sydneywong

The Art of the Ask

The Art of the Ask

Have you ever someone say, “Well, you should have asked.” The lesson learned that those who don’t ask, don’t get. This article will tell you about top reservations why people don’t ask for things, what business opportunities can be missed, and how to structure the Art of the Ask!

The art of asking questions

The art of asking questions

The Art of the Ask could be anything such as inquiring questions to which you don’t know the answers, sharing where your company is really at and what you are looking for, asking for help, etc..The ask isn’t always a favour but it can make people feel that way.

For startups that means there are many missed opportunities over their journey because they didn’t ask; they know they could have asked; ultimately, they didn’t get the opportunity. Sometimes, these missed opportunities mean they missed meeting an investor, meeting a potential customer or learning about a new resource that would make their business more productive.

When you are running a lean startup, your main advantage is speed. Startups are all about catching opportunities at an accelerated speed! As they grow, new opportunities arise every day and it is either a gain or lost.

So then why are people so afraid of asking for things? Here are some top reasons why people don’t ask and how to master those reservations.

1. Fear of bothering or annoying others

As people, we want to be liked. So it is natural to not want to bother others. This is also a fear that the other person will say no. A simple and collaborative way to ask for help with something is to prepare to offer something in return. When we offer our expertise, services, etc., we get the opportunity to meet the needs of others. In turn, it helps limit the fear of bothering or annoying others.

For example, when our company was going through UX testing, I wanted to find a way to repay a user for going out of his way to meet us and give feedback. I found out that he was hosting an event so I knew how I could help. I lead a group of entrepreneurs within the Internations.org organization and I could help him promote his event in our community. So my promotion efforts filled up his remaining seats at his event.

2. Fear of showing your vulnerability

Sometimes an ask is indirect such as a description of how the business is going and what you need. When you express your need, you may be surprised how often others try to help. Because our clientele are startups, whenever I ask someone how business is going, the first automatic answer is “things are going really well.” This is because we are so used to saying it and so used to feeling the need to protect our “baby” (which in this case is the business). People tend to not let others in because they are afraid of any potential criticism. An easy way to perform the “tell others what your need is” would be to structure your sentence this way, “Things are going well. We just hired a new developer and we are just starting to look for funding.” It gives a realistic sense of how things are going and gives a peek about what you might need. When performing this one, just remember to keep an open mind. Don’t expect that others will suddenly know an investor to refer you to. However, when you keep an open mind, you may find opportunity in the unlikeliest of places.

Don’t be afraid to share things that you need. It takes a lot of strength to own your vulnerabilities. You would be surprised about the opportunities it open up when you share your truth. Like a child, it takes a village to build a company and startups need to grow as fast as they can. Unforeseen opportunities from unexpected sources can help you alleviate some of those “growing pains.”

3. “Oblivion is Bliss”

Oblivion

Oblivion

When we don’t ask for help or insights from others, we will be sure to stay on the same path. At the time same, we will also be sure to protect our egos. When people start companies, the market does not care about your ego; therefore, living in blissful oblivion will not help your startup in the long run. Startups need to ask, learn, and reiterate. It all starts with the ask.

When we were doing our market research when we first started, I met an entrepreneur who told me that his biggest fear was to be copied by competitors. He didn’t show me his product. It was ok. He told me that he was so afraid of being copied that he spent 3 years building it and never talked to a single potential customer. He did not want feedback and did not welcome it. It was very surprising to me that even though there were best practices on how to do product market fit and why market research was important, there are many startups who choose to build businesses their way.

Ultimately, there are always going to be new reservations about why first time entrepreneurs will not ask for things such as help, insights, and perspectives. When you do, you get the chance to uncover the possibility of the good, the bad, and the ugly from others. But here is the key thing, at least you get to uncover A POSSIBILITY that wasn’t there before! I want to leave you with a quote from my grandfather who said, “Those who ask the most questions, get the most answers.”

Asking Questions

Asking Questions

Share this:
Posted by VenturX in Blog, 0 comments
3 Reasons Why Every SaaS Startup Need to be Consultants!

3 Reasons Why Every SaaS Startup Need to be Consultants!

As a super busy startup in today’s world, it seems impossible to be doing anything extra. Today, we want to tell you why that extra added service will go miles for your new SaaS (Software as a Service) business.

1. Research on Your Customer’s Needs

Customer-centric companies win. Getting there, however, requires getting to know customers so well that there’s not only understanding of what they do, but why they do it. This is the mentality that Founder of Apple, Steve Jobs, always understood.

An excellent way to do it is to simply ask. Work with them on the solutions directly. Help your target market to achieve their goals so you can benefit from key takeaways to that will benefit your technological solutions. Find out what not only what the solution should be but how customers want to use it and any other extra features that would make it more valuable.

When startups are close with the customers, that relationship will act as an insightful competitive advantage. (This rings true if the target market for your SaaS is the same as your consultant clients.) For us for example, it would startups who are first time business owners looking for their first round of funding (Pre-Seed — Series A). If you are very specific with your target, the more you will benefit in the long run.

2. Use it as Your Side Hustle

Get some revenue coming in from the side hustle. Depending on how much you charged, your startup can still reinvest that money into things such as Facebook or Instagram ads like we did. If your consultancy packages enough for you to invest in automation softwares or salaries, even better!

This would also be play a helpful hand when you are applying for government grants where they require you to show some form of revenue.

3. Use It to Build Your Startup Brand

To utilize the customer feedback and questions to build your brand will show community engagement as well as branding your company as an expert in this industry. It is always hard for startups with no money to build a brand so utilizing as much content in a consistent format as possible is a big step in the right direction.

For example, VenturX, has free monthly Health Checks for subscriber users. This takes place on Skype. Because I have a close friend who is a startup on our platform, I asked if our Health Checks can be recorded. This recording would show her asking questions about our VenturX metrics, why these metrics are important to investors and what other considerations she needs to think about before submitting to investors. She agreed it was a good idea. So starting March 4th at 8PM EST, we will have our first Health Check session. This is ideal for branding because her questions may be the same as others in our target market when it comes to investing and it gives a sneak preview of what to expect as a VenturX user. If you want to catch the video, please follow us on FacebookTwitterInstagram, and Youtube.

In addition, we will be writing a Medium blog and Youtube debrief on how the first session went. We expect there to be at least 2 sessions so you would be able to see a typical startup user’s improvements and added value.

Resources on how to get started on branching out your consultancy services

  1. Post your services on your website

2. You will need a consultancy package to send to potential clients so the understand what your field of expertise is and the price.

Here is a sample of how ours look like:

Pricing Package

Pricing Package

3. Other places to post your consultancy services:

a) ME University

We put ours under Raising Capital and Funding. You can see ours as an example of a typical description of the services:

ME University

ME University

b) Freelance Service Sites: FiverrUpwork, and Guru.

c) Post it on your social media as announcements of your new services

d) If you have a newsletter, make sure your audience is aware.

The main thing startups should beware of is contributing too much too little time. If your SaaS company is your main operation, be sure to devote the necessary care and time to it. When startups do not have the history of clients and built up a reputation yet, a lot of clients may have a lot of questions in order to feel more trusting and secure about taking that next step with you. This could take a lot of time to “nurture” new leads. From our experience, we help answer some of those questions on our website and our latest blog post to explain the pros and cons of hiring startup consultants here!

Share this:
Posted by VenturX in Blog, 0 comments

3 Erreurs commises par les Startups: Sur quoi se concentrent les jeunes startups à part leurs Métriques?

Les startups en phase de démarrage ont énormément de choses à faire. Au fil de leur progression, leurs jours semblent de plus en plus courts. J’ai trouvé que beaucoup d’entre elles consacraient beaucoup de temps dans des choses à moyen et long terme plutôt que de se concentrer sur le présent. Lorsque je leur demande quelles sont les métriques sur lesquelles elles se concentrent, ce qui est important pour elles, etc… la variété de réponses obtenues est surprenante.

Cet article passe en revue les 3 erreurs les plus commises par les startups et explique comment un recentrage sur ses métriques remet les choses en perspective. Gardez à l’esprit que nous nous concentrons sur les startups en phase de démarrage et qui viennent seulement de créer leur entreprise.

1) Pas assez d’ACTION!

Les gens vous recommanderont toujours de lire ce dernier livre sur les startups ou bien les dernières tactiques de marketing pour atteindre des sommets.

Ce n’est pas pour vous décourager d’apprendre mais l’expérience de vos actions déterminera davantage ce que vous aurez appris que vos lectures. La stratégie marketing de quelqu’un d’autre, les canaux de distribution et la négociation commerciale ne sont peut-être pas adaptés à vous. Puisque chaque entreprise est si unique, vous ne saurez jamais quelles sont les meilleures pratiques à moins que vous sortiez et expérimentiez votre activité.

« L’ambition repose sur vos actions » — Gary Vaynerchuk, Entrepreneur, Animateur du AskGaryVee Show

POINT D’ACTION: Réservez-vous un ou deux jours dédiés à la lecture, la recherche, etc. Et consacrez les autres jours à la mise en pratique. (Je peux vous dire, par expérience, que si vous lisez un livre sur les startups, vous n’avez pas besoin de le terminer pour vous entraîner).

J’aime personnellement m’informer sur le marketing des réseaux sociaux car c’est un complément à ma formation de marketing en ligne. Je consacre généralement mon Samedi à apprendre de nouvelles choses. Pour atteindre mon public cible composé de startups, j’essaye tous les réseaux sociaux afin de voir où ma clientèle cible est la plus active et engagée. Je réalise des vidéos éducatives, des retransmissions en direct et des blogs sur Youtube, Facebook, LinkedIn, Instagram, Twitter et Medium. Je cherche quotidiennement les canaux de communication qui fonctionnent les mieux afin de décider quels seront mes futurs investissements en marketing.

2) Se projeter trop loin dans le temps

Les fondateurs sont tiraillés dans tous les sens à cause des nombreuses sources d’influence qui les entourent, que ça soit l’effervescence des évènements de startups, des retours d’amis ou de la famille, des recommandations de partenariats potentiels ou encore des « tu sais à qui tu devrais parler? ». Je suis sur que vous avez des exemples en tête!

Il est peu judicieux de concentrer son énergie sur des partenariats à moyen et long terme, plutôt que de se concentrer sur le prochain essai ou projet pilote.

Exemple: N’attendez pas pour embaucher la personne parfaite qui vous aidera à mettre en place votre projet pilote ou votre test bêta plutôt que de le faire vous-même.

Je l’admets, je suis parfois tombé dans le piège mais une chose m’a encouragée à me concentrer sur les partenariats à établir maintenant, les recommandations à suivre ou bien où allouer mes précieuses 24 heures, l’analyse de mes métriques en temps-réel! (Voir diagramme ci-dessous).

POINT D’ACTION: Marquez vos futures tâches sur une durée de 1 à 3 mois. Si vous pouvez rapidement identifier les missions ou les partenariats possibles à exécuter en un mois, alors inscrivez-les dans votre calendrier sur un délai d’un mois à compter d’aujourd’hui. Vous n’avez pas besoin de tout faire d’un coup et être dépassé par la quantité de choses à faire. Quand tout cela commence à s’empiler, un tas d’opportunités peut facilement devenir un tas de distractions. Une chose pratique à faire est de trouver un rythme. S’il y a une nouvelle ressource ou un nouveau canal à explorer, mettez-le de côté jusqu’à ce que vous ayez complété ce qui est important pour le moment comme faire de votre premier projet pilote un succès!

3) Éviter ses Clients

« La vente est le remède de tous les maux » — Mark Cuban, Shark Tank de ABC, Investisseur, Entrepreneur

Comment les startups peuvent avoir ce remède si leurs clients ne sont pas le centre de leur attention?

Éviter ses clients peut être expliqué de deux façons:

a) Découverte Client: Certains entrepreneurs en phase de démarrage connaissent des cycles de procrastination avant de faire quelconque étude de marché ou enquête sur leur Product Market Fit.

POINT D’ACTION: Pour apprendre à enquêter sur votre Product Market Fit en 24 heures, référez-vous à cet article: https://medium.com/@VenturX_team/comment-trouver-son-product-market-fit-en-24-heures-c00d07c77820

(Il va vous guider à travers les différentes étapes avec des exemples concrets). Si vous voulez un modèle de questionnaire, envoyez-moi un courriel, et je vous en enverrai un!

b) Ignorer les retours de nouveaux clients et réitérer

En tant qu’être humain, nous faisons ce que nous voulons faire et non pas ce que nous devrions faire. Si c’est plus simple pour certains de travailler sur la création d’un beau site internet plutôt que de récolter des retours clients, vous pouvez être sur qu’ils concentreront leurs efforts dans l’option #1.

POINT D’ACTION: Planifiez des rendez-vous avec vos clients pour avoir leurs retours de façon régulière. Essayez de les programmer en avance. Même si vous avez de nouvelles distractions telles que des évènements de startups, embaucher des nouveaux membres dans votre équipe, etc. ces rencontres régulières vont vous assurer de rester au contact de vos clients et montrer que vous ne les évitez pas.

Afin d’avoir des retours pour le lancement du produit VenturX, je programme des appels Skype toutes les 3 semaines avec des amis en startup pour leur montrer la refonte du site et avoir leurs retours. Je contacte aussi une startup, tous les après-midis entre 14H et 16H, pour lui parler de ses Métriques VenturX. Il m’a dit qu’il préférait les notifications SMS. Pour lui montrer ma gratitude, je lui envoie ces rapports individuels journaliers depuis mon téléphone.

Sur quelles Métriques devrais-je me concentrer?

C’est une très bonne question. Une question bien détaillée dans ce livre:

« Lean Analytics: Use Data to Build a Better Startup Faster » — Alistair Croll et Benjamin Yoskovitz

Ils expliquent que les startups devraient se concentrer sur une métrique à la fois, et que cela dépend du type d’industrie et de leur phase de développement. Voici un diagramme détaillé provenant du livre:

Avez-vous découvert dans quelle phase vous vous positionnez?

Génial!

Pouvez-vous déterminer quelle métrique est la plus importante?

Excellent travail!

Maintenant vous pouvez inverser la formule pour vous débarrasser de ces 3 erreurs commises par les startups en phase de démarrage!

Gardez en tête que même si ces informations proviennent principalement de nos observations de startups en phase de démarrage et de jeunes entrepreneurs, de nouvelles informations sont amenées à venir!

Il pourrait y avoir plus qu’une métrique que vous allez pointer du doigt comme un faible Product Market Fit ou des finances trop basses.

En tant que chercheuse dans le monde des startups, je souhaitais vous partager mes observations sur cette industrie fascinante. J’espère qu’avec ce simple guide, les débuts de votre entreprise seront sans heurt! Si vous avez des questions concernant vos métriques, envoyez-moi un courriel à l’adresse sydney.wong@venturx.ca et nous jetterons un coup d’œil ensemble!

Share this:
Posted by VenturX in Blog, Francais, 0 comments
Comment trouver son Product Market Fit en 24 heures

Comment trouver son Product Market Fit en 24 heures

Parmi les notions à la mode dans le monde de l’entreprenariat; venture capital, accélération, growth hacking, etc. il y en a toujours une qui laisse les entrepreneurs perplexes, le PRODUCT MARKET FIT!

J’ai trouvé ce sujet si intéressant, que depuis 2016, j’en étudie tous les aspects afin de mettre au point un outil capable de le mesurer pour les startups. Voilà comment VenturX a vu le jour, une startup exploitant les données dans le but d’aider les entreprises, en phase de démarrage, à passer du Product Market Fit au financement. Nous nous concentrons sur les indicateurs-clés de performance (ICP) essentiels pour les jeunes entreprises, comme le Product Market Fit.

Chez VenturX, nous offrons les outils qui permettent aux jeunes entrepreneurs de réussir; nous leur recommandons toujours de commencer par déterminer leur Product Market Fit. C’est non seulement une des principales raisons d’échec chez les startups (selon un rapport de CBInsights), mais aussi la plus compliquée à atteindre en raison du travail colossale que peut représenter la collecte de données afin de prouver que son idée répond à un réel besoin.

Cependant, l’évaluation initiale de son Product Market Fit ne nécessite pas forcément beaucoup de temps ou d’argent. Nous allons vous détailler quatre étapes essentielles à suivre pour avoir une vision claire de l’adéquation entre votre idée et son marché.

Top Reasons Startups Fail

CBS Insights

Que signifie le Product Market Fit?

Le Product Market Fit désigne une rencontre et un accord parfait entre un produit et son marché. Le premier à employer le terme, Marc Andreessen, le définit ainsi :

« Product/market fit means being in a good market with a product that can satisfy the market » — Marc Andreessen, Entrepreneur & Co-fondateur de Silicon Valley Venture Capital (Source: http://web.stanford.edu/class/ee204/ProductMarketFit.html)

4 étapes pour déterminer le Product Market Fit

1. Déterminez votre public cible

Si vous ne savez pas par où commencer, demandez-vous: à qui est-ce que vous vendez? Qui a besoin de votre produit/service ?

Après avoir rencontré de nombreux entrepreneurs cette année, j’ai appris que le plus difficile était d’interroger les 5 premiers clients. Pour l’accomplir en 24 heures, pourquoi pas trouver un évènement ou un lieu où se trouve cette clientèle cible? Mais rappelez-vous, vous n’êtes pas ici pour lui vendre quelque chose mais simplement mener votre enquête.

Exemple: Concernant VenturX, une partie des clients ciblés sont les investisseurs en capital-risque. Il me semblait évident que ces investisseurs seraient présents à des compétitions de startups où ils servent généralement de juges. Je savais que participer à un tel évènement serait l’occasion idéale pour collecter un maximum de données en 24 heures.

« Si vous pouvez en faire 5 (interviews clients), vous pouvez en faire 35 » — Robert Bennett, Viatec Accelerator

Astuce: Tout le monde n’aime pas parler à des inconnus, alors pourquoi pas le faire avec un ami qui adore ça! Si vous êtes à Montréal, envoyez moi un message ou laissez un commentaire et je m’occupe de vos 5 premiers répondants!

2. Posez les bonnes questions

J’ai interrogé beaucoup de startups sur leur manière de chercher leur Product Market Fit et ont toutes répondu qu’elles intégraient leurs informations dans un fichier qui ne sera plus jamais réutilisé.

Le problème est qu’elles ne collectent principalement que des données qualitatives et ne savent donc pas comment les comparer. Le recours à des données quantitatives leur permettrait de mieux cerner le niveau de difficultés et d’avantages du marché ciblé.

La solution? Au lieu de poser des questions ouvertes comme « Que pensez-vous de cette idée? », faites en sorte que votre répondant décrive les difficultés et avantages de votre idée en les notant sur une échelle numérique. Voici un exemple de ce à quoi devrait ressembler votre questionnaire. Si vous souhaitez bénéficier d’une copie de ce questionnaire, envoyez moi un courriel à l’adresse sydney.wong@venturx.ca avec comme objet intitulé « Product Market Fit Survey » et je vous l’envoie!

Exemple de Difficulté: Les startups qui ne sont pas prêtes pour un financement font perdre beaucoup de temps aux investisseurs entre les présentations initiales et les due diligences. Les investisseurs finissent généralement par expliquer aux startups qui ont atteint leur Product Market Fit de rester en contact car ce n’est pas le bon moment ou bien de les contacter ultérieurement.

Exemple d’Avantage: Et si vous aviez une solution vous permettant de remplacer votre processus actuel d’inscription aux financements et simplifier vos due diligences? Vous verriez les meilleures startups ayant atteint leur niveau de Product Market Fit avec des notes plus élevées que leur industrie de référence.

Astuce: Toujours poser la question des difficultés avant celle des avantages. Si vous ne faites que parler de votre solution, il ne s’agit plus de recherche mais d’une présentation commerciale!

Astuce: Si vous n’êtes pas certain de votre affirmation concernant les difficultés et les avantages et que vous avez peu de temps, simplifiez-vous la tâche en recensant au moins deux affirmations de difficultés et avantages afin de comparer leurs réponses.

3. Suivez vos réponses

Pour le moment, la plupart des startups ont tendance à suivre et enregistrer manuellement leurs réponses sur un fichier. L’avantage de cet outil est qu’il est familier, facile d’utilisation et vous permet de créer manuellement des graphiques à présenter à votre équipe, à partir de vos données.

L’autre option, c’est d’utiliser notre outil conçu pour les startups. VenturX va vous permettre d’enregistrer les données de vos questionnaires et de calculer automatiquement votre Product Market Fit Score.

Cela ne prend alors que 30 secondes pour avoir votre score comme dans l’exemple ci-dessous ! Essayez vous-même sur www.venturx.ca.

Trouvez votre niveau de product market fit sur le site www.venturx.ca

VenturX

Voyez l’exemple de ma note lorsque j’ai interrogé les investisseurs spécialisés dans les entreprises en démarrage sur leurs Difficultés et Avantages.

Astuce: Ne surtout pas laisser votre clientèle cible voir les réponses des autres, cela pourrait influencer leur jugement.

4. Recommencez !

C’est tout à fait normal de ne pas avoir beaucoup de 9 ou de 10 lors de votre première enquête, il faut simplement rester cohérent. Ne commencez pas à modifier votre affirmation de difficultés et avantages après seulement quelques réponses. Vous saurez si vous êtes sur le bon chemin lorsque vous aurez constamment de bonnes notes (9 et 10) dans vos enquêtes.

Exemple: J’ai dû affiner mon marché cible aux investisseurs de capital-risque spécialisés dans les startups en démarrage plutôt que de m’adresser à tous les investisseurs. Si je souhaite enrichir mon offre avec davantage de caractéristiques, je vais devoir recommencer ce processus avec une nouvelle enquête sur mon Product Market Fit pour une nouvelle clientèle!

Une fois ces étapes complétées, prenez du recul et analysez vos résultats. Que vos notes soient élevées ou basses, vous avez tout de même accompli quelque chose. Vous avez désormais une note quantifiée vous permettant soit de valider votre idée, soit de tenter un nouveau marché cible ou bien d’ajuster votre angle d’attaque. Quoi qu’il en soit, restez fort, motivé, persistant et continuez à quantifier!

Voilà! Vous avez désormais les étapes nécessaires pour déterminer rapidement et efficacement votre Product Market Fit en disposant réellement d’une analyse sur ce que recherche votre marché. Le Product Market Fit est un des ICP sur lequel VenturX aide les startups à progresser en temps réel. Pour plus d’information sur ce sujet ou bien d’autres ICP, visitez notre site www.venturx.ca.

Contactez l’auteur à l’adresse sydney.wong@venturx.ca

Share this:
Posted by VenturX in Francais, 0 comments

3 Effective Methods to Get Customer Referrals

“People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.” — Mark Zuckerberg, CEO

A customer referral is one of the best signs of success. It’s what fuels many entrepreneurs.

Customer referral is a fancy way of saying “word of mouth.” It is the oldest form of marketing and it is still the most powerful. This why startups need to pay attention! Every good marketer understands that people have busy schedules and sometimes they just need a gentle reminder (or trigger) to give you that golden referral your business needs.

The power of customer referrals

Here are three easy and effective methods about when and how to ask for customer referrals.

Method #1

When: During customer discovery interviews

Even early stage startups can use the referrals they get from Day 1. After you survey about your target audience’s pain and benefit, see if they have other friends/colleagues that are in a similar. Remember to take every opportunity to expand your customer base early on!

Leave no stone unturned

Method #2

When: After closing a happy customer

Take advantage of that rush or good feeling that the customer has after you have closed that deal/provided them value. For example, when our startup users went through our platform and closed their first Seed round with the help with of VenturX, we took that opportunity to get customer testimonial and ask for referrals. One founder said that his experience was easy and efficient for him so that is a good time to ask for recommendations. Beware, though: this is momentary. It will fade fast in today’s noisy world; also be watching for those opportunity moments. Timing is key.

Method #3

Referral link on website/application

For some industries, referral links on your company website or mobile application is second nature. Successful companies such as Groupon or Uber expands their network by five-fold just by:

  1. making it easy to refer people
  2. giving users an incentive to refer people (ie. Uber credit)

The less the effort and the better the incentive, the more effective this method would be.

Invite a friend

*Customer referrals are among the best things you can do for your business. At VenturX, we consider it a bonus factor in our “engagement metric” for startups; so the more referrals they get, the better their overall engagement becomes and the closer they are to entrepreneurial success.

Share this:
Posted by VenturX in Blog, 0 comments
Success Doesn’t Just Happen, It’s Planned For!

Success Doesn’t Just Happen, It’s Planned For!

Success Doesn’t Just Happen, It’s Planned For!

Startups plan and plan and plan…but where does it all go?

We wanted to find out how many startups like to draw out plans so we sent out a survey across Canada and the US to 175 startups. A whopping 68% of startups still like to use Post Its and visually draw it out. Nowadays, we have so many amazing business tool that we can use to make sure that your plan is:

  1. Improving your metrics (ie. conversion, engagement, etc..)
  2. Thorough (so not a single note gets lost)
  3. Visual (65% of people are visual learners according to Forbes Magazine Article — https://www.forbes.com/sites/tjmccue/2013/01/08/what-is-an-infographic-and-ways-to-make-it-go-viral/#6452cd047272)

So check out how your startup is planning for your success!

Old and New Ways to Build Your Strategic Plan

Old and New Ways to Build Your Strategic Plan

For more ways to make sure you are planning SMART, check out this great read: http://blog.venturx.ca/2017/08/23/smart-startup-goals/

Thanks for reading!  If you enjoyed this article,

Say Hello On: Instagram | Facebook | Twitter | Youtube | LinkedIn

Share this:
Posted by VenturX in Blog, 0 comments
4 Reasons Why Startups Should Take Advantage of Business Intelligence

4 Reasons Why Startups Should Take Advantage of Business Intelligence

What is Business Intelligence?

Since starting my customer discovery, I have noticed that a lot of startups do not track their metrics. I don’t just mean the metrics that VenturX focuses on (Product Market Fit, Real-time Runway, Conversion, and Engagement); I mean most startups do not look at any metrics on a weekly basis. At first, I thought it was because some people may be less analytical types than others. But one day, a startup finally told me the answer.

I don’t have enough data to track! [It is not reflective of my business.]” — Local Montreal Startup

What do we mean by data?

Data is a collection of facts and quantities used for analysis. In this case, we mean tracking your customer interviews and meetings, revenues and expenses, industry metrics, how many customers signed up this week, how many customers are retained, etc.. All data is good data as long as it is tracked accurately and updated regularly. Business intelligence is the process of analyzing data to make business decisions. 

1. I don’t have enough data to input!

Quality over quantity. Keep in mind that 2 early adopters who love your product is far better than 100 surveyed people who are only so-so about it. Those 2 that really felt the problem your startup is trying to solve should definitely be tracked.

What to do next: Investors want to see how much you have evolved over time. Tracking early is the only way to show improvement!

2. I am too busy to input my data

Time is Money! If you don’t start tracking from the very beginning, you might end up losing running into dead ends without even knowing it!

What to do next: Spend 10 mins/day to track your data with VenturX and save yourself months of pursuing the wrong path. Almost all startups who ignore data tracking don’t see how much time is wasted. It is just a way for founders to be very conscious of where they invest their time and money.

Time is money

3. I won’t want investors to see my metrics

Investors do want to see that startups are using business tools to monitor their customers, finances, teams, and project. Not only do you need to have intimate knowledge about how well your startups is doing but you also have to be able to prove it. There is nothing better than seeing a visual of how your business is doing. Investors are keen on data driven results and decisions which is a great habit to form for all startups. Don’t worry if your progress at that stage looks bad, the improvement is the most important part. If you only track when you are rising, it doesn’t look like you improved by very much. You need to show how much you have learned.

“It is not about how much you fall, it is about how quickly you get back up.” — Barbara Cocoran

What to do next: Sign up today www.venturx.ca to get into the good graces of VenturX’s list of investors.

4. It is not reflective of my business

Business intelligence focuses on the business as a whole, not just one particular part. The business includes customers and users, finance, product,etc.. Some founders are technical product managers while others have team management skills. All founders need to be focused on the overall well being of the business, not just the parts they are comfortable with. This is a big reason why some founders feel discomfort when seeing that their metrics are low regarding some parts of their business. The good news is that modern business tools also come with hints on how to improve on weaker parts of the business!

VenturX Startup Dashboard with Hints

What to do next: Make sure to use a credible and well-rounded tool like VenturX to get the most benefit!

The bottom line is why wouldn’t startups want to use every resource in their toolbox including tracking their data to make smart decisions? Corporations have been using business intelligence with all their C-level executives forever so wouldn’t startups want to model after those best practices?

VenturX is a startup success tracker that focuses on early stage startups who want an operational view of their Product Market Fit, Conversion, Real-Time Runway, and Engagement. Its unique SMART scoring mechanism will provide hints and daily SMS notifications when you reach danger zones in your scores to help you quickly improve. As an added value, you can also submit your metrics and application directly to Seed and Series A investors on the platform with just one click! For more info, go to www.venturx.ca

Why Venturx? In comparison to corporate business tools that are not customized for startups, this is is only a fraction of the price. So this is a very affordable tool with credible value, real time metrics, and even connect to investors who favour analytics and metrics at the startup stage.

Share this:
Posted by VenturX in Blog, 0 comments

How to Survey for Product Market Fit in 24 hours

With all the buzzwords surrounding entrepreneurship like venture capital, acceleration, growth hacking, etc., there is always one phrase that stumps most entrepreneurs in their track! PRODUCT MARKET FIT!

This topic was fascinating to me to the point where I have been researching it since 2016 and built a startup tool to measure it. That was how VenturX was created, a startup that focuses on leveraging data to help early stage startups get from product market fit to funding. We focus on the most important KPIs for young companies such as product market fit.

At VenturX, we’re creating tools to help early-stage startups succeed; the first thing we always suggest is assessing the product-market fit. Not only is it the number one reason why startups fail (according to a report by CBInsights), but also the hardest to achieve because it can seem daunting to collect all the data in order to prove that their idea addresses a real need. The initial assessment of product market fit doesn’t necessarily require huge amounts of time or money. In this post, we’ll lay out four straightforward steps that you can follow to get a solid first look at how well your idea fits a market need.

top 20 reasons startups fail

What exactly is product market fit?

“Product/market fit means being in a good market with a product that can satisfy that market.” — Marc Andreessen, Entrepreneur & Co-founder of Silicon Valley Venture Capital Firm (Source: http://web.stanford.edu/class/ee204/ProductMarketFit.html)

4 steps for assessing product-market fit

1. Determine Your Target Audience

If you don’t know where to start, ask yourself who are you selling to and who needs your product/service?

From researching entrepreneurs for the past year, I learned that the hardest step is surveying those first 5 customers. To do it in 24 hours, can you find an event or location where your target audience happens to be? Remember you are doing research and not selling to them.

Example: For VenturX, part of my target audience is venture capital investors. I knew that they could often be found at startup competitions where they serve as judges. I knew that attending an event like this would be ideal to get the most amount of research done in 24 hours.

“If you can do 5 [customer interviews], you can do 35” — Robert Bennett, Viatec Accelerator

Tip: Not everyone likes talking to strangers, so why not bring a friend who LOVES it!! If you are in Montreal, send me a message or comment below and I’ll take the first 5 people to go surveying for their startups!

2. Ask the Right Questions

I asked multiple startups how they were currently researching product market fit and they all told me they input information into a spreadsheet and never used it again. Their issue was that they were collecting only qualitative information and had no way of comparing answers. If they had quantitative information, they would be able to compare the target market’s level of pain and benefit.

The solution? Rather than asking purely open-ended questions like “What do you think of this idea?” get them to describe the pain your idea addresses and the benefit it provides and asks participants to rate them on a numerical scale. Here’s an example of how your survey might look. If you’d like a copy of the survey, shoot an email to sydney.wong@venturx.ca with the subject line “Product Market Fit Survey” and I’ll send it your way.

Example of Pain: Startups who are not ready for funding take up a lot of the investors’ time with everything from initial pitches to due diligence and follow-ups. Investors often end up telling these startups to keep in touch, that it is not a good fit at this time, or to come back later.

Example of Benefit: What if you had a solution that would replace your current application process and cut your due diligence in half? You would see the best startups who have reached their product market fit level and score higher than their industry benchmarks.

TIP: Always ask about the pain before the benefit. If you only talk about your solution, it is no longer research, but rather a sales pitch!

TIP: If you are unsure of your pain and benefit statements and only have limited time at one event to get all those responses, then bring two different pain and benefit statements, and compare responses to both.

3. Track Answers

Currently, most startups are manually tracking their answers on a spreadsheet. The benefit of spreadsheet tools is that it’s familiar, and you can manually create graphs from the data and present them to your team.

Another option is to use the startup tool that we’ve created at VenturX, that takes in your survey data and automatically calculates a product market fit score. It takes 30 secs to get a score like the one below! You can try it out at www.venturx.ca.

Example of my score when I interviewed Early Stage Venture Capitalists regarding their Pain and Benefit:

Find out your product market fit score @ www.venturx.ca

TIP: Do not let your target audience see other people’s answers or else it might influence their answers too.

4. Rinse and Repeat

It is normal that you do not get a lot of 9’s and 10’s on your first iteration, but the important thing is to stay consistent. Do not change your pain or benefit statement after just a few responses. (You’ll know that you are on the right track when you consistently get high scores (9’s or 10’s) when you survey.

Example: I had to narrow my target market to only early stage venture capitalists, rather than all VCs. If I expand my product with more features, I will have to rinse and repeat this process all over again with a new product market fit survey for a new audience!

Once you’ve completed these steps, take a step back and look at your results. Whether your scores are low or high, you’ve certainly achieved something. You now have a quantified score that either validates your idea or tells to you to try a different target market or tweak your angle. Either way, stay strong, motivated, and persistent, and keep on quantifying!

So there you have it! Steps on how you can quickly and efficiently get your product market fit and get a real analysis of what your market is really looking for. Product Market Fit is one of the key KPIs that VenturX helps startups track and improve on in real time. For more information about this topic or other startups KPIs, please visit www.venturx.ca

Or contact the author sydney.wong@ventux.ca

Share this:
Posted by VenturX in Blog, 0 comments

Founder Spotlight: Shayne Morten of Flexiship— From Race Car Driver to Entrepreneur


Founder Spotlight: Shayne Morten of Flexiship— From Race Car Driver to Entrepreneur

Shayne Morten of Flexiship

Shayne Morten of Flexiship

Our team had an amazing opportunity to shadow Shayne Morten, Founder of Flexiship, for a few days. Flexiship is an on-demand delivery service in Montreal! We posted about Shayne’s tips and trick for lead generation, sales, and much more! To see these videos, check out our Facebook page.


Tell us about your company

Flexiship is an on-demand delivery app you will no longer have that problem. With the Flexiship on-demand delivery service you can get your packages immediately! It allows you to request any type of delivery to be picked up and dropped whenever and wherever you need it.

As soon as an agent accepts your order, you will be able to track the progress of your delivery until completion. It’s that easy!

Montreal Delivery Service - Flexiship

Flexiship is at Your Service!

What is founder Shayne Morten’s background?

Shayne used to be a racecar driver who sold ad space on racecars to corporations for sponsorship. This on the field training gave him the drive and sales experiences to turbo charge his startup. Shayne Morten is a graduate from Defi Montreal in 2017 where he learned traditional business process. Since then he has done business on the product side, team management side, sales side at the same time.

“Shayne drives to get things done. When [something] needs to be updated, he is on these guys right away day after day. Persistent and consistent!”

 — Bill Lowson, Investor & Partner, Flexiship

As a sales focused entrepreneur, we can easily see how his actions affect his success metrics. Check out his scores below.

What does a typical week look like for this founder?

Have a startup business? Find out your score @ www.venturx.ca

Have a startup business? Find out your score @ www.venturx.ca

Mornings:

  • Wakes up 8AM
  • Answer emails to confirm meetings

Afternoons:

  • Product meetings to focus on what to build and which agencies to hire
  • Interview new team members
  • Strategy updates with investment partner
  • Make cold calls, visit local stores for lead generation and sales
  • Steps to making lead generation for geography based enterprises
  • Googles Map flower shops in the area, and visit each one, leaving a card with a unique promo code

Evenings:

  • Family time
  • Answer sales emails

We got some great sales inspiration from Shayne, like what do you if a lead already uses your competitor. Clearly Shayne knows how to hustle!

Contact Shayne Morten at Shayne@Flexiship.ca or on Linkedin, and check out Flexiship at www.flexiship.ca.

Also check out Shayne’s awesome live interviews at: https://www.facebook.com/venturx.ca/videos/328915414197137/

Share this:
Posted by VenturX in Founder Spotlight, 0 comments