On the ABC show The Shark Tank, would-be entrepreneurs have the chance to pitch their product and service ideas to leaders of industry in the hopes to garnering support, funding, and go-to-market strategy.
While the majority of hair-brained schemes garner no interest from the “sharks”, there are a few people that present truly innovative ideas. Those people exchange an interest in their business for funding and mentorship. But what happens after the show? Do these people end up successful. As a matter of fact, some do!
Here is a list of shark tank products that made it, and the lessons we can learn from them!
Learning the guitar is difficult. Believe me, I’ve tried. In the past you either paid for expensive lessons, rented a video or tried to use books to learn on your own. Chordbuddy is a piece of equipment that you place right on your guitar and it helps you learn the most used chords in playing the guitar.
Why it’s genius:
Before, learning the guitar was a repetitive, boring process. You practices the same few chords over and over. It took forever to see any progress at all. Most people give up after a short bit of time. With Chordbuddy, you’re playing full songs right away! It speeds up the time from start to meaningful progress. It shows users value right away.
If you can show your customers value right away, it’s much easier to sell your products and keep customers happy.
AVA the Elephant
It’s a pretty simple product that dispenses medicine. Parents can fill AVA with prescription medication, over the counter medicine or vitamins.
Why It’s Genius:
It solves a big headache for parents: getting your child to take their medicine! Getting your child to take medicine can be very emotional. The child is kicking and screaming but as a parent you know you need to force them to take the medicine. With AVA, the headache turns into something fun that the child actually looks forward to.
If you can turn something painful, into something your customers actually don’t mind or even enjoy, your sales will go through the roof.
This little magnetic gadget attaches to any clothing item and holds your eyeglasses. The product is sold online and through QVC and has sold $3.5 million to date.
Why it’s genius:
Quite honestly, it’s not that genius of a product. It’s no different than hanging your glasses from your pocket. What is genius was the delivery. They created a perceived need for the item by highlighting the cost of losing your eye wear. Secondly, they promoted the item on QVC where their target audience likes to purchase.
When marketing your service or product, start with your target audience. Where are they? How do they like to purchase? Can you create a need?