[00:04] Kyle: Context for his question
[00:05] Kyle: How are other companies raising money? The minimum money being raised is $1.5M and they don’t have a product.
[00:06] Jeff: Tell the explosive growth story. If you are raising money then bootstrapping it over. Tell the investors what are you doing with the money. When what you are doing doesn’t have reliable revenue, then VCs aren’t interested and angel investors typically won’t want to invest.
Angel Investors typically invest $1M. Then you need to convince investors that $1M is what you need.
[00:09] Jeff: Create another plan, one that requests more money. Go to the angels and show them two plans.
[00:11] Kyle: Follow-up question. The context behind his solution (music licensing)
[00:13] Kyle: How should I price my solution? Should we create an offering that does not exist?
[00:14] Jeff: If you are building a market for people who cannot afford your product, then it may not be the right model.
[00:16] Jeff: You need to understand the lifetime value of your client.
How to figure this out: Pick an acceptable time frame that someone would be your customer and what kind of products they would purchase during that time.
[00:22] Christian: Presenting his Character Avatar for his business.
[00:25] Christian: Presenting the transformation for his Character Avatar.
[00:26] Jeff: What are the features and benefits that the customer is getting. Transformation isn’t clear.
[00:31] Christian: Challenge is to move out of the abstract.
[00:32] Joe: Suggestion to niche down to CPAs and gives an example of how that’ll affect the vagueness in the avatar.
[00:33] Jeff: Suggested for Christian to check out https://www.rootworks.com/ that is niching down on CPAs to solve the issue of company productivity.
[00:34] Jeff: The abstract doesn’t sell. It’s not tangible. It needs to be in really mundane language, really clear. And it can’t be ‘second order’. You need to sell the benefit of the first thing happening (sell the ‘i show you how to write job descriptions etc’ versus ‘i show you how to grow your business’). People buy at surface level.
[00:36] Jeff: Examples for the avatar of ‘leaders of non-for-profit organizations’ and their transformation
[00:39] Jeff: Suggestions of where to find information on your avatar. LinkedIn interviews, Amazon book reviews, Reddit, and Quora.
[00:40] Joe: Go build that character and come back to the next AMA.
[00:40] Jeff: He shares the Words of a Webpage document https://docsend.com/view/a3bqka4ihbvsac9j it’s a great exercise to do.
[00:44] Kyle: Book suggestion, I’m almost finished reading “Secrets of Sand HIll Road”.
[00:44] Marc: Review updated sales conversation. The phone call is between Marc and Joe.
[00:46] Jeff: Feedback on the sales conversation.
[00:48] Jeff: “You need somebody to” is selling, you need to talk about the solution itself independent of the somebody.
[00:51] Christian: Stumble here and build the muscle. It’s important to practice your sales conversations.
[00:51] Kyle: Love this video Marc, this may inspire your conversations. Joe Ades is the greatest salesman of all time. https://www.youtube.com/watch?v=_OMrvqU4Blk
[00:54] Robert: How about finding conversations people might be having on the web about a specific competitor – such as KIXI
[00:54] Joe: You may be able to find some people on a ‘gripe forum’ about the platform
[00:56] Jeff: Buy keywords/ads about how bad the platform is, that link back to blog posts on you discussing the problem. Then that’s one great way to bring people to your solution.
[00:58] Joe: Look up the support forum and target the people posting on the support forum
[00:59] Jeff: Buy an ad “REAL KIXI support” or “How to make your KIXI phone work” and then you’ll get people.
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