622: Why Less is More in B2B w/ Nic Poulos

ABOUT THIS EPISODE

In this episode we talk to Nic Poulos, Partner at Bowery Capital.

LinkedIn: https://www.linkedin.com/in/npoulos/

Are you struggling to come up withoriginal content, weaken and weak out start a poncast interview, your idealclients? Let them talk about what they care about most and never run out ofcontent ideas again learn more at sweetfish media dotcom. You were listening to the BEATOB growthshow padcast medicated to help be to be executives achieve explosive growth,whether you're looking for techniques and strategies or tools and resources.You've come to the right place, I'm Jane's Carbery and I'm Jonathan Green.Let's get into the show, welcome back to the beaubyby growthshow. We are here today with Nick Pulosi's, a partner at bowery capitalnic, how you doing it I'm great thanks. Fravin, thank you for joining us today,nick so we're going to be talking today about why less is more in INB to be,but before we get into that I' love for...

...listeners to just understand a littlebit of context about you, nic tell us eloabowery capital and what you guysare doing up there. Yeah absolutely boury capital is seed stage, ventralcapital firm. We are based here in New York, but investing all over North America. We focusexclusively on enterprise software, so thats. All software plays mainly SAZ selling into the enterprise, so all beto be plas and that's really run again it from marketing sales sofware toanalytics security, R, p vertical software, you name it. We've we've,probably thought deeply or or invested invested in space. Kno We're working with founders to toreally ou know not only give them that initialfoundational capital, but also to help accelerate their growth and positionand wealth of future ounds in that first, two years post to go to market.That's, hopefully you get or Yo for the...

...audience here so mick as we're talkingbefore we started recording about why lessis more INB to be. You had threevery specific things that were top of mind for you, as you were thinkingabout this. This idea, the first one of those was related to testing channels,and there were a couple of different things that come sput off of that talkto us about and as you're thinking with all the technology companies thatyou're working with a bowery. This idea of testing channels was was the numberone for a reason. Talk to US expand on their bet, FORUC yeah. Absolutely I Imean I'd say at this point. This point covers really just allocation ofresources really early on in general, Yo know as you're thinking about itfrom a marketing sales perspective and the reason that came to mind for me isyou know when when you first go to market or you first cin o raise youryour seed round. I think there's an inclination to say you know we have allthese potential channels out there. I...

...you got all the page channels, you gota social media and content marketing. You got an event strategy and you knowyou could go on and on, especially if you include bras sales strategies butreally you've gotte recognize you have youhave limited burn, you ave, limitedresources, almost more importantly limited. You know man hours and thatincludes mind share of the CDEO, and you can only really do a limited numberof these channels as well as you can at the same time. So,in other words, what you should really do is choose the channels that youthink are. You know going to be most valuable for you and ensure that youtest them properly, so make sure that you have the procees and systems inplace to collect information about you know if it's marketing, it's markinginitiative, make sure that you have understanding how a yo'e going to testreturn on. You know marketing...

...investment. If it's you know hit yousail strategy or channel, you know make sure that you're properly recording crminformation, your properly tracking pipeline and you're. You know you'reasking the right questions throughout the sales process. In order tounderstand, is this converting better? If it's not, you can try new ones, butless is more when it comes to testing chalels early where's, the mistakenickthat you see a lot of companies making, are they they're just trying to go allin on all these channels before before they test to see, what's reallyyielding the best results? To be honest, if I, if I did distill down te thebiggest mistake, it is not properly collecting the data that you need in order to thenretrospectively measure was this in success or not, and this I think thisapplies both to marketing and to sales. Just to take ou know one example andand know draw it out a little bit if you have, if you have a thery, that,...

U Know your product sells best into theCFO, an UNSR or you know a for that matter. Who is is talking to talking toLeeds all day her she should be recording you know, am I getting intothe CFO initially like what initial role am I talking to, and then you knowyou look at your your conversion to opportunities based on that role. Soand of course all that requires a you know, setting up a crn properlythinking about the appropriate fields and setting policy in your sales ormarketing organizations such that all Thau information is reliably recorded.Otherwise you really, you really can't look back and say all it's all. You know fine and Dandy.througr crushing bookings every quarter, but if you miss bookings at first timeround or your your failing to generate suficientweaves as a marketer, you need to be able to look back and say why and- andso that's, why-...

...a initial process in order to collectdata that you need, especially as it relates to nceram basic marketautomation, biforms, it really pays to set up that emprestructure early awomeneg. So this next thing that we're going to talk about is this idea ofletting the prospect do the bulk of the talking? This is something I've heard alot of people say before, but I think it's worth talking about again becauseof how important it is elaborate on this idea of letting the prospect dothe talking yeah, I think Um. You could apply this both to selling a prospect or or nurturing aprospect, but thein of the day. What you're trying to do is understand withthe the gurge on the other end of the phone once and you're, trying tounderstand what their problem is and how you could potentially help them,and if you can't and if the problem is different, it's a waste of everyone'stime of resources. If you continued a...

...conversation too far or if you continuepestering them or you overpromised, you know there there's an element of askequestions, not only to show that you're trying to solve a problem for them, butalso you e you're, collecting valuable information about your lead in thiscase that can help you determine. Do they fall under my ideal customerprofile? Can we actually help them here and throughout the process? You're?Also, hopefully, building a level of of trust? Don't promise something youcan't do? Instead, you know and said you can say, someo lines. F. This islong the roadmap, but you know youwould have e opportunity becom an earlycuster, and we can build this with you. I O to some extent less is more in terms of don't be too saled. I I'mnot going to tell cellers how to do their workor markers. I do their work,but as many questions as you can can often be a good thing. Yep, absolutelyand- and I think the more they're...

...talking the more opportunities that youhave to identify a problem that that your product or your service canactually solve, and so t just practically to me. It makes sense. Thestruggle is, is how do you, I think, we're so hard wired and trained to wantto you know talk about our prodect talk about our solution. Talk about how wecan help so we're just not thinking thoughtfullyabout what questions can I actually ask to get them to do the talking, and sothat's been something that I've I've just been wrestling with. A lotrecently is thinking thoughtfully about what kind of questions can I ask thatwill allow them to do the balk of the talking and give me the insight that Ineed to actually be able to determine if, if what we can do for them is, isgoing to be helpful. So that's something I've been in recently yeah.No, I mean that's, that's a great point. Let me just hade one final thing there.If you think about it, and I mean in this day and age, all of us Ha, youknow have been- are probably constantly...

...being sold something over email. Youthink about it. When, when a celler comes to you and O hits you with theparagraph and information about their product, if it's not a perfect fhit, ifyou don't happen to be thinking about that right now, it's just annoying hat.If somebody comes to me- and I say: Hey, it's not a fit and I've gotten thismany times from you know some great salespeople and they fall UPF and theysay you know just out of curiosity. What were you using or you knowsomebody opens and says, what's your biggest problem, that answer that'seasy. I know I can respond that quickly and I'm fine doing it and still may notbuy the PROUGUES, but the very least you're getting information about. Solet's say I don't, let's say say: Hey Stop! EMIIN ME! I'm not going to buythis! The more that you information. You Glean from me before them the moreyou can figure out. Ok Nick wasn't a fit. Why is that? And how should wechange whul? We go out to Selk up Yep N. I love it. This last piece we're goingto talk about nic is having a simple...

...but highly resident, resonant valueprop. You know this one again makes makes perfect sense, but I elaborate onit a little bit. Sorry listeners can understand the depth of what you'retalking about here. Sure I mean, I think this one probably comes off isthe most obvious, but you know often I find it especially early on. It canbe difficult to realize how simple you actually want to eventually be I meanyou want now. If you will get the website of of successful growing growstage companies, they rarely have a kno tag, line or subtitle. If you willthat's more than say five or six words long, and you know that's because, likeanything else, you only have about you know five seconds to grab someone'sattention so early on. You know you're spending a lot of time on onengineering on pro development. You know the entire team is is full of ofdatapoints around how performitg your...

...product is, how it's better thancompetitors its various features. I Canon can't do which, hopefully for anyprospect they'll eventually will eventually understand that. But yourgoal is in terms of positioning the product is to come up with a veryimpactful like hey we're. The couple of words now speak to what we can do, butthat engage our prospetus quickly that help people understand how big theopportunity is- and you know I'll I'll add just is final thin there. This samething for better or worse, is relevant to antprerneurs or start up leadersthinking about future investment as well, because you know th tha often thisTempler, your your elevator pitch, is not only easier. It makes it forDownsthi investors to understand what you're doing is, but the morecomplexthat statement is likely. The smaller Tam seems does that make sense,yeah and when you say Tam just for the...

...folks listening that don't understandthat that's your addressable market, yeah, hit's, total addressable marketright, which is we it's always a a kind of subjective thing like. What's your,you know, current addressable market versus eventual, and I get it it'snewonce, but to take the words from folks who have come before me: It'sIT'S U're R, looking to peel back the onion right so- and this is both for hesals processand a potential fundraising start with the big idea and cures what we can do,there's what we will be doing in ten years and then peel back to okay. Youknow, there's, what's on the roadmap her's, what we're doing now! There'sthis aspirational, but y you gotta, you Gotto Hook, 'em in first that short andsweet valued, prop Nig. This has been fantastic. If there's somebodylistening, they want to stay connected...

...with you. They want to learn more aboutbawerry capital. What's the best way for them to go about doing that, yeah wyou can always come visit. Barry Cap, DOT COM or our crunch fase profile geta better sense for the firm. If you're, no inthe in connecting with mepersonally or I' say probably most members of our team, you know just tobe apfront. The siest way is always a warm intra. Just given volumes of email,but I do also try to say as active as I can, on inlinkon and and twitter, sothat's definitely a good root as well neck again. This is been fantastic. Ireally appreciate your time today, so I thank yeah. Absolutely I reallyAPPRECIATEAV T we want to hunter you on sites like theHuckington Post, social media, examiner chief marker. Every week we seen that aquestion really Beto remarkho used the responses to those questions to feelthe content. We write from really popular websites so head over to sweet,DISHMEDA, tcom, slash questions and...

...sign up today. Thank you so much forlistening until next time.

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