NCSC For Startups: the feedback loop

I’ve worked with countless startups over the years and one of the most common mistakes they make is failing to read about the person they’re meeting in advance, and thinking about what they want to get out of it. Do you have a specific question, or a particular feature you’d like feedback on?

Don’t use up all your time on the pitch. Some meetings can be as short as 15 minutes, so apply the 80/20 rule. Spend a maximum of 20% of your time pitching, and leave as much as you can for discussion (which is where the real value lies).

One frustrated startup walked away from their pitch to an industry leader because they hadn’t understood their proposition. If your audience can’t grasp it quickly, you need to rethink the way you’re explaining your pitch, or even review the fundamentals of your proposition. Be prepared to listen, learn and then re-iterate as necessary, rather than getting defensive.

If you’re pitching to a potential buyer from industry, it’s usually best to understand what their particular challenge is, and then schedule a follow-up meeting when you can tailor a demo to their interests. Always leave the meeting with a clear agreement on what’s going to happen next, and follow up with a calendar invite or pitch deck if you said you would. Even better, get the follow-up meeting agreed there and then.

Sometimes the real value lies in validating your product roadmap, or getting insights into how you can tweak a certain feature. A useful pitch might mean understanding buyer objections, and addressing them as you’re developing your product. Don’t be disappointed if the meeting doesn’t result in a contract immediately.