Can you gain a new client by giving them access to your real-time MRR data? Being brutally honest about your numbers publicly is perhaps the hardest decision you'd ever make as a founder. But the benefits outweigh the disadvantages.
Often business, or even personally one can't divulge too much about oneselves. But hey, Welcome to 2020! where almost everything almost about yourseleves or your company is made publicly available. Their exists too much silos that have quadrapled till a point where companies have spent billions, evolving from spewing data exhausts for remarketing info to tracking a visitor's eye movements. Most startups and small business fail because they are not verified, or can't be trusted!
How long would you depend on a 3rd party for your rating? If you open a restaurant, the odds are until someone reviews your food, people won't reach you directly. This evolved business to attempt hiring PR to manage business outlooks. Then came along a bunch of "paid" reviewers who would even sell their souls to get a freebie and put a great rating for business. Consent was manufactured by some 3rd guy here who invariably attempts to make money for his tomato review. As this evolves, survival becomes natural. When one restaurant fakes their ratings, the other local restaurants natually have their "burnol" moment and adopts 10x more paid reviews to up their game! This cycle of greyness continues unless some disruption happens how startups, or small business share their honest outlook! To quote, only when the tide goes out do you discover who's been swimming naked.
Honesty is practically zero when you can't prove your relative traction. Sales conversion today is oriented towards setting up meetings, calls and get as much information from your customer, and that's not permission marketing. In short, why do all the show? Founders need not be in business of convincing anyone anymore. Let customers or investors come in as you build your brand value. Whether its contract theory or economics, breaking data assymetry will largely disrupt how you do business. When as a founder, your business is honest and open about daily profits, you are 10x more likely to gain new adoption by showing your numbers and get more word of mouth marketing for your brand.
Anything you might attempt to say today out to the public, would be tagged "non-verified", "fake" or "sources unknown". Honestly, its hard to even write an autobiography today without adding verified sources and show data to support your life's memoirs someone reading now. The question we are discussing is about having openness in your business, and how it affects your profits – in real time!
Here's a note for all sales professionals out there. People make instant decisions and impulse buys. Gone is a generation where people loved to meet new people, pick up the phone, and make a call to get to a common ground. Like most millenials, business have to evolve with changing times. FACT: The new generations consumes more "verified"data than ever. And, sales can get better opting to be real-time! Companies which show transparency in their numbers, profit from such open honesty about their value system, and increase growth day-on-day.
Without spending a rupee for your advertising, can your business acquire a new customer by being honest about your real-time CSR spends? Can your sales teams be more productive if they are shown how many leads had converted in the past 30 minutes? If you are open about your growth, factors like churn rate, IRR you do a reverse-pitch. Investors come knocking, and you don't have to pitch about your company and metrics each time like a parrot. Improve your capital efficiency by simply adopting to opening up!
Despite giving business the best options before them, most business love to revert to their wild instincts. And, they want more! They want the whole world on a platter, and a scoop of melting moon topped with some slices of mercury and venus garnish. Its not entirely a happy sight for CXOs to show their numbers. Often, critiques love to affect business outlooks and competitor's look out for opportunities. This creates an enormous sense of demand to build a strong hold for each of the companies showing their profits by being transparent about their numbers, in REALTIME!
Very less business, have the balls to show their profitabily on a daily basis, be open about their numbers, and go ahead on creating a new world of transperancy. Transperancy is not about showing what investors, or potential stakeholders might like, but learning to accept failures as well and crowd soruce your course-corrections on where you honestly need more room for improvement. Any feedback is good, and often sales development reps need such insights badly.
It more often boils to the numbers, and raises the bar on competitive hedge with your fellow competitors on how fast you grow, the key attribute most investors raise their bets on. Apart from clients, the more happy person is the investor. If the investor is happy about the growth and outlook of the company from all publicly available resources, he/she would definitely "knock your doors" noticing your visible growth curve!
In conculsion, shed your skin, if you want to grow! Thanks for reading 🎉