If you are interested in entrepreneurship, business, and marketing, then chances are you are familiar with ABC’s Shark Tank.
It’s objectively an entertaining show, which is probably why it’s been around for 11 years. Hour-long episodes are filled with original product ideas, lucrative business negotiations, life changing deals, and billionaires. How can you not be entertained?
But alongside the entertainment factor of Shark Tank, there’s an educational factor too.
Shark Tank is just a collection of entrepreneurs sharing their marketing strategies and business plans. Listening to what they have to say, as well as what the Sharks have to say to them, can give you a lot of good lessons and advice that you can use in your own professional life. Who thought watching TV could be so helpful?
So here are the 6 lessons that Shark Tank can teach you about marketing.
Product Framing is Important
Just because your product is amazing doesn’t mean it will sell itself. How you frame your product and how you present it is half the battle, especially in a world where aesthetics are everything. This is what Lori Greiner explains to Katey Jo Evans of The Frozen Farmer, an ice cream company looking to make waves in the business.
It’s Never Too Early (or Too Late) to Take a Chance
Take it from this 13-year-old entrepreneur, it’s never too early to start a business. And if you find yourself on the opposite end of the age spectrum, it’s also never too late. This product that was developed by Maddox Pritchard, a shovel with measurements on it, is simple, but also extremely effective. Sometimes it doesn’t take decades of experience to have a great idea.
Never Be Afraid to Put Your Product into Action
It’s easy to tell people how great of a product you can offer them. But at the end of the day, everyone wants to see it. Actions speak louder than words, which is exactly what is on display in this Shark Tank clip. If you think looking at weight loss before-and-after photos is shocking, what about a German Shepherd taking down an intruder? Watch as the founders of Priority One Canine put on a show for the Sharks and get the investment they were looking for.
Some Products Are for Everyone
Take it from Mark Peterson–everyone loves gold. That’s why his product, which makes sifting for gold easier than ever before, is marketed to young children and grown up gold enthusiasts alike. It has a major appeal to all ages, which the Sharks immediately point out. Your target audience might be larger and more diverse than you originally think. Plus, everyone’s money spends the same.
Show How Your Product Will Make Your Customer’s Life Better
For all you parents out there: do you hate trying to wipe your babies’ and toddlers’ faces? The squirming and crying is horrible for any parent to deal with, which is exactly how the founders of NeatCheeks are hoping you will feel. That’s why their pitch to the Sharks includes video evidence to how well it works, making it extremely apparent how well their product works. The best way for your customers to know they want your product is to see it in action.
There’s A Market for Every Product
Have you ever had a product idea that you thought was way too niche to work? Well, think again. Check out this product that looks like a golf club, but is used for a MUCH different reason than smacking a ball on the green. There’s a market for everything, it’s just about finding the right people to buy it and knowing how to market it.