Learning Goal: I’m working on a marketing project and need an explanation and answer to help me learn.
If you have never watched the show Shark Tank, the concept is as follows: The show features a panel of investors called “sharks,” who hear persuasive pitches from entrepreneurs on their product or service. The sharks often find weaknesses and faults in an entrepreneur’s lack of persuasive selling. The entrepreneur must be very persuasive and convincing as to why their product is superior.
To prepare for this assignment, you will need to “invent” a helpful product or service that you believe would be desirable and marketable. I encourage you to be creative and think of something that would be helpful in everyday life (regardless of how silly the idea). It’s more about the persuasive argument as to why this product deserves an investment from the sharks
1) Clearly identify your product or service and the problem it solves or it’s purpose
2) The elaboration likelihood model would assume the sharks are processing this decision to invest based on central processing, a high-level of involvement as they are investing their own money. They will want the following details: A) Compare it to products out there, what makes your product or service better than the competition? B) Name attributes specific to your product that make it superior such as reliability, performance, build and customer satisfaction.
3) Prove your credibility in pitching this product (what makes you qualified to pitch this product?). Are you trying to solve a problem you identified that is relatable to many people? Are you a passionate user of this product or service yourself? What makes you a credible source?
4) Fight against cognitive dissonance and explain to the sharks why they won’t be disappointed after-the-fact if they invest in your product or service.
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