Completely agree, but what about understanding who that customer is, connecting the right features with the right group of people with the right marketing. That kind of information has a lot of theory but not a step by step guide guaranteeing success. I suppose this is more idea decisions and direction decisions rather than implementation but I think my point still applies.
Agree with the benefits of having procedures, and great example also - but I'd change one small thing "determine highest performing picture headline combo by CONVERSION RATE". In my experience high CTR images don't always have high conversion rates.
Create a Gladiator arena and place the "groups" within it. Let them fight amongst themselves until a clear victor rises. When all is said and done, decide the startups fate by granting them a "thumbs up" or a nothing at all. (on facebook)