What I Learnt About How To Sell From Being Sold To

With a background in (advertising) sales and having backed over 40 startups now through Collider, I think I have a pretty good idea on how startups sell their products... especially on what not to do. So it was a real eye opener when I recently went on the search for some software for Collider operations. I needed something specific, which meant many of the companies offering a solution were likely in the early stages of developing it, and would therefore also mean they'd be on the early side of developing their sales pitches too.

I knew it would be fun.

The good stuff

Well, there were plenty of passionate and enthusiastic founders that you can't help but get excited about their products.

There was also an impressive can-do attitude, especially when the product needed tweaking for us.

The not so good stuff

But of course, I also saw things that with a better approach to the sales pitch, the outcome could have been entirely different.

These are things we teach Collider startups to do from day one, and whilst they seem pretty obvious in most cases, every company I spoke made the same mistakes.

1. Don't pitch – ask questions.

Many startups came into the meeting and just talked. Talked about their company, talked about what it could do, talked about why it was great. But what they forgot to do was ask me questions on what I was looking for, why did I want a product like this, what did I want it to do and why?

Learn their language and what success really looks like for them, so when it comes to pitching your product, you can relay back exactly what they're looking for.

2. Never do a standard demo.

It completely misses the point and undermines step one of any sales process – to firmly understand your customers needs. Then you can amplify it for them and replay back how your product could be their dream solution.

A standard demo won't do it.

3. Learn when to say no.

I asked for a lot, and in almost every case they said yes, they could do that, clearly without thinking about it.

It was only when I asked to know how many people were in their dev teams or how much cash they had that I understood how likely my needs were going to get onto their roadmap. Usually not at least until they'd raised their next round.

Focus on the customers that your product can help now, but use your meetings to understand what else you could do further down the line. Be honest.

4. Know how to close a deal.

Always ask my timeline for implementation, as that'll tell you how urgent it is. Is my mission critical (3 months), important but not urgent (6 months), or is it actually just a nice-to-have?

Ask if there is a budget, no matter what it is you're building, and then ask where would that money come from and who would sign it. Are you talking to the decision maker?

Whilst these simple changes will not guarantee success, they'll certainly help you better understand your customers' needs. That means getting your product to exactly where it can seriously help today, and help in the future, too.

Collider is evolving

Collider exists to drive the future of marketing and sales technology for startups, corporates and investors.

This will not change: we’ll continue to find the very best startups to invest in and scale, bring the right startup solutions at the right time to corporates, and ultimately deliver investor returns.

We’re still about winning customers, it’ll always be about building revenue, and it’ll never be about just finding the next round of funding, which explains why we’re working with more corporates now than ever before (and in Amsterdam too!)

We’re also still focused: focused on marketing and sales tech, and focused on scaling, and the impact of that is phenomenal. We’ve invested in over 40 startups now, which means we’ve built the expertise to make even better investment decisions and add incredible value to our portfolio.

So with over five years of in depth, first-hand experience, one exit and over £13m going into the next generation of marketing and sales startups, we’ve seen a lot.

That’s why now is the perfect time to change and invest more.

https://vimeo.com/232318078

1. Keep the applications rolling

You’ll now be able to apply to Collider UK ANY time of year.

One cohort a year was proving nowhere near enough, especially given the incredible startups we kept having to turn down.

We then dabbled with the classic accelerator model of two a year, but even that didn’t cut it, particularly when taking into consideration the needs of our corporate partners – the key way we give meaning to our accelerator name.

So we settled on four cohorts a year – a minimum of three investments per cohort and a maximum of six. That’s more application opportunities, more cohorts and most importantly, more startups as part of the Collider family, shaping the future of marketing and sales tech.

2. Put meaning back into ‘early stage’

You can now apply even if you’ve raised cash before.

We’ve always been clear on our entry requirements – you must have built an MVP, have a team, be focused in B2B marketing and/or sales tech and have your full SEIS available. But now, could you just rub out point four? That’s Collider Take Two.

Once again, we kept noticing just how many startups would come to us, perfect in every way, other than just how early stage they were – and that in itself is one big, fat contradiction.

So rather than missing opportunities time and time again, we’ll be investing in startups with both SEIS and EIS available. That’s early stage, and early stage. Or in other words, startups with proof of value.

3. Flex the investment model

There’s now options, not just one offer.

If we’re going to recruit startups at different stages, we needed to shake up our investment model too.

Each startup will now have two possible investment options: £50,000 of investment (£15,000 as programme fees) or £100,000 of investment (£30,000 programme fees), rather than one standard offer.

That’ll give us a wider range of companies and different stages in their journey, which is absolutely perfect for our community – the community of potential customers.

Remember – Collider exists to shape the future of marketing and sales technology for startups, corporates and investors. If that’s you, we will officially launch on the 4^th September, and we want to hear from you.

Are you a startup?

We’re looking for ground breaking, world changing, mind blowing B2B marketing and advertising technology startups. If you want to supercharge your growth and collide with the most incredible corporate innovators, apply here.

Are you an investor?

Our investor community is a little bit different, but no one wants the same old, do they? Made up of marketing and advertising experts, our angels also hold superpowers in finance, fundraising and tech – all an incredible benefit to our startups. If you want to help accelerate our startups alongside our other investors, get in touch.

Not just another startup/scaleup mentor network

As a startup, being part of Collider doesn't just stop at the programme. It's what we like to call a life long relationship, where we don't just reappear in your inbox every once in a while informing you of 10% off [insert startup offer here].

But really, this is important. There's all too much investment and no guidance, or an abundance of sickly, textbook sales training that leaves startups stuck on a cycle of "they loved me!" moving onto "but why hasn't it converted?" out there. That's not good enough for us, and certainly not good enough for our incredible startups.

Making the relationship count between accelerator and startup

It has to count – to make a difference and to really nurture the relationship, and sometimes, that means seeking advice elsewhere.

So what better people to go to than some of the brightest names in MadTech, including Sarah Wood, Anu Shah, Zaid Al-Zaidy, Rod Banner, Marion Barnard, Richard Fearn and Frank Kelcz – the exact list that joined us as part of our Scaleup Mentor Network last Friday.

https://twitter.com/RodBanner/status/862976298393772033

Not just another mentoring scheme

We believe the UK has a huge opportunity to build the next generation of companies in marketing and advertising that can make a global impact. Yes, that does mean the next unicorn.

And that's why we created the Scaleup Mentor Network, and also why it's different from everything else.

We invite only the very best names from the MadTech entrepreneurial world, VCs and agencies and the very best, most successful, rapidly growing Collider startups.

This time, we were joined by alumni Beem, LivingLens, Seenit, CampaignAmp and Pixoneye, and is also where we jotted down this incredible quote, comparing startup life to that of a child.

Collider Mentor Network Sarah Wood Seenit

Extended support

We also had the folks from Microsoft Bizspark join us, who brought along Ella Cockerell – expert in enterprise and with years of incredible sales experience. As we continue to develop our relationship with the Microsoft folk, our startups were left super pleased with having a new face in the room, and the added support Ella brought.

Collider Scaleup Mentor Network

A Year of Collider: 2016 in a Nutshell

What a year. We’ve crashed, bumped, smacked, bashed incredible people with incredible businesses – it really has been quite the collision – or whatever cheesy pun you’d like to go for. But all jokes aside, 2016 has turned up some seriously exciting moments. Here’s our top 2016:

1. Collider’s very own first exit – Avocarrot

Mobile ad exchanger and Collider alumni, Avocarrot, sold to Glipsa Global Group back in September for $20 million dollars.

Avocarrot joined our first ever accelerator programme back in 2013 and didn’t take them long before they headed off to San Francisco to continue their journey, exiting in less than four years.

2. Seenit took the win at TechDistrupt London!

From 14 startups down to one, our very own Seenit was crowned Startup Battlefield champion 2016, winning £40,000 and the coveted Disrupt Cup.

After presenting in front of multiple groups of VCs and tech leaders and with hours of deliberation, TechCrunch editors worked through the judges’ notes to narrow the list down to five, resulting in only one winner.

3. Collider to launch in Amsterdam

SERIOUS excitement in the Collider office when we finally announced our launch in Amsterdam!

With a booming startup scene and a huge wealth of incredible brands, Amsterdam was the obvious pick for us – we can’t wait to see what it’ll bring in the New Year.

4. Our 5^th cohort joined the Collider community

We handpicked the very best, new MadTech startups from around the globe, who have now joined the Collider family as our 5^th cohort!

We had a record number of applications this year from startups all around the world, and were incredibly impressed with the quality that came through the door.

Our final eight have now been picked, which we’ll be announcing in the New Year.

5. The launch of our Mentor Network

https://vimeo.com/collidergb/collider-mentor-network

Sarah Wood, Guy Weiynk, Zaid Al-Zaidy – just a few names you’ll find in our Mentor Network.

An exclusive offer to our scale ups, this isn’t ‘another accelerator’ with another ‘mentoring platform’ – instead, we hand picked some of the very best names in the industry and paired them up with some of our very best startups for an unbelievable mentorship experience.

And yes, back to that pun, but it really was a magical collision.

6. More startups reaching the one million pound revenue mark!

More and more of our alumni are reaching this milestone every month, with the first achieved midway through this year.

It’s been a blast, 2016. We’ll see you in the New Year with the official announcement of our new cohort.

The Mad World of MadTech: December Roundup

1. Seenit takes the win at TechDisrupt London

Our very own Seenit won the coveted Disrupt Cup at the 2016 Startup Battlefield at TechDisrupt London, and we couldn't be more proud! After two days of tough competition against 13 other startups, our class of '14 alumni smashed it and won the £40,000 prize.

Read more here.

2. Pixoneye gets the BBC talking

Turns out Prince Charles and Ozzy Osbourne are much more alike than we previously thought, which wouldn't be all that helpful for online advertisers trying to target the right audience. And yes, that's where Pixoneye comes in.

Read more here.

3. Locomizer's biological intelligence pushed new boundaries

Launched at Unbound, the team at Locomizer are now able to decipher irrational consumer behaviour using biological intelligence, so brands and agencies can reach out to relevant audiences.

Read more here.