Entrepreneurs are experts when it comes to their technologies. But the line of people who know their products inside, outside and sideways probably ends with them.
That was the point Robert Falcone made in his article, "Your Product Demo Sucks Because It's Focused on Your Product." The piece was all about product pitches and why just having extensive knowledge about what you're selling is never enough to actually make a sale. Why? Because no one knows your product like you do and chances are other people won't quite get it.
So, what’s an entrepreneur to do? Dumb down the product so your three-year-old niece gets it? Not quite. Robert’s tips include running a 5-minute discovery session, fast forwarding to the outcomes, and going from macro to micro.
The article is a fun read, full of great advice for creating a good product demo. And it even highlights some ready-to-tweet quotes from Robert that’ll make you look like a demo genius to your followers—like this one, “Good demos don't have to be perfect for the product. They have to be perfect for the audience.”
Let us know what advice you found most valuable in Robert’s article or any of the articles below using #TopOfMind.
Entrepreneur Robert Falcone, wrote a book called “Just F*cking Demo”. He was sick of the rejection he received when he would tell people about his product and what it did. Falcone was determined to crack the pitch/demo code and his findings are released in his new book. Here are some takeaways from an interview with him.
- It’s easy to botch a demo
- Prep for maximum agility.
- Run a 5-minute discovery session.
- Fast forward to outcomes.
- Go from macro to micro.
- Survive awkward silence.
- Master Q&A.
Yesware, a company that tracks email information, studied 500,000+ emails to identify best email practices. Here is what they found.
Myth 1: Monday is the best day to send an email. Email reply rates were higher on the weekends.
Myth 2: Emails get faster responses in the morning. Around 40% of emails sent at 8 pm, received quick responses.
Myth 3: Subject lines should be short. Words like “steps”, “campaign” and “next” had the highest open and reply rates.
Myth 4: Adding multiple recipients gets faster responses. Use the CC field.
Myth 5: Send emails today, get responses tomorrow. Expect 24 hours.
The Tax Foundation published the “International Tax Competitiveness Index”, which ranked 34 OECD countries on competitiveness of their own tax code. The U.S. came in as number 32. This is most likely due to the corporate tax rate, which is currently the highest in the OECD. The U.S. also ranked poorly in R&D tax credit. Some believe the $7 billion R&D tax credit in the U.S. is bad for business here because it is violating tax “neutrality” by incentivizing firms to invest in R&D when the market may not validate it. However, that is the sole purpose of R&D. Investing in research spurs innovation.
With the holidays, entrepreneurs will undoubtedly be asked in-depth questions from family and friends on what they are working on and then will be given obvious-not-simply-executed advice. Here are some tips on how you can speak the language, stay away from obvious advice and remain calm.
- Develop a “pass the gravy” pitch.
- Pivot from interrogation to conversation.
- Be truly grateful.
As we reflect this time of year on what we are thankful for, if you are incorporated, here is why you should be grateful.
- You never have to worry about your personal assets.
- You feel more professional.
- You stress less over taxes.
- Your business can outlive you.
- You can build your business’ credit independently of your own.
- You finances are easier to track.
- You can invite more people to the party.