When you are telling your story to prospects who want to hear your story, you are tempted to “stretch” the story a little to make it better. Peter Theil, the Venture Capitalist, assumes most people say their product performs 20% better than it does. So he wants to invest in companies with products that are ten times better than the competitors.
We don’t know if 20% is the right amount of exaggeration, but it does bring up an important point. We are exposed to so many competing stories now, 24/7, that this “standard” exaggeration may not work any longer. Today, you will get caught, and your audience will tell others about your overkill, and you end up the looooser.
Remember, a story that resonates with people who want to hear your story are likely to believe it is true. They will find instances that reinforce this truth, also called cognitive bias, and tell others.
How can you prove your product, service, or value proposition is true (metrics, testimonials, studies, case studies, referrals, etc.)?