Editor’s Note: Today’s newsletter is best read in your web browser (not your email). That way, you can watch the YouTube clips as you go. Click the “Read Online” link at the top right of this email (above the image) to jump to the web version.

Spoiler Warning: If you haven’t watched Breaking Bad and plan on watching it someday, please skip today’s post but please send it to your number #1 Breaking Bad-loving friend. Also, congratulate yourself! You’ve made it so long without having the show spoiled for you yet. That’s an impressive accomplishment.

We all know Walter White can work an RV like Bobby Flay can work the Iron Chef kitchen, but you may be surprised to learn his skill set as a product marketer is unmatched. Before I explain, let’s align on what makes a great product marketer.

Being an elite product marketer means you’ve mastered three core competencies. Each one builds on the other:

1. Market intelligence — You understand both the competitive landscape and your target consumers to identify an underserved area of the market (and, in turn, an untapped revenue opportunity).

2. GTM strategy — You figure out how to differentiate your product to appeal to those underserved customers and win this market.

3. GTM execution — You carry out a sales and marketing plan to drive revenue amongst this segment.

In just two years, Walt became the meth king of Albuquerque — a feat only accomplishable because of his mastery of these product marketing fundamentals.

Market intelligence

Whenever I think about Walt entering the meth game, my mind immediately jumps to Heath Ledger’s Joker. I imagine Walt turning to Jesse and saying, “This town deserves a better class of criminal, and I’m gonna give it to them. Tell your men they work for me now.”

Before Heisenberg’s meth enters the market, let’s take a look at the competitive landscape for meth in Albuquerque. It’s effectively a duopoly — the Salamanca’s cook the meth in Mexico and then use their dealer network plus Gus Fring’s distribution channels to drive sales. Together, they own the market. That said, there are a few ad-hoc street dealers—such as Jesse Pinkman, Badger, and Skinny Pete—who cook their meth and sell then it themselves.

I mapped it out for us:

It doesn’t take much brainpower to realize that there would be massive gains if someone entered the market with a purer product. And, while I’m no meth expert, let’s assume that a purer product results in a more enjoyable user experience and offers the chance to charge higher prices (more on that in a moment).

All that said, the high-purity corner of the meth market is left untapped. It is hard to cook pure meth (here’s Walt explaining the intricate process). After all, most expert chemists work for Merck or Pfizer — they aren’t cooking meth. However, we have yet to see what would happen if a drug cartel offered a 401k and top-notch healthcare…

GTM strategy

If you’re an avid Breaking Bad fan, I’m sure you remember that scene where Walt and Jesse break out a Google spreadsheet and start mapping out which segment of the meth market they are looking to win. Then, they switch tabs to Asana and start building their sales and marketing plan. I think they even use Walt Jr’s computer!

Here’s what they cook up (pun intended):

No. Of course, they didn’t do that. Asana launched in 2012, after all—well after the escapades of Heisenberg 🙄.

The logic here is simple and obvious: drug addicts want meth. They can’t get enough of it. Demand always exceeds supply. That said, Walt’s unique skillset as a chemist offers instantaneous differentiation. When Walt and Jesse’s blue and pure meth enters the market, it arrives with a bang. Customers love it. The top players in the market take notice. Tuco Salamanca explains it better than I ever could:

Now, that’s what we call product-market fit!

It pays to have a differentiated product, and Walt knows it. Typically, you’d think a junkie would just want to score, but as the series progresses, people start asking for Blue Sky specifically. The quality and color differentiate it alone. There’s no branding. No list of nutritional facts. No influencer campaign. No SEO or demand generation. Just lots of customer referrals and a great product. Users crave it, and market leaders want to copy it:

At the beginning of the series, Walt and Jesse are operating in the bottom right quadrant. They have a pure product with horrible distribution (it’s just the rag-tag team of Jesse, Badger, and Skinny Pete slinging some crystal). Methodically (sorry I had to), Walt and Jesse execute their GTM plan and improve their distribution channels, leading to massive financial success.

GTM execution

Walt puts a whole new spin on what it means to execute a GTM strategy. I mean that literally—I lost track of the number of deaths he caused.

Walt’s GTM strategy has two central tenets:

1. Make more meth

2. Jack up prices

Let’s walk through both.

Make more meth

Throughout the series, Walt is focused on putting himself and Jesse in a position to cook independently so they can operate at a high volume. There is no line Walt won’t cross.

Murder? Whatever.

Lie to his family? On the regular.

Rob a moving train? Just tell him when and where.

Robbery? One sec, give him a chance to grab his black ski mask, will ya?!

You get the idea.

Being able to win the pure meth market requires you to have a product to sell. Walt and Jesse are the engineering, design, and product departments. They meet deadlines and are always cooking. Shipping product is Walt’s top priority.

Walt also pursues strategic partners to fill in the gaps in his abilities. Towards the end of the series, he partners with always-nervous Lydia Rodarte-Quayle to expand his market outside Albuquerque to the Czech Republic.

Jack up prices

If you have a product users crave, the worst thing you can do is charge too little if customers are willing to pay more. You’re just leaving money on the table.

Throughout the series, Walt implores Jesse (who, for most of their partnership, handles distribution) to charge more for the meth they cook. Towards the end of the series, Walt gets his wish.

The result: record profits.

Wrapping up

Unfortunately, there’s no “happily ever after” moment for Walt, Skylar, and Walt Jr. That said, Walt’s name forever lives in infamy as the meth titan of Albuquerque. Here’s Walt explaining the success of his business (and this is before he and Jesse are operating at their maximum productivity, efficiency, and profitability).

Three takeaways from Walt’s crystal-clear product marketing:

1. Identify your customers’ top value driver and then exceed their expectations. For a meth user, the only thing that matters is the quality of their next high. That means as a meth producer, purity matters. It leads to a better high. Walt capitalized on that insight and created a massive business from it.

2. Strategies are only worth something if you can execute them. While Walt took this one quite literally, the broader point still stands. Ideas always look good on paper. The best product marketers can translate them into actual business results.

3. If you have a fantastic product, don’t be afraid to charge for it. When your product surpasses the competition, you should test willingness-to-pay with your customers. You could be selling yourself and your team short.

Playlist addition

At the end of each post (today and in the future), I’ll share a relevant song to send you on your way for the rest of your day. Today’s pick is Baby Blue by Badfinger (for obvious reasons).

I’ll make the official Binge-Worthy GTM playlist when we rack up enough tunes.

Did you like today’s post? Hate it? Have an idea for a future one? Let me know! Just reply directly to this email. I’d love to hear from you. If you have a friend or colleague who would enjoy today’s newsletter, I’d be grateful if you sent it their way.