Shark Tank India: Tips for every aspiring entrepreneur
A successful franchise in the USA, Shark Tank decided to bring its show to our shore. With it, came back the joy of watching television. Gathering around with your family to watch an episode a day, at the prime time of 9 pm, when all our favourite reality shows usually air. Isn’t that what viewing television shows was all about? Or, you’re a binge-watcher and saw each episode over one weekend. However you chose to watch the show, you know how engaging and entertaining it has been. The talent in India shone and also ignited a fire of entrepreneurship in everyone watching.
The variety of pitches was vast, and the show had a ‘something for everyone’ approach. The ‘sharks’ provided valuable insight into the process of starting a business as well as scaling, running, and marketing it. The show is everywhere, from your dining room to your meme sharing group, and the best part is, this is the kind of reality TV that is worth the hype. It shows us talent, success, failures, ideas and a platform full of self-made people with inspiring stories, who one day could be you or me.
Though this season has come to an end, it is a no-brainer that there will be another season following suit. And, we are here to help you prepare for it. Here are some valuable tips from the Sharks:
1- Hero your Pitch
When you step into the shark cage, it’s not just your product that is the hero, it is your pitch as well. You have to blend storytelling with facts and numbers, and that, my friend, is a skill in itself! Keep your pitch to the point, include all important details of your business, know your numbers and know them very well. Make sure to answer the why, the who and the what? Why should they invest in your product, who is the target audience, and what makes you different from existing products in your category. The sharks appreciate a person who is well-versed and can answer any question thrown at them.
2- Are you #trending?
Are you up to date with all the product and marketing trends? The mother-son duo of Jimmy and Jash Shah’s Get-A-Whey ice cream did exactly that. They knew the changing customer needs such as zero sugar, low fat, high in protein ice cream, and made a product to cater to all those needs. The same with Skippi Ice-pops who, even the sharks agreed, was doing something no one else in the market was.
Keeping up with the trends is also an opportunity to discover gaps in the market which can enable your product to be a trend-setter rather than a trend-wave rider.
3- Remember that thing called Traditional Marketing?
Social media is cool, but it will be a sin for any entrepreneur to underestimate the importance of good ‘ol email marketing, and yes it is still a thing, and no they don’t always end up in the spam folder. Traditional marketing methods such as newspaper ads, billboards, flyers etc still have a surprisingly high ROI. It is imperative to plan your marketing budgets keeping in mind all forms of marketing that can work for your target market.
4- Good looks, good looks aaanndd good looks!
Be it a product that you plan on selling in-store, or through online channels, your branding and packaging are key factors ascertaining that your customer picks your product over all the others available. Start with a clever, easy to remember and pronounce name. Follow that with a professionally designed logo that looks good digitally and in print. Why professionally designed? That’s a whole other blog you will have to read (*ahem* marketing agency at work here). Top it all with a packaging that is well-designed, easy to use and visually appealing. It should perfectly resonate with your brand and equally well with your target audience.
5- Realise the potential of Influencers, paid ads and SEO i.e. Digital Marketing
There is no denying that digital marketing is a gold mine. A solid digital marketing strategy with the right mix of organic posting, targeted ads, influencer marketing and SEO has given many businesses an edge over their competition. Aman Mittal’s brand Boat is the perfect example of using star/influencer power to increase the perceived value of the product. Boat roped in Hardik Pandya for their campaign in 2018 and Boat saw a boom in its sales.
There are two ways in which you can build a strong digital marketing strategy, invest in people who can help build a solid strategy or invest in upskilling yourself to be a good digital marketer.
The key takeaway from all these tips is to believe in yourself and your brand. Stay up-to-date with the market and keep your creative juices flowing. A good idea can strike anytime. Remember anyone can become an entrepreneur but only a few become successful ones. Take risks and maintain the zeal to keep learning and growing, success begins there.
