- Persuade & Raise
- Posts
- Demonstrating Impact
On Monday, I got this email in my inbox:
I’ve tried to remove all identifying marks but left the .vc so you can see that it was feedback from a VC on my course.
Right after receiving this, I also had a strategy call with a company that needed some advice on explaining the impact of their company. So I decided to write an issue on how to demonstrate impact! Let’s get into it.
Demonstrating Impact
Read time 2.1 minutes.
A significant part of every pitch is demonstrating the impact of their solution. How our brains are wired makes it difficult for us to appreciate a solution without seeing how it helps someone. This is why test drives, returns, etc. are common practice. Most of us won’t buy without seeing/experiencing the impact of a product on us. The same is true for investors; they need to see your product's impact on consumers. Here is how you can show it:
An emotional story about how your product changed a customer’s life. Doing this right after explaining the idea is very impactful. If you start your pitch with the problem, explain how you are solving it, and continue with, “And we know this works because we’ve helped 10,000 people like Janet. Janet was…” This is 10/10 storytelling.
Demonstrate how the solution helped you. Most founders build solutions to problems they experience. Talk about your life before the solution and after.
Testimonials. The good old-fashioned way.
Studies, being able to show studies, can really help you communicate.
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So, how did I demonstrate the impact in my reply to the investor?
I told stories about founders I had helped. Minorities, female founders or overlooked founders who had struggled to raise, been dismissed, then raised and built great products helping thousands of people.
Impact is often thought of in terms of numbers, but the truth is that it hits home when you can show real stories. I know that because I helped one good person doesn’t mean every person buying my course is a good person, but the way our brains work, if we can find that person, we can still convince someone we are having a positive impact. This strategy was in full force when Elon Musk debated with a BBC reporter and asked him to find just one example of a racist tweet on Twitter. His inability to do this was leverage for Musk to claim there are no racist tweets on Twitter. Winning on one front allowed him to win the conversation.
This is what you need to do in your pitch. Connecting with one customer story, investors will assume every customer’s story is just as impactful.
Do you have an impact slide in your deck? |
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