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Remember the OTTER Framework When You're Taking Your Product to Market

ABOUT THIS EPISODE

Guest Teacher: twitter.com/charlie_whyman 

The 10 Minute MBA, is a no-fluff daily podcast that teaches you practical business lessons you can use to grow your business immediately.

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Welcome to the ten minute MBA. I'm your host, Scott Dclary. On the ten minute Mba I teach you tool, strategies, techniques insight so you can use to start, scale, grow or x Your Business. Today I have a special guest, Charlie Wyman, who is going to teach over her otter strategy. Her strategy is something to teach us to businesses when they want to close their first, second, third, fourth, fifth customer, when their first taking their product to market, when they're trying to figure out how to properly market get new business. This is some day one stuff that is just best practices. So kicking it over to Charlie. This is Charlie Wyman's otter strategy when you're first selling your products. So yeah, the first thing is to start with the objectives. I like you know, and if you look at your longtime vision of the company, let's say, for example, you and want to launch a new products and service because you're you want to...

...launch a new product because your service based company and your future vision is to sell the business for a certain amount and in order to do that you need to have a physical product. But you're two, maybe three years away from doing that, you then have a look at right, okay, so t in otter tools, what tools, assets and resources do you need in order to achieve those objectives? And it's if you want to launch a new product and you don't currently have an email list, you want to make sure that when you're at the point of launching that product, you have an established audience in order to do that. So it's that kind of you're building a bit a full sight into it. But also if your objective is, okay, I just want to go from one to two million pounds in revenue, you then have a look at what tools, assets and resources you already have and then you can start asking questions around. Right, okay, what can I leverage further? What can I squeeze more out of? How can I optimize...

...that and make that better? So in the cut in the context of you know, like a lot of people, think tactically when it comes to marketing. So you know you've got another marketing expert or agency saying you need to do webinars, webinars of the next big thing, webinars are going to help you achieve your objectives. Rarely do they ever say that or put numbers against it. But it's like, okay, so you're going to run a Webinar, so you're going to need a landing page. You're going to have to get people to that landing page. You need to get people to actually join the Webinar when it starts. You want to get people to stay to the end. There are lots of different such points, or bread crumbs as I like to call them, along the way. So if you've run webinars in the past, more often than not you can have a look at those different bread crumbs and you can say right, okay, well, we've only got fifty percent of people that view this landing page actually opt in. So how can we increase that? Okay, so we've only got thirty percent of people that op ten actually showing up to our Webinar. How can we increase that?...

And it's just looking at each of those touch points in thinking right, okay, what can we optimize, what can we leverage, what can we make better? So I always say that I've everybody, every business is already sitting on a mountain of value and every business is already doing amazing marketing, whether they realize it or not, and the missing piece is to bring it together into what I call a curious marketing system, which basically just looks at right, okay, how are we generating curiosity in our in our markets? A lot marketers call this awareness. I think in today's Day and age it's not enough to just make people aware of you, because so noisy online and in trade shows. Need to make them curious. You need to make them want to find out more. But that's not in y. You then need to make them curious and turn that curiosity into action. So how are you going to take curious people and turn them into a lead? And that's like,...

...you know, development of lead magnets, making sure that you've got book a call, making sure that you are leaving those bread crumbs so that your audience knows what step to take next. And then after that, we all know not all leads turn in cells, so you need to sort of branch them out. So right, okay. So what happens to the high quality leads that you need to have a sales conversation with or you need to do a demonstration? What are those bread crumbs that you need to leave so that you can turn those leads into sales and then on the other branch it's okay. So these leads that are curious but not yet ready to buy, how can we nurture that curiosity, build that excitement and give them reasons to then take that next step and go down the cells route? And then the cells route is like okay. So, from a marketing point of view, how can you make their experience Super Special? How can you take advantage of each touch point, each opportunity, so that their experiences incredible? They want to tell others about it, they want to keep coming back for more and they...

...want to turn into a ferral partners, and I think this is well I I love again the engineering me, having the system and a process each different step of this system. You know, because if you assume your best clients are going to give you a testimonial or become a referral partner, you using what I call hope marketing, which is really difficult to track and it's just a bit you know, hope is not a good marketing strategy, whereas if you say, okay, so I'm going to put a checklist in place so that every client that goes through my system, I ask them if they know anybody that would benefit from our services or that would benefit from using our products. You ask them for those linkedin recommendations. You ask them for the case days, but you build it into the process so you're not wasting any any energy in doing the things that you should be doing anyway, and you've got that free energy to be curious and so kind of like heighten your spidy senses to pick up on the things that they're saying. All right, that's been...

...another ten minute. Mba. Remember any business questions? Don't worry, I got you. This is scarge cleary. Have a great night. I'll see you tomorrow. I.

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