Since its inception, Shark Tank has drawn viewers in with its depiction of business owners competing for the chance to expand their company with the assistance of an investor, or "Shark." The Award-winning entrepreneurial-themed reality show Shark Tank outstretched its wings and was also launched in India. The show received over 62,000 applications from Indian hopefuls, with only 198 chosen to pitch their ideas to the “sharks.”
After much popularity and a successful First Season, it came back with a bang. The viewers seemingly couldn’t get enough. Season 2 was a mix of half drama, half business lesson, and a glimpse into India’s fast-paced, do-or-die entrepreneurial landscape. While it is certainly a look at business pitches and ideas through the lens of reality TV, here’s what you can take back from Shark Tank beneficial for your small business.
1. Pivot and Change
The foremost point you can take back is analysing the situation, pivoting, and adapting new strategies. Changing the medium through which you wish to tell a narrative can do wonders like going from written to video. Focus on revising your business model, packaging or marketing strategy. Because trends change frequently, following it is not advisable. Consider how to introduce your idea to a larger group of people or market base instead.
2. Hew to interactive web features and partnership
With a well-designed website that offers interaction from visitors, you’ve got on your hands a win-win situation. Make your website so attractive and engaging that your potential customers get involved with your pitch or product and are ready to accept whatever deal you have. Provide them with downloads that enable them to experience your knowledge or products firsthand, forms to complete, mailing lists to join, videos to watch, and other fun ways to communicate. Then, keep track of that interaction to find out precisely where users are clicking on your website.
3. Chalk it up to experience
This proverb simply means to learn more by failing than winning. The participants' journey in Shark Tank revealed to us the challenges they overcame prior to being given the chance to exhibit their products. What to take back from here is rising up again after falling. Only perseverance leads to success. Trust the process and be equally proud of your failure as you would be of your success. Remember – “Failure teaches you more than success ever will.”
4. The greatest resources are not the only way to succeed
Quit feeling sorry for yourself. Be content with what you have. People having limited resources have also been successful. The only way to reach your target is to take the first step. Although they may not be the best at the moment, you do have some resources. Use them to your advantage, and better things will come your way.
5. Have a perfect plan ready.
Just as you wouldn't turn up to pitch your idea to the Sharks on national television unprepared, make sure that your entire website, including every page and feature, as well as your overall marketing plan, are ready to meet potential customers wherever they may find you. Content is king. Customers might have several questions running in their heads. Make sure you have content to clearly answer those questions. Take into account the user's learning curve and decision-making process as they explore your information. Find a sweet spot between their logical point of view and the most important aspects you want them to remember right immediately, such as your mission, your aim, or how your product will satisfy their needs.
Incorporate these valuable and straightforward lessons from Shark Tank India into your everyday life and professional endeavours, and you will undoubtedly be headed in the right direction.