I love watching Shark Tank. I don’t watch a lot of TV; but when that show comes on, I am in my seat waiting to see what unsuspecting rose colored glass wearing folks will try their hand at getting one of the 5 sharks to invest in their vision. There is seldom a yes but no one leaves that room without learning why they won or lost the deal.

It all boils down to marketing and promoting. The sharks want to know a few pertinent details before they shell out their dough. These points we can all take to heed and use for marketing, promoting, and developing our business.

• Branding is important. The first impression you make when you walk through the doors into the Shark Tank is the way you look. A product is just a product until it has the look. What does it say? What does it represent? How are you presenting it? Branding is all about creating an unforgettable memory in the minds of the consumers. For example, in last week’s show the Grease Monkey Wipes owners presented a perfect branding strategy. The branding was consistent from the colors to the monkey to the shirts on the owners’ back. It was so impressive and their message so consistent that they ended up having two of the Sharks invest in their dream.
• USP (Unique Selling Proposition). What sets you apart from the rest? What makes your business structure different from that of your competition? What is it about your business that will draw the consumer to use your product or service? The sharks take this serious. There was a young man on the show who sold silk screen t-shirt but besides not having a brand, he had no real valid selling point and he had no way of proving that he is different than the competition. With a product like t-shirt you had better have an edge, something that sets you apart from the rest. Sadly this passionate young man did not and all the Sharks backed out.
• Know your target market. The Sharks want to know it all; so if you are not aware of your market they are not likely to invest in your dream. It is important to understand that in order to reach people you need to have a specific target to hit. Think about a sharp shooter. If he does not know his target, what happens? He will likely kill an innocent person.  The same goes for your business. If you have no target to hit you will likely kill your message and thus your business.
• Know how your product will benefit your target market. It is important to know how your product or service will benefit your market. On last Friday’s show, there was a sister and brother team who wanted the Sharks to invest in their company Wee Can Shop. The concept is that children have a special store built to suit them where they can shop for there loved ones. Cute concept but no real benefits to draw the customers in, other than the fact that Wee Can Shop is cute. Maybe if they would throw in birthday parties or do it yourself stuff like Build-A-Bear, they would have had something. But the company truly had no real value for the consumer. Really can’t a child just take their money to somewhere like say Target and buy for loved ones. No real benefit at all! Needless to say that the Sharks did not take the bite.
• Have a Strategic plan. Going into the Shark Tank you need to know how you are going to approach them. They will want to know what you want to accomplish, how you plan on accomplishing it, and what you need in order to accomplish it. This is true for any Entrepreneur. You have to have a plan of action. You need to know what tools and resources will benefit your marketing efforts. Ask the poor guy from the Podillow company who went into the Shark Tank with no real plan and very little knowledge about what his market needed.

Marketing is no easy feat and online marketing can sometimes prove to be even more daunting. You have to create, evaluate and tweak often. You have to talk to your market on a regular basis. You have to keep your brand and product fresh. It can be hard.

However these few tips from the Shark Tank are worth applying to your business marketing structure.