More than likely you didn’t know how to engineer the product, get investor support, create effective marketing campaigns or distribute the product in stores. When you start to think through the details of what it would take to make your original idea a reality, it can be overwhelming. Unfortunately, that’s why so many great ideas never make it to the marketplace.
ABC is currently running a show that relieves the frustration of our inner entrepreneur — Shark Tank. The show brings together experienced, successful business moguls and everyday hardworking entrepreneurs who are looking to launch their ideas and need help with the logistics.
On the show, the business owners that are brought into the “Shark Tank” are given the opportunity to present their ideas to five different investors. The investors then decide how much stake to put into the entrepreneurs’ ideas.
When you strip away the entertainment qualities of this successful reality show, you are left with something that can be very educational when it comes to marketing. As you watch the different investees present their ideas you can see firsthand what influences investors and consumers in the marketplace to buy and what doesn’t from a marketing perspective.
Some of the marketing insights that can be taken away from this show are as follows:
- Know how to influence your target audience.
- Be creative with your marketing campaigns.
- Understand and be able to explain the financial aspects of your idea.
There is also a consistent virtue that is repeatedly seen in every successful venture — hard work.
We encourage you to take the marketing lessons from Shark Tank and apply them to your own business endeavor. Once your campaign is in motion, gauge your audience’s response by tracking your calls and linking them to the revenue you generate.