I’ve always been an entrepreneur, but I was also a full-time teacher until last year. That’s when I got the nerve to finally quit my job and pursue my dream of creating products for a living.
In October of 2018, I decided to share my product on Shark Tank. It was terrifying, but it ended up being one of the best experiences in my life! (Spoiler alert: I received an investment from Mark Cuban).
After the show aired, sales were through the roof! Today, Jaxon Lane is a thriving business that employs people around the country. It’s been quite an adventure!
| Takeaways |
|---|
| 1. Learn valuable marketing strategies from successful Shark Tank contestants. |
| 2. Understand the importance of a compelling pitch presentation to attract investors. |
| 3. Discover effective ways to differentiate your product in a competitive market. |
| 4. Gain insights into scaling your business for growth based on real-world experiences. |
| 5. Explore lessons on adapting marketing strategies to changing market trends. |
| 6. Understand the significance of customer engagement and feedback in refining your strategy. |
| 7. Learn how to effectively communicate your brand’s value proposition to potential customers. |
| 8. Gain inspiration from real-life examples of businesses that succeeded on Shark Tank. |
| 9. Discover the role of perseverance and determination in achieving marketing and business success. |
| 10. Apply these lessons to your own marketing strategy for improved business outcomes. |
Lesson 1. Define Your Product
When you’re defining your product, it’s important to do so in a way that will help you make informed marketing decisions down the road.
This means breaking down all of the different components of your product and analyzing them from multiple angles. If you’re selling a t-shirt, for example, you’ll need to consider things like:
- What are the features of this t-shirt? Does it fit well? Is it soft? Is it durable?
- What are the benefits of wearing this t-shirt? Will others think I look cool when I’m wearing it? Will they think I’m funny because of how my shirt says something weird or witty on it (or does nothing)?
Will people know about my brand by seeing me wear this item of clothing around town? (If so, then maybe there’s a chance that they’ll buy one too.)
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Lesson 2. Don’t Let Social Media Distract You From Your Goals
Social media can be an excellent way to connect with potential customers. But it’s important not to let social media distract you from your goals.
Don’t let likes, shares and comments distract you from the ultimate goal of making money. Don’t get distracted by what other people are doing on social media that may or may not be working for them.
I’ve seen so many people start a business because they saw someone else do it, only to realize later that they were not cut out for the job (and vice versa).
Don’t get distracted by the latest trends in social media marketing; chances are they won’t work well for your particular product/service and will cost more than necessary when compared with other methods which could deliver better results at lower cost, or even no cost at all (e.g., Facebook Ads).
Lesson 3. Choose A Niche
The third lesson I learned during my Shark Tank experience was to choose a niche.
There are thousands of businesses in the world, but only a few make money. Why? Because they’re not focused on just one thing they’re doing everything and nothing at all.
That’s why it’s important to choose a niche that you love and have passion for. If you don’t have passion for your business, then why should anyone else?
It can also be helpful to choose a niche that you are knowledgeable about; this will prevent frustration when it comes time to teach others what they need to know about your product or service.
Lastly, try choosing a niche where there is plenty of room for growth; if nobody knows about your product yet then this means that there’s still plenty of room left for people who do know about it!
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Lesson 4. Solve A Problem
In the early stages of building your product, identify a problem and then solve it. This can be hard to do if you’re not already in the field or industry that you want to enter. The best way to identify this type of problem is by talking directly with customers.
You can get feedback on features that aren’t working well or discuss their biggest pain points. Once you’ve identified what problems people have, think about how you would solve them if it were your own business or product.
Once you’ve identified some solutions and created an MVP (minimal viable product), test them out on real customers as soon as possible!
If there are any bugs or issues with the design, fix them immediately before moving forward with customer testing again.
Because nothing will ruin your chances faster than having users struggle through trying something new while they’re trying to enjoy themselves while using it for fun activities like gaming during downtime from work/school etc..
Lesson 5. Test Products, But Don’t Wait Too Long To Launch Them
It’s OK to test products before you launch them, but don’t wait too long. If you’re like many inventors, you’ll want to perfect your product before going public but that can be a mistake if your idea is popular and easily copied by competitors.
Test the waters and see if there’s interest in what you’re selling before committing significant resources to production.
If you do choose to make small quantities of physical products for testing purposes, keep in mind that it can take time for consumers to get used to new technologies (think about how long it took people who didn’t have smartphones or Netflix accounts at first).
Don’t assume that because someone likes your prototype today they’ll still like it a month from now when they start seeing others with similar products on the market.
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Lesson 6. Get Feedback Early
This is one of the most important lessons we learned from Shark Tank! You need to get your product out into the world as soon as possible, so you can test it and see what works and what doesn’t.
This is especially true if you’re creating something new or using new technology with your products (like we did).
We had a lot of ideas about where our business should go, but getting real feedback from customers was key for us to know if our ideas were workable or not.
There are many ways that you can test your product before launching it:
- Test with a small group of people in person or online
- Get feedback from experts in different fields (e.g., lawyers, doctors)
- Ask friends and family members for their opinions on how well they think the idea would work
Lesson 7. Identify And Target Your Market
This is a lesson that applies in all aspects of business, but it’s especially important when you’re defining your marketing strategy. To effectively market your product or service, you need to know who your customers are and what they want/need.
This includes their demographics (age range, gender) as well as their psychographics (what motivates them).
You also have to be aware of any competitors already in the space so that you can decide whether or not there’s room for more players in the field.
In short, identifying and targeting your market allows you to develop effective strategies for reaching out to them and nothing else matters unless this step is complete!
Lesson 8. Don’t Stop When You Hit Success — Keep Innovating
In the shark tank, you get one business pitch.
You need to make it count. But even if you do manage to wow the sharks and get them interested in your product, you’ll still be competing with everyone else that has ever been on the show and all future contestants who will follow in your footsteps.
That’s why it’s critical to keep innovating so that you stay ahead of your competitors.
Keep innovating so that:
Your business stays profitable. Whenever a company hits success with a new product or service, there’s usually an influx of competition coming from all angles – some good, some not so good (and some downright ugly).
If competitors can offer something similar at a lower price point or with better features or benefits than yours – even if they don’t have as big of name recognition yet — they might start chipping away at your customer base until eventually, they take over completely!
The only way around this problem is by continually developing new products/services constantly over time so that customers continue feeling like there’s something different about what makes yours better than theirs.”
Lesson 9. Collaborate With The Right Companies
Collaborate with the right companies. Sometimes, you might be tempted to partner with anyone that can help bring in revenue and get your product off the ground. However, this may be a mistake.
The best partners are those who share similar values and business models as yours. If a company has a good reputation, it’ll likely have its customers or followers who will stay loyal to them rather than switch over to you.
You should also look for companies that have similar target audiences and products so that your audience won’t feel confused or misled by what they see on social media or on advertising posters around town;
If all else fails then just go for one that has something similar in terms of size (bigger is better!).
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Lesson 10. Connect With People Who Will Encourage You And Give You Feedback
If you are looking for a mentor, there are few better ways to learn than by being part of a mastermind group. I joined one because I wanted to find more people who shared my entrepreneur mindset and were willing to help me grow my business.
In addition to learning from their experience, I also learned valuable lessons on how to get the most out of these groups:
Find someone who has gone through what you want or needs help with and ask them how they did it (or if they would be willing to mentor another time). This person must be through what you’re going through now because otherwise, it’s not relevant or helpful!
Create goals together as a group so everyone can see where everyone else is going at all times (this is great accountability!). Also, make sure everyone knows what resources will be available if needed (like an office space).
Tip 11. When It Comes To Marketing And Promotion, Be Yourself And Tell Your Story With Authenticity, Honesty, And Vulnerability
When it comes to marketing and promotion, be yourself and tell your story with authenticity, honesty, and vulnerability.
Featuring a business on Shark Tank is an amazing opportunity for exposure. It’s also one of the most difficult ways to market your product or service as you are in direct competition with other entrepreneurs who have been working on their ideas for years.
You need to stand out from the crowd if you want investors such as Mark Cuban and Lori Greiner (and many others) to invest in your company!
Building a confident online persona on platforms like Instagram can be challenging, especially for those who are self-conscious. Gain valuable insights and practical tips for success while navigating these waters in our guide on How to Succeed on Instagram Without Getting Too Self-Conscious.
Conclusion
Okay, that was just the tip of the iceberg! This is only my perspective from one small company, but I hope it’s helpful to you.
Remember: The best thing to do is always be learning and adapting your marketing strategy based on what works for you and your customers right now.
In the end, it’s all about solving problems for those people your customers who are waiting in line at a store or scrolling through social media, so make sure that if they see an ad for your product, they immediately know why it’s a good fit for them (or their friend).
If you follow our example and keep things simple by getting feedback early in my process before launching big campaigns like TV ads or search engine optimization efforts with Google AdWords campaigns then our strategy works almost every time!
Further Reading
Business Lessons from Shark Tank Contestants: Discover valuable insights and lessons from entrepreneurs who have appeared on Shark Tank, providing valuable takeaways for your own business strategy.
7 Marketing Lessons from Shark Tank India: Uncover essential marketing lessons that every business can learn from Shark Tank India, helping you refine your marketing approach for success.
Uncover the 5 Marketing Lessons for Entrepreneurs: Dive into five crucial marketing lessons extracted from the Shark Tank experience, offering actionable advice for entrepreneurs looking to enhance their marketing strategies.
FAQs
What are some key business lessons learned from Shark Tank contestants?
Shark Tank contestants have provided valuable insights into effective business strategies, including pitch presentation, product differentiation, and scalability.
How can businesses benefit from the marketing lessons shared on Shark Tank India?
The marketing lessons from Shark Tank India offer practical guidance on targeting the right audience, creating compelling campaigns, and building brand awareness, which can significantly enhance a business’s marketing efforts.
What marketing lessons can entrepreneurs uncover from their Shark Tank experiences?
Entrepreneurs can learn valuable marketing lessons such as the importance of a strong value proposition, understanding customer pain points, and effectively communicating their brand’s unique selling points.
How can businesses apply the uncovered marketing lessons to their own strategies?
Businesses can apply these marketing lessons by tailoring their messaging to address customer needs, leveraging storytelling in their marketing, and testing different marketing channels to find what works best for their target audience.
What role do marketing lessons play in an entrepreneur’s journey?
Marketing lessons play a critical role in an entrepreneur’s journey by helping them refine their business’s positioning, connect with customers on a deeper level, and create impactful marketing campaigns that drive growth and success.
Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.