Shark Tank, the popular TV show where entrepreneurs pitch their business ideas to a panel of successful investors, offers valuable lessons not only to aspiring entrepreneurs but also to sales reps. The art of delivering a compelling pitch, grabbing attention, and convincing others to invest in your product or service is at the core of both endeavors.
In this blog, we’ll explore the key takeaways that sales reps can learn from the best Shark Tank pitches and apply to their own sales strategies.
1. Clear value proposition
One of the most important lessons from Shark Tank is the need for a clear and concise value proposition. Successful pitches on the show clearly articulate the problem their product solves, highlight its unique features and benefits, and demonstrate its market potential. Sales reps can apply this lesson by focusing on effectively communicating the value their product or service brings to customers, highlighting the specific pain points it addresses, and showcasing its competitive advantages. The pitch for your product should easily convey the advantage of your product over existing standards. Think of existing standards as an anchor that people have in their minds to understand the problem with the current system.
For example, you can acknowledge Uber’s value only when you understand the problem with the existing taxi system. Or you can understand how drones can revolutionize agriculture only when you understand problems with the current agricultural system. Without these anchors, it may be difficult for your audience to understand the problem you are solving.
2. Show, don’t tell
On Shark Tank, entrepreneurs are often faced with skeptical investors who want to see proof of concept before investing. The entrepreneurs who are most successful are the ones who come prepared with demos, prototypes, and other tangible evidence that their idea works. Sales reps can also benefit from this approach. Instead of just telling potential clients about the benefits of your product or service, show them through demos, case studies, and other examples.
3. Compelling Storytelling
Shark Tank pitches often captivate the audience through compelling storytelling. Entrepreneurs who can share their personal journey, explain the inspiration behind their product, and create an emotional connection with the investors have a higher chance of success. Sales reps can leverage storytelling techniques to engage prospects by sharing relevant customer success stories, illustrating real-life examples of how their product has made a positive impact, and creating a compelling narrative that resonates with their audience.
4. Understanding the Audience
Successful pitches on Shark Tank demonstrate a deep understanding of the investors’ preferences, interests, and areas of expertise. Entrepreneurs research the background of the panelists and tailor their pitches accordingly. Sales reps can adopt a similar approach by conducting thorough research on their prospects before a sales meeting or presentation. By understanding their needs, challenges, and industry, reps can customize their pitches, address specific pain points, and position their product or service as a tailored solution.
5. Objection handling
Shark Tank pitches are not without challenges and objections from the panelists. Entrepreneurs who can confidently and effectively handle objections demonstrate their knowledge of the market, industry, and competitors. Sales reps can learn from this by anticipating objections and preparing well-thought-out responses. By addressing concerns with data, testimonials, and a strong understanding of the market landscape, sales reps can instill confidence in prospects and overcome objections to close deals.
6. Know your numbers
Investors on Shark Tank are always interested in the financials behind a business. They want to know about revenue, expenses, profit margins, and other key financial metrics. Sales reps should also be prepared to discuss the financial aspects of their product or service with potential clients. This includes pricing, ROI, and other metrics that show the value of what you’re selling.
7. Confidence and Authenticity
One of the most striking qualities of successful pitches on Shark Tank is the confidence and authenticity displayed by entrepreneurs. They believe in their products, convey passion, and exude confidence in their pitches. Sales reps can learn from this by developing their own confidence and authenticity. By genuinely believing in the value of their product or service and projecting confidence in their abilities, sales reps can build trust with prospects and create lasting relationships.
8. Have a clear ask
Finally, entrepreneurs on Shark Tank always have a clear ask for investors. They know exactly how much money they need, and what they’re willing to give up in return. Sales reps should also have a clear ask for potential clients. This includes what you’re selling, what the value is, and what action you want the potential client to take.
Tips for a perfect sales pitch
You could be the best salesperson, but there are some pointers to have in mind for that perfect sales pitch:
- Know your audience well.
- Think about what your audience wants to hear and not just what you want to say.
- Do not use jargons.
- Avoid repeating yourself.
- Say as much is required to deliver the point.
- Check whether you have some cliched words such as “such as”, “actually”, “aahs”, “umms”.
- Keep a check on your hand gestures.
- Check your voice modulation, emphasize when needed.
- Bring charisma and presence.
- Engage with your audience.
- Be a good listener.
Examples of the best Shark Tank pitches
From captivating storytelling to persuasive presentation techniques, we’ll analyze the strategies employed by entrepreneurs to win over the “sharks” and secure investment deals.
1. Bubbly Blaster
Look at this pitch. 60 seconds into the pitch the value is well understood, and you can see the smiles and the nods. Sometimes the simplest pitches are the best.
2. I Want To Draw a Cat For You!
What’s a pitch without a little fun right? In this Shark tank pitch, Steve Gadlin used his quirky moves and selling skills to score a deal. Get inspired and add a bit of humor into your next sales pitch.
Example of a no-so-good shark tank pitch
Having a great product is not enough. You need to show prospective customers the advantages your product has over existing standards. Or else, you would just be left hanging and losing out on business if you were not able to articulate your vision for your product and its benefits to others.
Conclusion
The best Shark Tank pitches provide valuable insights for sales reps looking to enhance their sales strategies. Clear value propositions, compelling storytelling, understanding the audience, handling objections, and projecting confidence and authenticity are all essential elements that can be applied to sales presentations and meetings. By adopting these key learnings and incorporating them into their own approaches, sales reps can improve their chances of success, engage prospects more effectively, and ultimately close more deals. So, take a page from the best Shark Tank pitches and elevate your sales game to new heights.
Like you have seen in most of Shark Tank pitches, video plays a key role in showcasing the capabilities of your product. Similarly, if you haven’t used the power of videos yet, you can now. Simply sign up for Hippo Video for free and experience it now.