For a period of time, Jeff Bezos was a heavy investor in marketing, but after a while he retrenched. “About three years ago we stopped doing television advertising. We did a 15-month-long test of TV advertising. And it worked, but not as much as the kind of price elasticity we knew we could get from taking those ad dollars and giving them back to consumers,” said Bezos. “More and more money will go into making a great customer experience, and less will go into shouting about the service. Word of mouth is becoming more powerful. If you offer a great service, people find out.”
We often see VCs spend a lot of time on a single blog post where they do a detailed market map of some space or some very thoughtful writeup of something which they self-publish or guest post on a place like TechCrunch. These are great to get things going and help build an initial audience but if you want to become a thought leader, you have to keep pounding on that theme – again and again. Again, if you look at Jason Lemkin’s SaaStr blog, you’ll see that he was “an overnight hit 5 years in the making”. This is hard work.
BBG Ventures is a NYC-based seed stage fund that invests in consumer tech start-ups with at least one female founder. We back the new wave of entrepreneurs who are reimagining daily life, creating market-defining products and services that make our work, play and home lives simpler, better — and more satisfying. We invest across marketplaces, commerce, media/content, services built on mobile and connected living.
We believe the greatest untapped opportunity for venture capital lies in backing women who are using technology to address common life-challenges and transform daily habits. Women are the dominant users of the fastest-growing mobile and social platforms, and they make or influence 85% of consumer purchases. We think it’s smart business (and plain old common sense) to invest in entrepreneurs who know the end-user best.
You get a product out. People are indifferent.
Turns out it wasn’t such a great idea after all.
You either quit, OR, you take some of the lessons you learned along the way and launch something new.
That probably won’t work either, but it might.
Or the next one might.
You become a super-encounterer…in part because you believe that you are one — it helps to assume that you possess special powers of perception, like an invisible set of antennas, that will lead you to clues.
Going in, I had about ten hypotheses as to what holds women back from investing. Each of the ten was as strongly held as the other ten. My team and I committed to testing each of them – my new mantra is “Why debate something when we can test it?” We started down one road – that women would want to learn about their investing style before investing – and changed course quickly when the women told us that was not the case. Also nixed: that women would want to be part of an investing community. So we won’t launch by the new year, but we strongly believe co-creating this platform with the women themselves will drive a much, much better product and experience.
Nobody ever woke up and said, Hey, I think I’ll go consume some content today, or, Wow, that was a great piece of content, I wonder if I can find any more content to consume. When you call your work content, you are subtly suggesting to yourself and to others that the work you do doesn’t have much value. You’re just sitting at an assembly line, cranking out word widgets, attaching some SEO widgets at the end, and then tossing it out onto the internet, hoping to catch traffic. That’s not storytelling, and it’s not smart marketing, either.