A strategy session, a sales meeting and a startup pitch, all in the last week.
“The feedback was great”
I was in the room, and most people were confused.
“Everyone loved it”
Yet no one bought anything.
“48 people didn’t respond, 2 listened, and 1 was curious”
That’s not product-market fit.
Each was run by a known industry leader.
Their stagecraft wasn’t in question, but their results?
They sucked.
The first was trying to educate about a new concept, inspire people about a possibility, and extract useful data, all in a short time frame.
The second spent a lot of time making people feel good, and forgot to help them make a buying decision.
The third wants to use other people’s money to make their dream a reality.
Except people don’t back dreams; they back specific, believable plans that answer the fundamentals: ‘how much do you want, what will you do with it, and when do I get it back?’
They sinned.
Biblically, that means ‘to miss the mark’.
And the best way to hit a target is to focus.
Over coffee, I helped the first gent clarify his goal and break his session down into relevant parts he could do in an hour.
- This is why we are here today
- Here’s what I’ve observed
- These are the 4 questions we want your input on
- Break into teams, elect a scribe, start talking
- Rotate through the 4 questions
For the second, I introduced the client to a model I’ve been using for over a decade.
Think of five boxes a person must tick before they buy.
- Have they noticed things have changed over time?
- Do they recognise they need or want this new or better way?
- What options do they have to get it?
- What concerns do they have about getting it?
- What happens once they commit?
Skip any box, and people don’t buy.
The third requires turning a dream into 6 slides.
Not ‘when we’ve got 10% of the market’ or hockey-stick modelling.
Who is going to do it, what are they going to do, and what will it cost to get to a point where it’s self-sustaining?
Then we identified who in our networks would back the proposition, on the basis that it delivers significant revenue for them and a defensible strategic advantage.
After that, it’s down to market timing, liquidity, investment committees and all the other fun things that go with landing an investment deal.
Don’t sin.
It’s expensive.
Focus. Get to the point.
Q. Where are you currently overwhelming your audience, skipping boxes, or asking people to back something vague?
Thank you for reading – Speak to you next Friday.
