Do you have a product or service to sell? If so, you can learn a lot from Shark Tank, the hit ABC show. Entrepreneurs stand in front of a panel of judges, make a pitch about their product, and the judges decide whether or not to make an offer. Those lucky enough to face the judges are treated to an audience of more than 9 million consumers. If you can, get on the show.
If getting on the show is impossible for you, consider the benefits of viewing it. As an entrepreneur you can learn a lot from the sharks (the show’s panel of judges). Shark Tank teaches lessons about driving sales, especially in retail outlets. Moreover, by emulating some of the strategies employed by Shark Tank’s most successful entrepreneurs, you could increase your sales and brand awareness.
Driving Retail Sales by Making the Most of Shelf Space
Shark Tank has added products to 1,000 Target stores, in a section titled: “As Seen on Shark Tank.” Sound familiar? This is the same strategy used by “As Seen on TV,” and it’s remarkable how this simple concept can drive sales. People who watch the show are already familiar with some of the products, they also may be tempted to buy additional unknown products simply because they are fans of the television program.
Having never been on the show, how does this benefit traditional entrepreneurs? The lesson is in the display. An end cap display stand is one of the best ways to sell a new product or service. It’s fully visible to shoppers, which will draw more attention to it. Remember to include a sales-driven slogan, such as “All New,” or a coupon offer, such as “10% off.”
Advertise on Television or Radio Programs
Don’t just purchase commercial space; instead, ask a show to feature your product or ask for a host’s endorsement. Commercials don’t have the same clout as an endorsement from a trusted host does. If you’re advertising on television or radio, you can include “As seen on…” or “As heard on…” to your display. Even customers who haven’t seen or heard your product mention will trust that there is some value to your product if it was used or mentioned on a show they like. A simple commercial
Sell Value not Mark Downs
The Sharks always ask about a product or service’s value. Business Insider reports they also interrogate customers about debt and costs because they want to invest in products that sell. This means, you can just mark down pricing. Instead, you’ll want to keep the price justifiably high by explaining value to customers.
“Value selling is the foundation of increasing retail sales,” and it’s the third piece of advice in RetailDoc.com’s post: How to Increase Retail Sales. “Markdowns are bad for profit…” The site recommends training salespeople on how to keep customer conversations focused on “the long-term value those products offer. Once customers understand that there truly are differences in qualify from good to better to best, they’ll be more understanding of the price differences on those levels.”
Be Social to Increase Foot Traffic (and, Virtual Foot Traffic)
If you’re not online, you should be. You may be thinking, “But, I deal in retail sales; I need foot traffic.” The Internet can help you get more foot traffic by building your brand awareness. Just look at recent Shark Tank success stories, Plated and Unikey. Both companies built an online presence, and that helped to make them multi-million dollar success stories.
The best thing you can learn from Shark Tank is presentation. You want those impulse buys, and if your display is attractive enough you will get them. Don’t waste the opportunity you get from end caps, which sell eight times more product that displays located in the middle of aisles. Do what the sharks do and push your products, this is going to help you achieve greater retail success.