One of the biggest challenges for Sales or Business Development is overcoming FUD (fear, uncertainty, and doubt). In the B2B world, your competitors often plant FUD in the marketing landscape as a landmine for you to step on. That usually means you are in a defensive position in any presentation or discussion with a potential customer.
When the experts give you the “5 Habits for Engaging Customers” or “10 Presentation Must Do’s,” the underlying need is eliminating barriers to agreement – Erasing Doubt. Erasing Doubts brings you out of the defensive position into the agreement space. Erasing Doubt is presenting yourself as Understanding the issues of the business. Erasing Doubt requires confident answers to questions and concerns. While this may seem ridiculously obvious, the reality is often far different.
To Erase Doubt, fully understand the information and then present it concisely and consistently. When the presentation or discussion is with a potential investor, this is crucial to success.
As a part of my volunteer work at a start-up incubator, I have found there are key areas that Erase Doubt with potential investors:
- Solid Business Plan w/ an actionable Go-To-Market Strategy (including Sales and Marketing hurdles), Risk Mitigation, Success Factors, and Metrics. Show you are cognizant of how to get your product or service to paying customers and how to grow revenue.
- Realistic market sizing and expectations on market share capture. Have supportable TAM and SAM assessments. Give a good frame of reference for potential investors and how you fit in that landscape.
- Respect competitors and present believable competitive assessments. Don’t ignore or undersell competition – no one believes that there is no competition.
- Pricing Models that show proper value, costs, and profitability. Pricing is essential to success and profitability – a solid pricing model goes provides a great transition to the financial growth.
- 5 yr. financial statements – income and cash flow. Investors want to know how the business will operate and the financial statements give a very good snapshot.
Another benefit to staying current on these items and to be able to answer questions confidently and concisely – it erases doubt in your team or company also.