Intensely passionate. Laser focused. These are defining characteristics of successful entrepreneurs. But these overwhelmingly positive attributes still require appropriate counterbalance. Why? Because the entrepreneur’s ‘grand vision’, fueled by that passion and focus, can often result in tunnel vision – and difficulty in discerning the proverbial light at the end of the tunnel from that of an oncoming train. Tunnel vision and train wrecks are all-too-frequent, preventable tragedies.
Last month I read a most compelling piece by local investor, mentor, entrepreneur and innovator, Mark Achler, entitled: Your startup isn't about you, which inspired me to think about, and then write, this. Achler talks all about understanding your customers and their problems, coming to the table ready to solve those problems, and articulating your ability to accomplish this. Sometimes, even the most prepared, best-intentioned entrepreneurs do not get it right, but why not?
Entrepreneurs live to identify significant problems and offer innovative solutions. And if you ask me, that is as good a reason as any to get out of bed in the morning. So why, after identifying the problem, studying the market, perfecting the product, preparing collateral, and even wooing an early investor or two, are sales not immediate? Too often, that customer “collateral” (and accompanying pitch) consists of a singular slide deck, with only names, logos and dates switched prior to each presentation.
But so what? You know the problem. You have identified those afflicted by it. You can demonstrate the effectiveness of your solution. Case closed, right? Not exactly. This assumes that, in addition to correctly identifying your customers’ problem, you have correctly identified how they view the problem (and if they have even acknowledged it as a problem). The answer, of course, is this: One product, multiple stories. In all likelihood, only one of these stories conforms to the original ‘vision’, hence why it was previously the story. But selling is not about demonstrating how a vision solves a problem, rather how a product solves a problem. This involves a more unique approach to each customer and situation.
This is what I mean when I talk about tunnel vision and train wrecks. Tunnel vision sometimes prevents even the most brilliant entrepreneurs from understanding the difference between a customer buying their vision and buying their product with the sales meeting inevitably ending in a train wreck. Sometimes, in order to mate problem with solution, it is necessary to reimagine the story behind this romance, even if it directly conflicts with the ‘vision’. This can even happen on the fly based on what aspect(s) of the product a customer unexpectedly latches onto in the room. But how does one prepare for this? It is here where fresh eyes can make all the difference.
Selfishly, I would recommend that those eyes be mine; this is a subject I consult on, and I invite anyone who wants to explore working together to contact me. After reviewing literally hundreds of start-up presentations, I have developed an innate understanding of how even the best business plans leave money on the table by either excluding customers with whom the ‘story’ does not resonate, or including them, but not altering the story to comport to their thinking.
Particularly for young companies, developing a meaningful story (and, by extension, appropriate pitch) for each customer, or at least each customer segment, is paramount. Again, this is easier said than done; stepping away from one’s vision can feel like a betrayal of sorts. It can leave one lost, wishing for the comforting confines of the ‘tunnel’ walls. But with proper guidance it is possible, and will soon become second nature. Hopefully, all of those looking to avoid the inevitable tunnels and potential train wrecks will take something away from this. For those looking to dive a little deeper, my door is open.
Dan Palay is a Chicago-based consultant, specializing in marketing and business development for early-stage and business service companies. Please feel free to contact at [email protected].
