Recently, I made a sales speech in one of my classes. However, before doing so, my professor asked us why we buy a product in the first place. What makes one product stand out from another? Of course, there were the generic responses: name brand, efficiency, quality, etc.
One of the reasons why I, and especially my husband, buy a product is because I believe in it. Much to my surprise, my professor asked for an explanation to my answer. She did not seem to quite understand my response. Although I have not been in sales like my professor, it made sense to me why believing in a product matters most.
Let’s consider what a start-up company is for a moment. A start-up company is usually a business entity that is doing just that—starting. Most companies do not grow into a grand, successful organization overnight, especially not in the beginning. Often times, before someone can even establish a business as a business with a name, he or she has to take out a loan. Rarely ever, do business people inherit success. It takes work. Part of that work is finding someone or some place to loan you money.
Now, I have never asked for a business loan. However, I can imagine that requesting one in the early stages would go a little something like this:
Wishful start-up: “Hello, yes, I would like a $150,000 loan for a down payment towards a coffeehouse.”
Banker: “Why should I loan you money and not the next guy who walks in wanting to start a coffeehouse? There numerous coffeehouses in the area. Why should I invest in yours?”
Stop right there. The key word in the banker’s above statement is “invest”. For the intent and purpose of this blog post, invest stands for belief. Investment requires giving of your money without full assurance that a company or product will succeed.
If one does not know full success is possible, why put forth the money? It’s simple: Putting forth the money shows you see the potential and possibility. The success does not have to be on the plate as you request funds. But, a thorough business plan with clear set out financial and yearly goals are essential for an investment. People want to see the future plan towards results.
It is also important to point out why I used someone opening up a coffeehouse in my example. I have a passion and love for coffee. Therefore, due to prior experiences and opinions, I believe in the potential business. If someone has already created an emotional attachment to a product or service, he or she is more likely to give you money for a similar venture.
Here’s another example: Often times, my husband helps fund technology products. Why? Because he has created an emotional attachment to certain pieces of technology. The emotional connection does not have to be much. It just needs to be enough to convince someone that the potential is worthwhile. It’s in human nature for people to respond and give subjectively.
That’s why believing in a product matters most. Believing in a product asks why the company started in the first place, not what the product is or how the product will become a reality. Those are the results of the ultimate why—to make others believe in why of the what.
To put it in simpler terms, it is the same concept as answering the question, “Why did you go into your profession?” Most people cannot answer that. It may be because they, do not believe in what they do and that what they do does impact others.
The bottom line is, without believing in a product and fully embracing why the product came into existence in the first place, success is not possible. All the money in the world from a service or item will not make a difference if one loses sight of why it is there in the first place.