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If someone truly values your product, they buy it. If they're not buying, it's not real interest. Real demand: "Let's sign a contract. ASAP." Fake demand: - "Awesome product. Have you tried pitching it to SomeOtherPerson?" - "Looks great, but I'm SO busy right now. Rain check?"
This is something I've learned from many b2b startups over the last 6 years: if your product solves a top priority problem, people will break through walls to buy it (even if product is rough, not feature complete, etc). But if it's not a top priority, you're wasting your time.
yet another reason it pays to help a startup land customers as part of DD before investment
I have never heard of any investor doing this. I do think it’s brilliant on both sides and should happen a lot more.
lots of VCs do this
So many founders get lost in a sea of feature requests. You can always improve a product, but if your product solves a problem, people will buy into that.
Startups routinely misinterpret interest as demand. There’s a lot of interest in startups, but there’s little correlation between that interest and demand.
As a signal, interest is useless to a startup, but it can be one of the hardest things to ignore because it satisfies a psychological need for validation.
That’s why I like preselling. It’s just development sales. Yo sell before you have a product.
Exactly. People that want your product do not need a salesperson they need a cashier to ring up the sale. The people that need your product are two types. those that know they need it and those that don't know yet.
I mean, sometimes you have to educate a buyer that doesn’t know they need the product. Usually more visible when it’s either they buy your solution or turn to a bankruptcy attorney.
Magic question while eyeballing VP Sales: “when customers buy your product, why do they really buy it?” Then say nothing until they stop speaking and there has been at least 6 seconds of silence.
Product market fit
If they are not ready to buy just yet - the chances are your sales person has not built the level of trust or handled their objections properly which is necessary to get them to pull the trigger. Work the deal. Create touch points that build trust!
Agree. Critical that early stage sales teams and leadership don’t have happy ears. Very easy to get carried away by the awesome logos sitting miserably in your pipeline forever.
And selling to the latter is what 99% of sales is all about
Agreed. The journey of my first paying customer: sign up, find a bug (required field shown as optional), try to e-mail me and it returns (changing email hosting). A week later I send an email, she explains me this and tell me she went on to find other products, but none had my UX
This is how you end up with a faster horse.
"fake" demand? When I was in sales we called those objections and you trying and anticipate and eliminate those during the presentation. If you are selling a product that the prospect needs and you have a great money back offer .. over come them
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