Specialty food makers could certainly learn valuable lessons by watching ABC’s Shark Tank, especially when it comes to telling a food business’s story. Even if you aren’t seeking funding from celebrity investors (a/k/a “the sharks”), your ability to speak quickly and clearly about the business will assist in making the sale.
Doesn’t matter if you’re talking to consumers, retailers, or strategic partners. You’ve got less than a minute to create impact.
To see what I mean, take a look at these three examples from food companies that pitched the sharks. All three of these clips aired during the current fifth season of the popular prime time show.
Veggie Mama: What’s The Journey?
Skip to the 3 minute 16 second mark of this video to see how the co-founder of Veggie Mama describes the journey of her business to the current point. Notice how it’s all positive. People care how a specialty food business came to be, especially if it makes them feel warm and fuzzy. (Fast forward to the 28:50 mark.)
Mango Mango: What’s The Gimmick?
A gimmick is defined as a trick or device intended to attract attention, publicity, or business. I’d add that a gimmick intends to not only attract attention but also to create a MEMORABLE idea.
A good story is always memorable.
After watching the three partners of Mango Mango hype up their product with a fun series of movements and chants that got the sharks moving too, you’ll understand the value of the gimmick. (Fast forward to 3 minutes 13 seconds.)
Sweet Ballz: What’s The Goal?
At the 3 minute 25 second point you’ll get to watch the guys at Sweet Ballz explain what they’d do with investment money to grow their business. Again, you may not be seeking an investment, but every food business still needs a goal.
If you don’t know where the business is supposed to be headed, how will you get there?
Consumers, retailers, and strategic partners don’t need to know all the details of your goals, but you can get them excited about your product if you share the journey, the gimmick, and a picture of the future. (Fast forward to the 28:00 mark.)
For more info on Shark Tank and how food companies fare on the show, check out this slideshow from The Daily Meal.