Earlier this week, we had the privilege of hosting Hillel Fuld (@hilzfuld) at Mindspace Tel Aviv. For those of you who still don’t know hills Fuld, one of the brightest minds in the the bubbly tech scene, I’ll just mention that he is: the co-founder and CMO at ZCast, a mentor to startups all across Israel and a blogger for numerous sites, including TechCrunch, Mashable, VentureBeat and The Next Web. Sounds good, right?
Hillel came to Mindspace to talk about a few simple rules every entrepreneur should take into consideration when getting to the point of presenting the product to investors and consumers. For those of you who didn’t make it and for those who are just seeking for good advice, here are the main talking points of Hillel Fuld:
Know your competitors
When going out to the market, first thing you must be warae of is what differentiate your product from other products in the market. A market research to know what you’re up against is crucial since it can provide you with answers to some key questions:
- What am I doing differently?
- Am I offering something better?
- What is my leverage compared to others?
Answer those questions, and you’re good to go.
Let’s face it: you are in it to win it and you want your idea to become the most successful ever, but when you sit down in front of a potential investor or partner you start talking about algorithms. Now get this – most people don’t care about algorithms, they care about problems and pain points and the way you’re going to solve them (and if you really think it through, you didn’t start your business from a passion to algorithms…). So when you’re at the point when you meet an investor, find the best way to make him feel the pain you’re into solving, engage them in the pitch process and keep the connected.
“Nod your head”
Speaking of engagement, here’s anpther great rule. When pitching your product to your audience, wether bloggers, investors or customers – if you can get them to nod their heads within 10 second into your pitch – you’re all good. This nod has a lot to it since it means you got your audiencs on board, as they relate to what you’re saying, they get the problem and are looking to get the answer for it from you. Of course, the solution has to be as good as possible otherwise no nodding in the world would help, but give your audience the best onboarding experience, and it’ll pay-off.
Fuld’s last rule of thumb is what he likes to call the “home-run” rule. According to this rule, as a product owner you can manage to do many things and be good at it, but that won’t differentiate you from your competitors. However, if you focus on one thing, and you do it great, than it means you have hit home-run and that the sky is the limit.