6 Advertising Classes from Shark Tank
If you're interested in entrepreneurship, business, and marketing, you are likely familiar with ABC's Shark Tank.
It's objectively a fun 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?
In addition to the entertainment factor of Shark Tank, there is also an educational factor.
Shark Tank is just a collection of entrepreneurs who share their marketing strategies and business plans. Listening to what they have to say and what the sharks have to say to them can provide you with many great lessons and advice to use in your own professional life. Who would have thought television could be so helpful?
Here are the 6 lessons Shark Tank can teach you about marketing.
- Product frames are important
Just because your product is fantastic doesn't mean it will sell itself. How you design your product and how you present it is half the battle, especially in a world where aesthetics are everything. This explains Lori Greiner Katey Jo Evans of The Frozen Farmer, an ice cream company looking to make waves in business.
- It's never too early (or too late) to take a risk
Take this 13 year old entrepreneur, it's never too early to start a business. And if you're on the other end of the age spectrum, it's never too late either. This product, developed by Maddox Pritchard, a shovel with measurements, is simple but also extremely effective. Sometimes it doesn't take decades of experience to come up with a great idea.
- Never be afraid to put your product into action
It's easy to tell people how great a product you can offer them. But at the end of the day everyone wants to see it. Actions speak louder than words, and that's exactly what this Shark Tank clip shows. If you think looking at weight loss before and after photos is shocking, then what about a German Shepherd defeating an intruder? Watch as the founders of Priority One Canine put on a show for the Sharks and get the investment they're looking for.
- Some products are for everyone
Take Mark Peterson – everyone loves gold. Because of this, his product, which makes sifting for gold easier than ever, is being marketed to young children and gold lovers alike. It has a huge appeal to all ages which the sharks point out right away. Your target audience may be larger and more diverse than you originally thought. Plus, every money spends the same.
- Show how your product improves your customers' lives
For every parent out there, hate wiping your babies 'and toddlers' faces? The squirming and crying is terrible for every parent. This is exactly how the founders of NeatCheeks hope you will feel. Because of this, their pitch on the Sharks includes video evidence of how well it works, which makes it very clear how well their product works. The best way for your customers to know they want your product is to see it in action.
- There is a market for every product
Ever had a product idea that you felt 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 hitting a ball on the green. There's a market for everything, it's just a matter of finding the right people to buy it and knowing how to market it.
