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How does it meet customers’ needs? One way to approach that last question is to use this simple model: Customer Acquisition Cost (CAC) How will your business reach prospects? Customer Lifetime Value (CLV) How much money will your business generate from each converted customer? What does the business do?
A post by Fred Wilson pointed me to Dave McClure's Startup Metrics presentation. Define what you need from a metrics and reporting standpoint. Startup Metrics for Pirates (SeedCamp, Sept 2009) View more documents from Dave McClure. This kind of a simple model also helps: Define the early proof points for the company.
That might work for $50-100k but less likely for $3m unless you’re a seasoned entrepreneur, known to the VC, have some metrics that work in your favor or have built something the VC believes to be truly unique. And VC’s are tough customers. If you haven’t read my post on the bio slide before here it is.
As startup entrepreneurs we all want to work with them because having their name as reference clients makes it so much easier for marketing, PR, selling to other customers, fund raising and even recruiting. Have minimums but a sliding scale. It’s basically an excuse for you to have a regular meeting with your customer.
Board meeting gets scheduled Nobody thinks too much about it until a week or two before Management team has a last-minute scramble to pull materials together Management is super focused on its daily work of … winning customers, signing biz dev, shipping product … so this prep is a last minute “fire drill” and is seen as a slight distraction.
There are a million ways to make graphics lighter or resize your file without a huge impact on the quality of the slides?—?after after all you aren’t presenting this at TED. What should be in your deck? What should not be in your deck?
When pitching to investors, entrepreneurs always seem to start with a customer pitch, then add a slide or two about the business. In reality, they need a separate pitch about the business, carrying over only a slide or two about the solution. These don’t get funded, nor bought by customers.
Even if it’s only a few PowerPoint slides or typed paragraphs, writing something down is the first step toward making it real. Before you know it, you will have a ten-slide pitch that you can use to gauge interest from potential customers, as well as friends, family, and early investors.
I love the enthusiasm, the boundless energy and the sense of possibility that comes from having an idea that hasn’t yet been beat up in the marketplace of competing ideas, customer contracts, VC skepticism, jaded journalists or fickle consumers who are on the The New, New Thing. The full financial details and metrics were in the deck.
In my experience, the key steps I look for always include the following: Testing the idea against customers who have money to spend. Prepare your marketing story for customers and investors. Start by developing an “elevator pitch,” that you can deliver in thirty seconds to hook a potential customer or investor.
What you Before Sets the Course for How Well the Day Goes Make sure you send your financial and operating metrics no less than 72 hours before the board meeting — even better if it can be a week in advance. If you provide these slides in advance you give board members a chance to reflect and come prepared for a real discussion.
Of course there are scenarios where a written business plan is not critical, but I haven’t seen one yet where a well-written 15-page document, or at least a 10-slide pitch, is a negative. There is no substitute for knowing your customers first hand, and iterating on a minimum viable product to find the most marketable solution.
At the end of the day, we help retailers make smarter recommendations to their customers, which leads to better business. Spencer Price: The customer experience with e-commerce has become less and less human, as algorithms on digital platform replace human interaction. The customer is really struggling to regain their lost humanity.
This was a chance to blow open the story on their companies, to address a room full of potential investors, mentors, partners, customers, and press. They showed very impressive average customer repurchases. Honestly though, it was anything but. About $37B worth of lost sales a year, worldwide.
Though, it’s possible that some people were there because of the confusion, Reiss certainly pleased the crowd and kept them in their seats as his presentation with power point slides and funny pictures seemed more like a stand up improv than your typical business presentation. ” What’s harming the business?
This can be a great way to test your product and get customer feedback. Customer financing can minimize your risk, providing more cushion to meet your milestones. Examples of milestones: traction as measured by user numbers and user engagement; financial metrics such as cash flow and revenue. Crowdfunding. Vendor funding.
For what ever reason we’re wired to have amnesia during the run up and prescient memories of how we ‘knew it all along’ as soon as the slide begins. It’s when the noise stops and you can actually get customer attention, press articles and VC meetings. It’s when the game slows. ROI studies were published.
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