We’ve been actually kind of BUILDING a Marketing Playbook over the past few episodes – not on purpose. Las episode we talked about identifying your ideal customer, and recently we’ve done podcasts on:
During this podcast we’ll be talking with Kelly Lawrence about the idea of an ACTUAL Marketing Playbook – or Business Playbook. What that is and why it just might be the key to long term growth for your business.
Intro Kelly Lawrence from Lawrence Innovation https://www.linkedin.com/in/kellylawrence/
What is a Marketing Playbook?
Okay – let’s talk about this idea of developing the playbook by company size, because they’re going to be quite different depending on where you are in your business life
– Bootstrap – Self-funded startup
– Big Starters or Under $1M in sales
– Mid-sized businesses 1-5M
– Large 10M and up
– What is your playbook?
– This is something you use to train your sales and marketing team to properly deliver the message of your products (even if it’s just you.)
– Here are some steps to creating your playbook?
– What do you want to sell?
– Who will you sell it to?
– What are some guesses on why people want to buy it?
– What makes this product unique?
– Ask potential customers about the product.
– What would they pay?
– How many would they buy?
– What problems do they have now with the product?
– How exciting is the product to them?
– Ask 10-30 people including distributors or wholesalers if you can. Write the info down and do math to make stats. e.g. 70% of people would pay $30, 90% would pay $20
Costs and profits:
– How much would it cost to you make it?
– How much to deliver it?
– How much to sell / advertise it?
– How big is the segment of people?
– How much money can you make a month / year / etc ?
– Should you go to market with this product?
– What changed in your research?
– Do you have new ideas?
Making the playbook:
– Share results of research with your team
– Explain the pains and frustrations of customers
– Explain how this product overcomes those
– List common objections and how to overcome them
Now you are ready to deliver your new playbook to your team, or yourself!
Your playbook will always be adapting and changing over time. It’s not written in stone, it is a plan you should refer to and update over time.