Nailing your “now”
In the earliest stages, certain elements are non-negotiable: a solid team, clear differentiation, a well-defined TAM and evidence of traction. But, there's another critical component often overlooked: the art of creating a sense of urgency, the compelling "why now." This element is essential, not just for captivating investors, but also for striking a chord with potential customers.
In the early stages of fundraising, certain elements are non-negotiable: a solid team, clear differentiation, a well-defined Total Addressable Market (TAM) and evidence of traction. Yet, there's another critical component often overlooked: the art of crafting a sense of urgency, the compelling "why now." This element is essential, not just for captivating investors but also for striking a chord with potential customers.
To illustrate, let’s explore a narrative we crafted for an early-stage defense-tech startup with a hardware-as-a-service (HaaS) model. The example below isn’t just a collection of data points; it is a tool. It played a crucial role in guiding fundraising conversions, driving content development, and ensuring team alignment.
Create a Sense of Urgency: Make it clear why your solution is needed now. This could be driven by emerging trends, recent legislative changes, or a sudden shift in consumer behavior.
In our defense-tech example, the urgency was anchored in rapidly evolving security threats and the need for innovative solutions to address them in real-time. Where once theft and fraud were the dominant concerns, today, the retail sector is marked by a more sinister trend: violent acts and threats that not only harm businesses financially but also have a profound human cost. The risks facing retailers today are not just numerous but also increasingly violent, ranging from mass shootings and active assailants to guest-on-associate violence. Organized Retail Crime has also escalated, with tactics like smash-and-grab, firearm use and even flash mobs that threaten violence against both employees and customers.
Emphasize the Cost of Inaction: Articulate what's at risk if action is delayed. This part of the narrative is about making it clear that the cost of inaction is too great to ignore, thereby compelling immediate engagement with your solution.
For the defense-tech startup, the narrative underscored the potential consequences of not adopting new and agile security solutions—ranging from compromised safety to diminished customer experience to missed strategic advantages.
To support the thesis, we designed a survey to reach shoppers across the country. Nearly half of respondents said that safety concerns influence the frequency of their visits to retail stores. Even more compelling, 65% would choose a store with better security if given a choice between two similar retail spaces. These numbers signify the direct impact of safety on foot traffic and brand loyalty, which are key revenue drivers.
The urgency to adapt to this new risk landscape is not just about averting crises; it's about positively impacting ROI. A safer environment not only reduces potential liabilities but also increases customer footfall and loyalty while enhancing employee productivity. In the new era of retail, safety isn't just a feature; it's a KPI that directly contributes to business success. By acknowledging and acting on this new era of heightened retail risk, businesses can not only protect themselves but also seize the opportunity to innovate in ways that enhance ROI through increased safety and consumer trust.
Retailers that don't prioritize this dual focus on consumer experience and safety risk becoming marginalized.
Highlight Immediate Opportunities: Shine a light on the unique opportunities presented by the current landscape. For our example, an alarming rise in violence and the advent of new technologies like AI and machine learning represented a critical window of opportunity. The narrative emphasized how the startup's cutting-edge solutions were well-suited to address these challenges head-on.
By weaving these elements into your narrative, you not only underscore the urgency of your solution but also create a compelling case for why your startup stands out in the current moment. It's about painting a vivid picture that leaves your audience—be it investors or customers—feeling that the time to act is now.
A compelling “now” narrative is a key component of your North Story — the master storyline that unites everything you do, make and say.
Learn how Makeshift can help you nail your now. Contact us.
