What’s Your Traction?
When we asked this question to users in our Elevator Pitch Builder tool, we got some interesting responses. Most of the responses were driven by the example or the suggestions we had provided in our traction question —
- Do you have any paying customers?
- What does your user growth profile look like?
- Have you received any grants or funds?
- Have you won any awards?
- Do you have any key regulatory approvals?
- Do you have a positive feedback from a customer survey?
But some entrepreneurs went above and beyond our suggestions and provided information that they thought was meaningful to convey as traction. Here are some interesting examples —
- Several thousand customers spent on an average of 4 minutes on our website
- 400 + village level entrepreneurs were created through our unique business model
- One large customer recently signed up with us
- Partnered with some marquee names in the industry
- We are in the process of testing our prototype
- 25% of our customers are paying customers
- Traction is God (We agree, but a little more specific would help. Funny though!)
Whatever may be the traction, the key is to show the interaction of your product with the real customers and what resulted out of that interaction. You may have the best working product, a huge market to go after and an excellent team to deliver, but if you need to convince your investors or customers, the best approach is to gain some early traction. After all they say, “Traction Trumps Everything”
If you have any more interesting examples of traction that helped you successfully get a meeting with an investor, get funded or acquire customers, we would love to hear from you. Tell us more about your traction using our “Elevator Pitch Builder”