Out of sight, out of mind - this isn't just an annoying cliché; there's truth here.
Keeping track of potential retail partners, investors, and customers takes time and effort. However, what if we told you there's a way to follow up with people you've met at trade shows, conferences, and networking events that would take little time and could lead to capital?
This isn't a trick.
In the latest edition of #ThingsWeDidntKnow, we'll explain a strategy to keep potential supporters engaged without being overtly pushy. Check "Barcodes 101 - Everything You Need to Know about the Universal Product Code (UPC)" for our first article in the series.
Resist Nutrition periodically sends e-mails to their network. No GIFs, photos, or emojis, just text.
The company's April correspondence had a subject line of Resist: April Update. There were four headers: Traction, Learnings, Next Steps, and Asks. Below each title were three to five bullet points sharing updates.
"We send them to any angel investors, funds, and founders who have asked about our fundraise or taken an investment meeting with us to learn more," said Resist Nutrition Co-Founder Drew Lederman. "They've definitely led to meetings and a few checks!"
Ashley Nickelsen, founder of B.T.R. Nation, sends monthly investor updates. She keeps the e-mails brief and includes significant milestones, including new retail partners, press mentions, and sales.
She also provides sample text for investors to promote the B.T.R. Nation's Republic crowding funding campaign on their digital marketing platforms.
For companies that want to try sending out updates, here is a sample template:
Hello XXX,
Thank you for your continued support and interest in COMPANY NAME. We've been busy this SEASON and wanted to share the exciting updates with you.
TRACTION
Since our last update in MONTH, we've secured XXX of new retail partnerships, including XXX, XXX, and XXX.
Our e-commerce sales continue to rise, with an average of XXX sales per week for an average revenue of XXX.
PRODUCT NAME is our best-seller; to date, we've sold XXX of them.
PRESS/NEWS
BRAND NAME has been selected for PROGRAM. For more information, click here.
Additionally, we've got incredible media mentions. Here are a few articles:
HEADLINE (LINK) – Outlet – Date
HEADLINE (LINK) – Outlet – Date
Also, we are proud to announce that BRAND is a finalist for the AWARD/COMPETITION.
INVESTORS/BOARD
We are thrilled to have brought on the following as TITLE OF PERSON. They bring a wealth of knowledge, and I know they will take BRAND to the next level.
ASK
We appreciate your continued support of BRAND NAME. We are in the middle of our FUNDRAISING ROUND/CROWDFUNDING campaign and are looking for investors that would like to be on the journey with us. Here's a link to our investor pitch deck for consideration.
Additionally, we've struggled to get placement in some of the TOP TRADE SHOWS, SHOWCASES, and RETAILERS. If you have any tricks or contacts, feel free to pass them our way.
The SEASON is our business time, and it will mean the world if you consider BRAND NAME as a gift for your loved ones. We have NEW PRODUCTS on the horizon. Follow us on SOCIAL MEDIA HANDLES and check out our WEBSITE for regular updates.
LET'S CHAT
We love learning and welcome your expertise. Put time on our calendar HERE (create a scheduling system).
Thank you,
ENTREPRENEUR NAME
BUSINESS NAME
WEBSITE
SOCIAL MEDIA HANDLE
Leslie Feinzaig, the founder and managing director at Graham & Walker Venture Fund, shared more about the importance of brand updates, including additional items to include in the correspondence in an article published on FastCompany.
She writes, "Updates are not only for keeping people informed; they are a vehicle for managing your investors, both for short-term support and longer-term engagement. Investor updates are your vehicle to staying top of mind.”
“More important, updates help you run a better company. They are a forcing function to understand your business, routinely evaluate your own performance, and course-correcting in real-time. Getting tunnel vision is easy when you're focused and working hard. Investor updates force you to critically evaluate your performance and priorities routinely. For this reason alone, they will make you a better founder."
We wish we knew at the beginning of our entrepreneurial journey how powerful these simple e-mails can be. Instead of reaching out to our network only when we need them, updates provide a consistent touch point and an invitation for dialogue. In business, there are only a few things: low risk and high reward. Brand updates are one of those things.
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