How Social Doubt is Scaring Your Investors/Customers Away

Hey all, quick reminder the deadline to apply to my accelerator is in 48 hours. It’s highly selective, I’ve taken less than 5 of the 80+ applicants but, if you get in, the companies I’ve worked with in the last month have raised $4.8M in combined funding (including deals signed but still in due diligence).

Social Doubt

Yesterday, I was out on a beautiful walk with my girlfriend.

We stopped at a traffic light and as I looked across the road I saw a bus with a massive realtor ad on it.

The ad read, “Voted Vancouver’s Top Realtor 2014”.

I turned to my girlfriend and asked if she would hire that realtor… She thought for a moment before deciding she wasn’t sure and moving on.

Why am I telling you this story?

Because she did what most investors and customers are likely doing when they see your company/product. Shrugging and walking away. Let’s learn why that is…

What is Social Doubt?

In the same way that we all know humans seek Social Proof, we also seek Social Doubt.

Social proof comes from testimonials and other signs that society approves of a product or service.

Social doubt comes from signs that society may not approve of a product.

Why would my girlfriend have social doubt about a realtor who was voted the top realtor in 2014? Because the natural concern is why she HASN’T been voted the top realtor in 2015 - 2023. It’s fair to assume she isn’t as good as she was 9 years ago!

How is this harming you?

Many founders I work with create social doubt when pitching their companies. A prime example, mentioning an accelerator you were in 6+ months ago as traction.

You think being accepted is social proof, the reality is that your failure to raise after the last time someone supported you creates social doubt.

Similarly, some companies repurpose decks from family & friends, pre-seed, and seed rounds for later rounds of funding. The problem? The case studies, examples, testimonials, etc that you have are outdated and make investors wonder why you haven’t had the same social proof more recently.

How can you leverage this?

1. Make sure that your deck has the most recent testimonials and social proof possible.

2. Think hard when adding “Social Proof” whether that actually could raise more questions about your competency or recent success.

3. Remember that equivalent positives and negatives have a net negative impact. What do I mean? If you feel the positive of the Social Proof = negative of the Social Doubt then don’t use it! Negatives stick with people more than positives.

Want me to help you find your company’s strategic story?

Having a strong narrative can help you raise $500,000+. Click Apply if you are a startup looking to raise in the next 12 months and want to join my accelerator program.