Cold email subject lines

As a founder of two software startups, I started to receive a lot of cold emails from software vendors that sell to startups. Most people who write them, have read the marketing story telling Bibles: people try to catch my attention with a headline that tries to connect with me (“Hey SlideMagic, wouldn’t it be great to increase conversion by 10%?”), take action (“Speak to you on our Zoom next Tuesday” , but I never agreed to the call), and are persistent and very self-aware (“Yes, I know this is the third time I send this email”).

The only thing these subject line tells me, “this is spam”, before I even understand what they are trying to sell.

A better way (for me at least) would be to write a subject line about what your company does without the marketing language that in 2023 sounds spammy.

PS. A startup idea for someone to build: develop a granular set of codes to classify software vendors, include that in the email (subject line), and offer an email filter to classify the marketing emails. Recipients can browse later for solutions they need and/or (silently) let emails from relevant vendors get through (some sort of category subscription). Lots of revenue model options.

Showing busy bios on a web site

My venture 9xchange is new in the world of healthcare, wo we need to establish credibility by showing that we have significant experience and are backed by significant people. Here is what I came up with (see the 2 screenshots below).

I put up a dense grid with the bios of the people involved. Below this table, are a few recognizable brands from the world of healthcare. When you hover (or click on a tablet) over a person’s bio, a relevant subset of the brands light up.

Alternatively, when you hover over, or click the brands at the bottom, relevant people get highlighted, including the relevant small print in their CV.

You can check out the progress of the work on the 9xchange website.

Three audiences for your company brand

A company brand has at least 3 audiences:

• Employees (including the founders), that need an inspiring and cool place to work

• Users that are looking for a brand that fits and appeals to the target market

• Investors who are looking at a fundable organization with fundable founders

Think about conflicting requirements when picking your name. Priorities might also change over time. Investors are very important early on, users a bit later. Your first collaterals (decks, a web site) are probably directed at investors.

This post was sparked by overhearing two conversations: one about whether picking a cartoon character as a company name would hurt appeal to investors, and one where a company named itself after an industry it explicitly claimed not be in.

Send a different deck?

After the meeting you promised to send the slides of your presentation in an email. But the deck you used, was the short one, and you have a better/longer one sitting on the shelf. It does have a different structure and graphical look and feel though. Should you send it instead?

Probably not. The slides you send are a quick reminder of the meeting, a permission to email the meeting attendees with your follow up question. Very few people might actually look at the slides in detail. And if they do, each slide is a visual placeholder for the story you told in the meeting. Sending a completely different deck might confuse them.

If you want to send the other presentation, do so in addition, and clearly mark it as something different from what they have seen.

More pro tips for follow up decks:

• If slides contained semi-confidential information that was OK to show for 5 seconds, you can take them out in this version to prevent people from studying things in detail (financials, roadmaps, etc.)

• Always send things in PDF, not the source file (PowerPoint .pptx, or SlideMagic .magic)

• If you are using SlideMagic, consider expanding the explanation panels on each slide, and write the summary of the messages of the slide in a few paragraphs, handy for people to understand a page better when you are not there in the room to explain things verbally.

Scripted improvisation

I just came back from an industry conference that involved all day, back-to-back, 25-minute meetings in small hotel rooms. Professional speed dating. Very similar in setup to the days I spend interviewing MBA graduates for roles at McKinsey at INSEAD.

These meetings are a challenge. You get tired (especially if you are jet legged), the setting is repetitive, and very unpredictable meeting dynamics and energy in the room. The setting is not right for a formal presentation. You have very limited time, the room is tiny without a screen to project slides, and the setting is very informal. The risk in this setting is that you never get to get your point across in the middle of small talk, room changing logistics and/or the distraction of cleaning staff replenishing the soft drink supply in the room.

In this informal setting, most presenters would “wing it”. Start a pitch in a conversational, improvised way, and see where it takes you.

I would recommend to do the opposite. Have a super tight, very short story, completely engrained in your mind. It is super-scripted, 100% the same in every meeting, and hits exactly the points you want to hit, in the right order. You have practiced and used the script so many times, that you can deliver it jet lagged, distracted without thinking, and most importantly, sounding completely non-scripted. It may sound strange, but the more you practice delivering a these short pitches, the more natural they sound.

As the story goes on auto pilot, you are sure that your messages get delivered, and your brain can focus on reading body language, and connecting with your meeting guests in pre- and post small talk. And remember, in these short meetings, your objective is to get to the next interaction, rather than landing the whole deal.

Getting the same question all the time...

Writing emails to busy people is hard. One thing to keep in mind is that they usually get the same type of question.

• Can I meet you for a coffee?

• Do you want to be on my Board?

• Do you want to invest in me?

• Do you want to buy my software?

If you are asking one of these questions, stand out from the others

If you are actually not asking one of these questions, make it very clear. Your email might get eyeballed very quickly and rejected with “no, I don’t have time for more Board seats”…

Business plan - story mismatch

In business school we learned how to write a business plan and which slides go with it: market size, competitors, business model, etc. etc. The resulting slide deck is usually the first “presentation” of the company and often used as the basis for an investor or sales pitch deck as well. (Same happens when the last Board strategy deck gets recycled into a sales presentation for a more mature company).

Board presentations and business plan presentations are well, sets of slides that serve Board and strategy meetings. A sales or investor meeting requires a sales or investor presentation.

If you noticed that you always deviate from your slides when pitching your company, you might have the wrong slide deck in front of you,

John Mayer's marketing video

Guitarist John Mayer starred in the launch video for a more affordable version of his signature guitar for PRS Guitars. Some interesting presentation lessons in here.

• It worked, the video gets even linked to on a presentation blog

• A naked and vulnerable pitch. A bare bone background, just him and the instrument, putting his entire reputation at stake by recommending this guitar. “Skin in the game”. Different from celebrities wearing a watch, driving a car, or holding an espresso cup.

• A very nice use of the “best of both worlds” storyline. Up until now you had to choose between A or B, but as of today, you can have both.

• Very clever addressing of target audiences. Hard core guitar players that admire John for his skill, and die hard fans that admire John for his songs are included implicitly. But parents buying guitars for their kids (and maybe secretly for themselves) are addressed directly with a clear excuse to go and get one.

A great sales pitch

What your audience does not know

It is a waste to spend presentation on things your audience already knows, or already assumes is the case.

• Already knows: common knowledge among informed audiences. A specialized investor who invests in crypto knows the basics of what is going on in that market.

• Already assumes: something that people guess instantly, you IPO-ed both of your 2 previous startups, so the question can she be a startup CEO does probably not need any more time

You can score the obvious points very quickly with a snap reminder slide. Now it is time to move on to things that might surprise the audience (in a good way).

But remember, things can work the other way:

• Already knows: “It is impossible to make good returns in healthcare diagnostics”

• Already assumes: “She looks like she just got out of college, she cannot sell to big pharma”

Put yourself in the shoes of the adience.

"You had me at hello"

The quote from the Jerry Maguire movie. Some pitches go well. Maybe because the other side knows you, trusts you, knows the industry/competition well, and is ready to take things to the next step. No point in trying to pick up the pitch at page 15 with that very optimistic revenue forecast, and/or booting up that demo with potential bugs. That can happen in the next meeting.

In the briefcase

Here is a very common presentation scenario. You have a good relationship with a middle manager in a potential client, and she meets the CEO next week and could take “a few slides” with her in her briefcase for a 30 second pitch.

What not to do? Send your full 30 minute pitch deck that you have used in so many successful Zoom meetings before. Especially that slide with just a golf ball on a green lawn always drives your point home.

You are not presenting, your friend does, and you don’t have 30 minutes, you have 30 seconds. But this might be good news. Thirty seconds of your friend with the CEO, is a better shot than 10 minutes with a purchasing officer who you do not know.

What to do?

Take the time to explain to your friend what it is you do, and then make a “placeholder” slide that she can use to give the pitch. It is not possible to go through a slide deck in 30 seconds, so the pitch is basically a verbal one. Your placeholder should look nice, and actually not distract too much so that the CEO can keep her focus on the audio track. (Typos, calculation errors….)

You need to rely on your friend to do the pitch, but you need to compensate for the fact that you are not in the room, nor on the Zoom screen to give the CEO the opportunity to use her intuition to answer the “who are these people?” Question. A CV/bio type slide with a picture could do the trick (again a placeholder) , “hey they also went to INSEAD…”.

Finally think of a very specific next step that can move the process further. You are unlikely to land an investment in 30 seconds, you could get an actual Zoom meeting though…

Good luck.

Demo versus manual

Giving a demo of your application or web site to an investor or potential partner is different from teaching a new user how to use it by herself.

For the user:

• Where do all the buttons sit

• How to log in

• How to update settings

• Where to find your account details

• How to create a project from scratch

• Etc.

For the investor / partner:

• What does the app do?

• Show me a walk through of a “story” or use case

• Have a project ready to show

• Look, there is actually a piece of software that is working…

• Etc.

In presentations, you are most likely to deal with scenario 2. Do all the prep work (logging in etc.), and design a very clear script of what you want to show, cutting out any tangents and other delays. Keep it short and focused. Rehearse your walk through, and as a backup, have a series of consecutive screenshots ready just in case Murphy’s law kicks in.

Nagging does not sell

Seth “stole” my thunder… A blog post about how nagging and insisting without introducing new information or ideas is not going to get you anywhere has been sitting in my mental pipeline for a while. Some examples.

• People here in the Middle East can be very defensive, and this happened a few times in presentations I attended here around Tel Aviv. After your presentation you get a question, the presenter answers it. The question gets asked again, but it was not really answered. The presenter is not really listening, and more or less repeats the same answer, this time a bit louder. This pattern might repeat itself a few times without a resolution

• As a startup CEO, I get tons of “spam” emails with subject lines and opening sentences that sound like spam. That first email does not trigger a response from me, but it gets followed up by pretty much the same email, with the same subject line in bold

• The investor is not going to invest in you, because she does not invest in medical diagnostics companies, and you are a medical diagnostics company. Trying to convince her that she should invest in these companies will get you nowhere. Either move one, or give the pitch of your company a different spin, away from that particular field.

Parents might succumb to repeated pressure and buy calm in the house, pretty much everyone else will just ignore you.

Photo by Dan Burton on Unsplash

Convincing the center (redux)

This posts keeps on coming back, usually around elections. This time around the trigger is the debate among “younger” Israelis (below 60) whether they should take the COVID vaccine or not (widely available here in Tel Aviv).

Normally speaking, the risk of serious COVID complications should be relatively low for individuals in this group. With the immediate threat out of the way, people can start arguing. Messaging groups are now a favorite channel for heated debates about the pros and cons of vaccination.

Some points to remember when persuading people:

• Focus on the center, the people who are in doubt. It is 100% certain that you can convince a die-hard anti-vaxxer, or genetics professor to change her mind in a few message exchanges

• “Screaming”, aggression, calling people on the other side of your argument stupid and incompetent is not going to score you sympathy points (and help you become more convincing).

• People in the center are likely to be reasonable people, so wild conspiracy theories or unusual scientific “evidence” might not stick very well

All the above applies to investor and sales presentation as well. Pick your battles and focus on the people who could change their minds

Photo by Marcos Paulo Prado on Unsplash

Being too eager might not always work

Most sales have 2 pitches:

• The first is the seller pitching to an employee of the client

• The second is that employee having to make the case to her colleagues

(A similar situation: first the startup pitches a partner of a VC, then that partner has to convince her other partners)

I never discuss that second type of pitch here very much. In most cases an employee or VC partner probably has a deep conviction that a certain deal needs to be done (otherwise you would not put your reputation on the line for it). So all of a sudden, these people are the ones pitching the idea to a potentially unenthusiastic audience.

In these situations it is important to keept that impartial distance from the deal. A colleague who is aggressively countering every possible small objection to the deal loses a lot of trust and credibility. “Hmmm, she must have been brainwashed”. Instead, layout your case objectively. Point out the strengths, but also show the risks, doubts, and possible elephants in the room, and make the case why you think these can be overcome and this is a good bet to take.

P.S. This shows startup/product pitchers who the role of their contact person at a client/investor is changing. First you need to convince them, then you need to coach them how to pitch your idea themselves. If in this second phase of the process, you get a question, she is no longer doubting the idea, but collecting evidence to convince her colleagues. It also shows that bypassing that junior analyst and calling her boss directly might back fire instantly, you just lost your major supporter.

Photo by Wade Austin Ellis on Unsplash

Scale economies in sales pitches

For a small company that is just starting out selling, it is impossible to reach out to the world. Not enough people, not enough money, not enough time.

Think about something that people usually use in manufacturing: economies of scale. One approach: invest a huge amount of fixed cost to build a massive plant that then can churn out products at a very low cost per unit (huge fixed cost / huge production volume). The other approach is specialisation. By focussing on just one tiny product in a tiny product segment, you might get to the same scale for that product as big competitors do who have to worry about 5,000 other items.

The same is true in sales pitches. You can scatter yourself and pitch clients in different industries, different continents, of different sizes. Or you can just focus on one industry, learn the “language” the people speak there, understand their problems, get referrals to from one happy client to another.

Which sector? Obviously it should make sense given your product. But after that, it is probably up to you. I guess that most companies that follow this approach got there by coincidence. Somehow you start winning pitches and getting leads in one sector and run out of time to focus on another.

Photo by Javier Allegue Barros on Unsplash

How would you introduce it?

When someone asks me for an introduction to my network with an idea that needs to be pitched, I noticed that I can be as effective in explaining the basics of an idea in a few lines in an email as an entire slide deck.

Why?

I really think about my “audience” (usually a friend or business relationship that has a lot of prior knowledge or interest in the thing I am pitching, otherwise I would not bother to make the introduction). Out go the buzzwords, the market stats, directly raising the points that are unusual, surprising, unexpected, to someone who has a decent understanding of this type of business.

Personal recommendations can be much more powerful in an informal email between friends. You cannot put “she was only the junior assistant on the team, but believe me, she single-handedly delivered that project” on a slide.

You can raise risks in an honest way that are not always detrimental to the pitch: “the whole thing hinges on whether they can get product costs down, but I think they have a good shot at it”.

Next time when you write a pitch deck, ask yourself the question, what would a friend who is doing you a favour have to write in the cover of the email? Read the resulting text, and maybe it inspires you to change your pitch deck as well.

Photo by Helloquence on Unsplash

You care about your company history, others less so

The speaker puts up the “Company background” as the first slide with bullet points full of founding dates, employee numbers, when the second office was opened, etc. etc.

You probably lost half your audience.

For the presenter, the company history is incredibly relevant. It summarises your entire path (10 years) that got you here neatly on 1 page. It makes total sense.

For the audience, company history does not matter that much (maybe with the exception of luxury brands), what solution are you offering today? Also, company history slides tend to look remarkably similar across companies. So the audience probably saw it before, somewhere else.

Often, the history slide is a left over from when the company was still small. It always was page 2 of the deck, we just updated the employee and office numbers for each presentation. And the same slides are probably used in different presentations. When the founder addresses the annual sales staff gathering, the company history told directly by her, might actually be funny and/or insightful. But she is unlikely to stick to the bullets on the slide. And, the same bullets in the hand of a sales rep sound boring and without context.

Photo by Pawel Kadysz on Unsplash

Logarithmic scales

In the 1980s, I remember plotting the results of science experiments in high school on millimeter paper. Logarithmic scales came in handy: they allow you to plot data series with big variabilities accurately, and/or they can show mathematical relationships beautifully (a completely straight line on a logarithmic scale for example).

Scientific charts are for pondering at your desktop, a different setting from a 20 minute all or nothing investment pitch. When you show a boring growth line and have to alert the audience that the tiny labels on your y axis are in fact on a logarithmic scale, you have lost some of your fire power. It looks less spectacular, and more importantly, it requires additional thought steps in the brains of your audience. The hockey stick simply works better.

If you are dealing with serious science, consider 2 charts right after each other, the first (populist) one showing the raw growth, then followed by a logarithmic one that takes the responsible scientific approach.

Cover image by Sawyer Bengtson on Unsplash

Apple's iPhone XS / Watch 4 event

I watched the live stream of Apple’s iPhone and Watch product update presentation last night. Here are my quick observations (from a presentation perspective, not the products :-) ).

• The slide presentation quality was incredible, a combination of great layout, great photography (editing), and importantly this massive, massive projection screen

• The transitions between slides, videos, build ups, animations was very well done

• Guest speakers were a refreshing break, small company entrepreneurs who get the chance to tell their story to an audience of millions

Watching the whole event, I felt that the overall presentation was a bit too long, a feeling that crept in towards the end of the iPhone part of the session. The Watch presentation had lots of new features (all the heart sensors), but the iPhone story was similar to previous iPhone presentations: bigger screen, more power, better camera. I think Apple could have delivered the same message in a shorter time frame.

The videos with Jony’s voice over were duplicating messages that were said before. In previous events I could remember, these videos would go into the details of things that were not addressed by the presenter (for example how to machine drill phone casings). It looked like the video and the slide deck were done by separate teams and their content were merged relatively late into the process.

From a content perspective, the difference between the XS and XR phones was left less clear to the audience. The presentation of the XR phone felt and looked a top of the range phone, so there was a constant voice in the back of my head, “hey this is the cheaper one, what is different?” In the end, I got the answer from reading press reviews rather than the presentation itself.

While the audience for the Apple Watch are people who do not own an Apple Watch yet and consider buying one for themselves, or their parents who are prone to falls or heart problems, the audience for the iPhone XS/R are iPhone 6, 7, and 8 owners. The comparison of screen sizes between the old phones and the new ones were powerful, and could have been emphasized more in the presentation, maybe.

The Apple presentations have become so professional, well-rehearsed, and in a sense “serious” that I am starting to think whether there is space for a bit of humor, human improvisation, a sentence that is not planned.

Anyway, overall this was obviously an extremely well-prepared event as we have come to expect with incredible visuals.

You can watch a recording of yesterday’s event here.

P.S. The product shots of the iPhone XS with the “planet” on it give the impression of a bulging shape from a distance, reminding me of the original shape of the iPhone 3, and going against the flat characteristics of the current product.