Shark Tank Marketing is without a doubt one of the most dramatic and fascinating reality series in the United States and around the world, with over 3.6 million viewers per season. It’s a lot of fun to watch budding entrepreneurs pitch their business plans to a panel of investors in the hopes of landing million-dollar agreements, and each episode is different.
1. Sell a solution rather than a product.
People are unwilling to purchase goods or services. They wish to buy a solution to a problem or a requirement they have. Don’t tell people how fantastic your product is or how amazing you are for coming up with it, whether you’re pitching it to investors, potential consumers, or even your friends and family.
Rather, concentrate on the problem it seeks to solve and how it might improve people’s lives. When SparkCharge went to Shark Tank Marketing in search of a one-million-dollar deal, they did precisely that.
The company’s founders began their pitch by addressing a real-world issue that electric car owners face: what happens when their vehicle runs out of charge? Frequently, there isn’t a charging station nearby, or owners must wait a long period to use their vehicles.
What is the solution? A portable charger that may be used while on the move. Mark Cuban and Lori Greiner not only gave the company a deal, but they also taught everyone a vital lesson.
2. If you can justify the value, you can set any price.
Have you ever seen a $300 Gucci T-shirt and thought to yourself, “What a crazy price for a simple T-shirt!” Despite this, they manage to sell thousands of them for even greater rates by arguing that the value is justified by the singularity of the brand.
During their Shark Tank Marketing pitch, the startup Lark did an incredible job of illustrating this premise. For their breakthrough self-cleaning and self-purifying water bottles, they demanded a stunning $500K in exchange for a 1% stake in their company. The cost of a single bottle is $95!
It reminded Daymond John that he previously owned one, prompting him to shout, “I spent $95 for this?”
The argument is that consumers are willing to pay a lot of money for something if the company can demonstrate its worth. This is why Apple’s products are substantially more expensive than those of other companies, but this does not deter many consumers from purchasing them.
Even if they are aware that a device with identical functionality may be found for a lower price, they value Apple’s products due to their unique ecosystem, gorgeous design, and other factors.
As a result, as long as you can justify the worth of your product, you can charge anything you want.
3. Adapt to changing trends and ride them in flair.
Then there’s Numilk, a brand that decided to teach us a great lesson in how to adjust to new trends quickly and gracefully. In Season 12, the founders presented the sharks with a fantastic product: an easy and convenient machine for making all of your favorite plant-based milk.
In today’s society, new trends appear and disappear in the blink of an eye. Some, of course, are here to stay. But the idea is that businesses should always be aware of what’s going on around them and be able to adjust as quickly as possible to prevent falling behind.
