Social proof is the idea that people look at others to see what they did and then copy their actions.
The need for social proof can be found throughout the startup world.
Customers will look to see if others have bought the product before they buy it.
Investors will look to see if other investors have invested before they jump in.
It’s one of the key points of influence.
In fact, the term “social proof” was coined by Robert Cialdini in his book “Influence: The Psychology of Persuasion.”
There are several types of social proof one can use.
Experts: Look for those who have expertise in a specific field.
Display testimonials from experts on your website.
Users: Those who are already familiar with the product or the company.
Show testimonials on social media from your current customers.
Certification: Those who have achieved certification status.
Display the certification such as FDA compliance on your pitch slides to investors.
Close contacts: Those you know well who have some opinion.
Foster word of mouth with your fundraising to influence others to consider investing in your business.
No investor wants to be the first investor and will look for social proof from others.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let’s go startup something today.
Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.