Business moves at light speed. To convert site visitors and casual passersby into customers, you have to make your business both appealing and easy to trust. In fact, that’s the whole point of marketing — to create a positive image of your business and, in turn, drive sales.
Through nearly two decades of entrepreneurial experience, I’ve learned how to make educated decisions based on my perceptions, build sales momentum, and create content that customers actually want to read. I’ve figured out that raising capital involves a whole lot more than finding an investor, and that leveraging marketing technology is a genius move for almost any business. Here, I’m going to share with you how to take advantage of these tips, and more, so you can build your brand and drive sales like a pro.
1. Raising capital requires a unique alignment of circumstances.
It’s like baking a cake — you won’t succeed with flour alone, even if you have the perfect amount. Rather, you must possess a variety of resources and combine them under the right circumstances. Raising capital requires excellent timing, the ideal team and opportunity.
David Beisel, co-founder and partner at NextView Ventures, suggests a specific formula for determining whether the time is right for funding. It’s all about making sure you match your business type with your long-term goals and realistic expectations. Make sure you’re at the perfect point in your business’s journey before seeking capital from outside sources.
2. Family and friends, seed capital, bridge (if needed), Series X (2-3 rounds), PE or IPO — in that order.
No two businesses are exactly the same, but the way they seek capital often should be. Start by seeking funding from family and friends, then move on to finding seed capital. From there, if you need it, you can move on to bigger methods.
3. You must build relationships across segments of influence.
It can feel a little scary at first, but to raise money for your startup, you may have to rub elbows with those with significant influence. Take the time to build positive, mutually beneficial relationships with those who have excess resources and experience. You may even find a lifelong mentor!
4. Loss of momentum is your worst enemy.
Both fundraising and sales require momentum. You should be gaining opportunities to raise money, not losing them. You should see a constant rise in potential and confirmed customers, not a dip. If you’re not sure how to keep that momentum going, start by finding a mentor or revisiting your business goals.
5. All decks need less text, bigger text and bold charts with stats.
No matter your industry or whom you’re pitching to, your deck shouldn’t be overly complex. Potential investors don’t want to rack their brains to figure out where a business stands in the startup process. Your pitch deck should be short and sweet, with large text and statistics to back up your claims. Bonus points if you present these stats in the form of a visual, like a bold chart.
6. Tell a data-driven story when you present.
Storytelling is one of the most valuable skills an entrepreneur can possess. Investors love to support businesses with great stories. But there’s one type of business they like to support even more — the kind that backs up its story with data. When you present to potential investors, make sure your story makes sense in a data-driven context for twice the effect.
7. Perception is reality.
If you think your product could be improved, it probably can be. If you believe that customers are struggling to trust your brand, they probably are. Maintain a realistic sense of intuition, and when you experience that “gut feeling” — or think your customers aren’t quite satisfied with your product — check it with statistics and facts.
8. People buy solutions to problems.
People don’t shop for features and benefits. Instead, they seek solutions to problems. No matter your product or service, market it in a way that proves it will solve a…