They may be investors. They may be employees. They may be customers. They may be alliance partners. They don’t know yet and you don’t know yet, but something good will happen with them in the future. How do you keep them abreast of your startup company’s progress in the meantime?
No. 1 – The Update Newsletter. If it’s a startup you are doing, one of the most effective tools is a regular update – call it a newsletter if you want – that they receive by email. Have them opt-in to receive it. And maintain a regular schedule that is brief and to the point. Some of the best ones I receive use a topical and bulleted format that takes no longer than a minute or two to scan. Whether I read it in detail or not is less important than that I know they are making reportable progress and working diligently to keep their future investors, customers, employees, and partners informed. Monthly works best. And remember, once you get to raising a financing round, it is much easier to get an audience with people with whom you have built a relationship and kept informed.
No. 2 – Network without networking. In other words, take meetings like your hair is on fire. Virtually and in-person. You never know where they may lead. Even if the ultimate end game isn’t clear, but you know that the contact can be valuable, why not take the meeting? Your purpose at this point is to get the word out on what your startup is all about – any sometimes that must be done one meeting at a time.
No. 3 – Nurture your best relationships. Pick the best and take special care of them. It could be a mentor. It could be an investor. It could simply be someone who takes an interest and “gets” what you are doing and what your value proposition is all about. As your startup takes shape, these relationships can be invaluable. Just be smart about it and don’t do it blindly.
No. 4 – Define your purpose. Why do you find it important to keep people informed? If it is less about a startup and more about finding a job, then Nos. 2 and 3 above are far more important than No. 1. In fact, if your purpose is not something that could benefit your “future peeps” like a contract, an investment, or a job for them, maybe you should drop the newsletter idea entirely. But if your purpose is about maintaining a focus on your startup company and the value it will ultimately provide to others, then the regular update mechanism, like a newsletter, is critical. If so – and that is your defined purpose, then focus your networking and nurturing activities on expanding the base of people receiving your regular update. That is easy to define and measure.
No. 5 – The Truth of Three. It is a generally accepted truism that people will remember something after they have seen or heard it three times. I once read something that proposed you should do visible things in batches of three for people to remember you and what you are working on. It needn’t be three things all at once. It can be three things spread over a short period of time. Define what visible is. Define what the “things” might be. And then give it a try – see if it works for you.
©2021 North Riverside Partners LLC
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