7 Ways Rock a Startup Accelerator Mentor Day

I spent the day yesterday at FounderFuel for their Mentor Day. If you aren’t familiar with FounderFuel they are a very successful startup accelerator based in Montreal. And what a day it was – 8 startups pitched and then did roundtable breakout sessions with over 50 mentors including VC’s, angel investors, entrepreneurs and senior executives. Here’s my mentor’s perspective on how a startup can really get the most out of a day like that: 1/ Pick your Target Mentors Ahead of Time: 50 mentors is a lot and they represented a wide cross section of folks that have deep experience in different consumer and business markets, and have a range of skills from technical expertise to sales, marketing, finance, and legal experience. Selecting a subset of the mentors with experience relevant to your business will help you target your discussions.A handful of the teams that needed marketing help reached out to me by email before the day and that helped to make sure that we connected at the session which I thought was pretty smart. 2/ Ask for Feedback on your Pitch: The mentors are both experienced pitch artists, and listen to pitches a lot. What better folks to give feedback on what worked and what didn’t work with the pitch you just gave? In this case the companies are all still in the early stages of the accelerator program so it’s a great time to get feedback that will improve the ultimate pitch you give on demo day. The feedback will also give you a feel for the differences in what an Angel investor might be looking for over what the more...

How to Make Prospects 100X More Likely to Talk to You

I’ve managed inside sales teams before and we always had long discussions about when was the best time of day to try and contact a prospect. I had reps swear that first thing in the morning works best while others said lunch worked because folks would eat at their desk and still others theorized that right before 5PM folks were more likely to pick up the phone. Whenever I looked at my own data the only pattern that I could see was that the faster you called a prospect back, the more likely they were to pick up the phone. It turns out I’m not the only one seeing this pattern. Insidesales.com have been doing research on this topic for years. Their data (free registration required) drives home the fact that follow-up time is THE most important factor by far in contacting a lead. Here are 2 key highlights from the original (2007) insidesales.com research: The odds of contacting a lead within 5 minutes versus 30 minutes are 100 times greater The odds of a lead entering into the sales cycle are 21X greater if the lead is called within 5 minutes versus 30 minutes This data has been kicking around for a while. Surely we are getting better at following up with leads by now right? In 2011 they looked at over 3000 companies that were sponsors and attendees at Dreamforce (SalesForce.com’s user show) and submitted a web inquiry during normal business hours to see what the response times/rates looked like. I like this study because many of SalesForce’s customers are small and mid-sized businesses that you would expect to...
A Value Proposition Worksheet

A Value Proposition Worksheet

Creating a great value proposition is a critical step in building good marketing messages but writing effective value propositions isn’t easy. Marketing schools still teach the standard for creating value propositions from Crossing the Chasm that looks like this: For (bulls-eye customer), Who (purchase motivation), Our product is a (customer language), That (benefit), Unlike (competitors), Ours (differentiators), At a price (vs. competitors). I wrote a post on this style of value proposition a while back and another on how you might craft a set of simple value statements. Lately however I’ve been thinking that there’s a step missing from the way we traditionally create these, namely the step that shows how you got to the value proposition in the first place. Why a Value Proposition Worksheet? Your value propositions will be based on a set of facts and assumptions. The assumptions will shift or become facts as you run experiments and execute on marketing programs. The facts will change too, as you evolve who your ideal target customers are, as new competitors enter the market, and as your own product changes with additional releases. I’ve been using variations on the template (I sometimes refer to this an “offering template”) for a while and I think it works:   What Do You Do? – this is the simple statement that describes what you offering does. This isn’t the value you provide (that comes later) but rather the starting point of how you would frame what you do for someone you have never pitched before. Competitive Alternatives – this is what a prospect would see as an alternative to using your offering. It could be “do nothing” or “hire someone” or...

Be Your Authentic Self…no, not THAT Authentic Self!

Marketers talk a lot about how companies can form deeper connections with customers through social media. Part of building this connection, the thinking goes, is demonstrating what the company stands for and showing that those values are similar to the values of their customers. I’ve seen this referred to as “Authenticity.”  One of the ways that companies show off their authentic selves is by having representatives on sites like Twitter share information about the brand, interact with people and show people through a constant stream of comments and interactions, what the brand is all about at a very human scale. That sounds good right? Then you get stuff like this:   Looking at the stream for Pabst Canada you can see that the person managing this account is clearly enthusiastic about beer and seems to be joyfully interacting with folks in a very non-corporate way that I think some folks would describe as “Authentic.” But somewhere along the way he forgot that he couldn’t be COMPLETELY authentic because he’s representing the point of view and values and attitudes and beliefs of his employer. Needless to say, the above Tweet doesn’t represent the values of Pabst Blue Ribbon or PabstCanada, just the point of view of the (stupid jackass, sorry) that runs (or used to run) their Twitter account. Authentic, but in an Corporate kind of a way? But as you might imagine, folks were offended and they weren’t just mad at the guy that posted the Tweet. They were pissed off at Pabst. Which just goes to show you that all of this authenticity stuff is fine as long...

How Should You Market Your Startup? The Definitive Answer

The most common question I get from early-stage startup founders is “How do I market my startup?” Experts are full of answers to this question telling startups that for great marketing all they need to do is social media, inbound marketing, SEO, hire a better sales team, build a better website, build a better product, do better media relations, get more customer advocates, or be more likable/remarkable/authentic. Every day I read a blog post telling startups there’s a simple key to revenue growth and oh by the way that simple key is different from the previous 20 simple keys I just read about. You don’t have the resources to follow all this advice and even if you did not all of it applies to your business. But what if you’re not a marketing expert – how the heck are you supposed to know what pieces DO apply to you? So you call someone like me who’s run marketing at a bunch of startups and you ask me the question “How do I market my startup?” To which I respond – “I don’t know.” Yeah, that sucks. It’s not the answer you want to hear. But it’s the answer you need to hear. The reason I don’t know is not because I’m an idiot (at least not all the time) so stick with me and I’ll explain. Tactics are just Tactics Most of what we talk about in marketing is tactical and there are many folks that are experts in certain tactics. I’ve got some experienced opinions about content, email, inside/outside sales support, strategic relationships, messaging, and some other stuff. If...
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