Your Customer Said No – Are You Truly Listening?
Shared Journey with iFly.vc
What?! Your prospective customer just said no? What happened?
In my 15-year career as a venture capital investor, I’ve seen many startup founders who believe they’ve built a best-in-class product but still struggle to sell it to potential customers. Based on my observations, I’d like to share some thoughts for those looking to improve their sales approach.
When customers say no, resist the urge to label them as stubborn, uninformed, or unreasonable. Reacting with anger or frustration only prevents you from uncovering the underlying issues you may have overlooked. Allowing emotion to take over won’t help you make improvements or capture their interest in the future.
Are you surprised when a customer turns you down? What gave you confidence during the sales process? Was it data? If so, where did that data come from, and how reliable is it? Are you depending solely on limited third-party sources? Consider why you trust that information and whether it truly reflects your customers’ needs.
Are you surprised when a customer picks a competitor despite your elegant 2x2 comparison chart positioning them in the lower-left corner while you shine in the upper-right? What made you assume customers would agree with your positioning and see you as superior?
Selling isn’t about proving how brilliant you are and how fantastic your product is. Selling is about understanding and addressing what your customers want. Listen carefully, dig into their needs, and understand how they prioritize.
All of the above applies to running a political campaign – just replace the word “customer” with “fellow American voters.” While this newsletter isn’t about debating political views, I hope it’s helpful to share a post-election perspective for those who don’t like the outcome.
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