8/9/2021 Tip: Value Attribution & Funding | Growthink

8/9/2021 Tip: Value Attribution & Funding

Today’s Quote

“It’s much easier to double your business by doubling your conversion rate than by doubling your traffic.”
~ Jeff Eisenberg

 

Today’s Tip

If you see a beautiful desk outside someone’s house about to be thrown away, how much value do you attribute to it? Most people immediately think there must be something wrong with it. Since its owner, by throwing it away, isn’t attributing any value to it.

Value attribution also affects our perception of people. So, if you contact an investor by yourself, their perception of you may be neutral or negative, and your chances of getting them really interested in funding you is relatively low.

Conversely, if you were introduced to that same investor by someone the investor respects, then their perception of you would be great, and your chances of funding much higher. In fact, an introduction from the right person could lead to such great value attribution that the investor writes you a check on the spot.

So the bottom line is that getting introductions and referrals to investors not only gets you in touch with those investors, but it starts the conversation off in an extremely positive light. And as the quality of the individuals who refer you grows, so does the perception of you, and thus your chances of raising money.

So right now, you should start making a list of people for which you have a lot of respect, and think investors respect. Get a meeting with them to discuss your business. Ideally, ask them to be a member of your Advisory Board. And then request that they introduce you to investors they feel might be a good fit for you and your business. These introductions will get you great meetings. And the investors will attribute great value to you and your company, putting you in the best possible position to raise the money you need.

 

Today’s Resource

Are You Making This Funding Mistake?

If you’re struggling to raise money for your business, you’re probably making this simple mistake. This is the #1 reason why most entrepreneurs fail to raise money.

Are you making this mistake?  <— Click Here

 

Trivia

Today’s Question: In Cuba, what are known as “Yank tanks”?

Previous Question: What personal device was released in 1979 with the name of the “Soundabout” in the US, and the “Freestyle” in Sweden, but is best known by the name of its Japanese version?

Previous Answer: The Walkman.

This device was built in 1978 by audio-division engineer Nobutoshi Kihara for Sony co-chairman Akio Morita, who wanted to be able to listen to operas during his frequent trans-Pacific plane trips. 

Morita hated the name “Walkman” and asked that it be changed, but relented after being told by junior executives that a promotion campaign had already begun using the brand name and that it would be too expensive to change.

 

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