, people talk about that. But, you know, who do you really enjoy working with the energy behind that? It's going to keep you going in that through the tough days, right? Yeah. And then where do you Where do you get your best outcomes, because if there's, if folks you're working with are starting their sentence with anyone, or everyone, they're already, you know, they're not niched down enough. They're too broad. And the phrase I've heard is broad is broke, none of us want to be there.
Unknown Speaker 8:19
See ya. One. It's so hard for people to when you're talking with people. And they say, who do you work with? And you're too general, it's hard for them to think of somebody, you know, but if you say, Well, I work with physical therapists, they're like, oh, okay, all of a sudden, you know, maybe they don't know a physical therapist, maybe they know somebody else that works with physical therapist or whatever, it's, it's so much easier for them to start thinking of ways that they can connect you with other people. But your target market and your ideal clients, it gives you direction and focus. If you're trying to reach everyone, you're like, where do I go? If you're trying to reach physical therapists, you can start to dig in and Okay, great, I'm reaching physical therapist, what groups do they belong to? What associations? Are they part of? What, um, you know, what magazines do they get or read? And then you can start to those start to give you hints of, okay, where do I need to be, maybe I need to join this association, maybe I need to go to this trade show. Maybe you need to advertise in this magazine, or on this website to get in front of that particular target market. It's so it's so much easier when you have an idea of who you're trying to reach. And then from there, you can start to get a little bit more advanced to start to look at the customer journey and how you can get in front of and help meet the needs of those customers at each phase of the journey to help them move through the journey so that they start buying and doing repeat and referral business with you.
Unknown Speaker 9:53
Yeah, I love this. And you anticipated where my next question was gonna go, because, you know, there's some folks that what enter this challenge this puzzle that we're talking about. And it does start with, you know, really nailing the who you can't hit the target if you don't know what you're looking for. So getting that big challenge saw is the first step. And then the next one, we start talking about conversion. So if you have the the perfect, you know, the ideal clients, you've got quality leads, what are you going to do with them? And I think that's where you're going with the with the customer journey, am I right?
Unknown Speaker 10:26
Yeah, you've got to have the customer journey. The way I look at the customer journeys is an hourglass, you know, they're saying at the top, and it's working its way down. There are seven phases there. There's no like trust, try, buy, repeat and refer. So when you start to look at the customer journey, you need to understand what your prospect and your client's needs are? Or what are the what actions are they taking, what, what expectations Do they have, what needs Do they have at each of those phases? Because when you understand those, then you can start to look at, okay, what type of content? Or what types of systems or procedures Do I need to have in place to meet the needs at each phase, because if you meet the needs of each phase, you're going to help them move to the next. And they'll just slowly start moving down that hourglass until they're at that buy phase. And by the way, most people stop at the buy phase. But you've still got repeat and referral business, which is super, super important. So you've got to understand that and have things in place so that you can get that repeat and referral business as well.
Unknown Speaker 11:34
All right, so I like the visual that we have, which is the hourglass, which is extending the funnel. So a lot of people are only seeing the top half, you describe the second half, walk me through and walk us because I think the audience is curious about this as well. Now, how do we how do we get more efficient and make our money go further?
Unknown Speaker 11:54
Well, I think the next step there is you've got to have, you've got to have good messaging. Okay, if you're messaging, we we have super short attention spans, I think I saw a statistic set our our attention span, I think is right about eight seconds at this point, which is less than a goldfish. So if people land on your website, or they read your email, and they don't understand it's not clear, it's not engaging, they're moving on. So you have to if you want to convert and make your marketing dollars go further, you've got to have good messaging as that second step. So what you say how you say it is so so important. And we follow a storytelling framework, where to do that. So you can go back to this playbook. And that's where you're pulling your messaging from every time so you're not reinventing the wheel, your messaging is going to be clear, it's going to be consistent, which is really important over time. And that is it's going to make all the difference in the world when you've got really good messaging. It's clear, it's engaging, and you It makes your business memorable and magnetic, which is exactly what you want.
Unknown Speaker 13:07
Yeah, I like this, because I think that ability of knowing where to focus and what to focus on next, so that we're not scattershot is is part of this efficiency conversation that we're having. Right now. And and knowing, you know, being able to walk through these key points that people need to hear, depending on where they are, it's different, as you said, in different stages of that. So someone who's close to a buying decision, it's a it's a different message is different messaging, it's a different conversation than the folks who are just entering the top of the funnel, and they have no idea who you are maybe not even aware, fully aware of what the what their options are. They're just trying to figure out what is this pain? And how do other people solve it?
Unknown Speaker 13:46
Yep. Yeah. And when it's you, you can see if you don't understand who your target market is, first, you can't create good messaging, because you don't understand them that whole. The first part of this is you have to really get to a point where you understand your target market better than they know themselves, then you can start to create messaging that engages them. But when you use a storytelling framework, what you're doing is you're inviting your customer into a story, which we all love stories, where they are the hero in your business is the guide. Right? A lot of businesses position themselves as the hero but our customers aren't looking for a hero. They're looking for a guide that can solve the problem they have and help them get from where they currently are to where they want to be. And if you look at guides and stories if you look, Yoda is already a Jedi. He knows exactly what Luke Skywalker needs to do to get to where he wants to go. Yoda actually is a very strong character. If you don't have a lot of problems. He knows what's going on. Luke is he's struggling man, he's weak. He doesn't know what to do. He's lost. He needs help. And that guide is the strength that helps him get from one side of the bridge to the Other to where they want to go. And that's when you use storytelling. That's exactly what you're doing. positioning yourself as the guy that can help your customers get to where they want to go, which is really, really important.
Unknown Speaker 15:12
I think that's a big shift that people don't realize a shift in how we think when when you allow your, your, for us, it's usually clients, but it might be customers, in some cases to step into and be the hero of the story, that it's a psychological shift on our end that in tie this again back because I want to keep on the, you know, marketing without wasting your money. When you make this shift, and you help your people, your tribe become the heroes of their own story. What does that do on the budget side of things,
Unknown Speaker 15:46
it gives you a better return on what you're investing in, no matter what you're investing in, you know, because if your messaging isn't good, you're not going to convert. So if I'm doing paid ads, driving into a landing page that doesn't have good messaging that resonates with my ideal clients, I'm not going to convert as well, right. So my cost per conversions are going to go up. But if I, if I have good messaging, that's clear, that resonates with my target market, and get them to take action, my conversions go up, right, and I get a better return on my investment. You know, if I'm doing SEO, driving traffic back to a website, that doesn't have good messaging, it doesn't resonate with my clients, I'm flushing my SEO dollars down the toilet. If I take the time to invest in messaging ahead of time, get good messaging on my website, then invest in SEO and drive traffic to that, I'm going to convert more of those leads, right. So that's how you get a better return on the money that you're investing. If you skip, if you don't know who you're trying to reach, and you don't have good messaging, you're just throwing dollars against a wall hoping that they stick. And you might get a return, but you're not going to get nearly as good of a return as you should, or you could.
Unknown Speaker 17:02
So what I heard there was make sure you're talking to the right people and be specific about that. And usually where folks are, you have to filter even more and be more specific than you been even comfortable with. Yeah, really nail that first piece. So you're talking to the right people with the right messaging, and at the right time, because we can't before
Unknown Speaker 17:23
and consistent, right in marketing, we talked about the marketing rule of seven, which says that people need to see your brand, your message, your offer, and the seven times before it starts to register. So if if you're if you're communicating a different message every time, it's not going to register with them, you need to be consistent over time, and it's going to register much, much faster. But if they see a different message here and a different message in another channel, it's not going to be nearly as effective.
Unknown Speaker 17:57
Yeah, I hear you. And I want to clarify for the audience out there. So a lot of times when you hear this frequency or repetition factor, the classic example people talk about, you know, why do why do folks walk down the aisle in the supermarket and buy sharmin instead of another brand. And they're thinking about these big dollars that have been paid on traditional channels like TV, but in our space for you experts out there, it's about trust, like how you show up and you show up consistently in there's consistency in your messaging of what you're talking about. If one day, you're talking about real estate, and the next day, it's a network marketing company. And the day after that you're a coach, people, there's the inconsistency starts to cast a shadow on the trust factor of the very people that you want to work. So showing up showing up consistently builds that trust and that is part of this frequency, a repetition factor of it. Yeah, absolutely
Unknown Speaker 18:47
hit the nail on the head. Right? If I'm communicating different things, or talking about different things, each time somebody sees me there, who am I? Right? Whereas we're talking about the marketing fundamentals, that's what I talk about. So you know, at some point, they see that enough, it's like, oh, yeah, that's the guy that talks about the fundamentals. I need help with that.
Unknown Speaker 19:09
So So the last question I have for you, Tim, walk me through who are the right people for re Alto, and specifically, what should they do to sort of walk through the door and enter your world they want to, they've heard this it resonates with them. They want to understand a little bit more, where does that conversation go for you?
Unknown Speaker 19:26
Yeah, we I mean, the best place to start is our website, which is reality marketing.com. I did put some stuff together for your listeners as well. So if they go to round two marketing comm forward slash book dash of dash experts, there's some specific info about the marketing strategy trilogy that we've we've dug into today. You know, our ideal clients tend to be service based businesses, you know, so coaches, consultants, professional services, so attorneys, CPAs, those types of people, as well as home service businesses, so contract actors, remodelers, those types of folks.
Unknown Speaker 20:04
Interesting yet, and I appreciate that, that you put something together specifically for this audience. So Timmy was great to hear a little bit more, learn more about your backstory and understand this the shift that you made in your own life and where it's how it really prepared you for what you're doing now, in bringing this this, as you said, Your the way you framed it was that you learn more in the first six months of the distributor business. Yeah, that was like your that was like your undergraduate. And then you've you know, you've you did the business with the apps and all that one that maybe that was your masters. And now you're on the marketing side, and this is your PhD. You got this full education experience that you're bringing to the table. So appreciate about that.
Unknown Speaker 20:46
Yeah, absolutely. Tobin, I really appreciate it, man have enjoyed the conversation.
Unknown Speaker 20:50
Yeah, thanks for coming on. And for folks, you can, we've already heard that you can catch up and converse with Tim that re alto marketing.com. He also shared, we'll make sure we get it in the notes that he's got a special link just for book of experts. You can also learn more about all our experts at book of experts.com where folks are able to, again, we think of it, what's the door that you can walk through to start the conversation with our experts. That's where our goal is try to make those conversations happen by creating this Wikipedia of experts and we can see what folks are doing and the transformation the impact they're making in the world. Appreciate your time, Tim Thank you. Thank you.
Transcribed by https://otter.ai