Is the main achievement of the contestants on Shark Tank obtaining a deal? It’s not just all about getting a deal. Shark Tank is one of the most popular reality shows that grab entrepreneurs. Also, whether there is a deal or not, just appearing on Shak Tank exposes entrepreneurs to the world. There are about 4.2 million people weekly tuned into each episode of Shark Tank.
Did you ever think about the publicity that the company can get from Shark Tank? After the episode aired, It played a vital role in sharing the product among the people.
Advantages beyond the deal
Here are the hidden advantages that the entrepreneur can gain from Shark Tank. Some entrepreneurs may pursue these benefits over securing a deal.
Free Advertising
Imagine your business being telecasted an advertisement on the major television network called “ABC”; it could really help to put you on the map. But how much cost you have to spend on this? So think about receiving free television advertising for your product, which not only reaches a wide audience but also enhances your credibility in the market. Even if you don’t secure a deal, just appearing on the show can be a cause of a significant increment in sales and attention.
There was a company called Copa Di Vino. James Martin, founder of Copa Di Vino, made an appearance on Shark Tank. But even though he got an offer, he turned it down and appeared on the show twice. It’s possible to imagine that his primary goal wasn’t to secure a deal but rather to gain exposure for his company.
Networking Opportunities
Networking is a crucial aspect of business growth. Shark Tank provides the opportunity to connect with influential industry leaders, potential collaborators, and business experts. The exposure to the “sharks” and the show’s audience can open doors to new partnerships and mentorship opportunities, facilitating the expansion and development of your ventures.
Brand Recognition and Credibility
Being featured on Shark Tank can significantly enhance a company’s brand image and credibility. The “Shark Tank effect” is shown by many businesses. Many businesses have seen a significant increment in sales and consumer trust after appearing on the show. The endorsement from the Sharks holds significant influence in the business realm. And also, can open doors to partnerships, collaborations, and retail opportunities.
Appearing on Shark Tank can increase the brand and credibility of your company. Most businesses see a jump in sales and earn more trust from customers once they’ve been featured on the show.
Long-Term Growth and Opportunities
Shark Tank can be the starting point of the success of your company, even for those who are unable to secure a deal. Many contestants have gone on to pursue alternative paths, such as securing partnerships or licensing deals based on the exposure and feedback received on the show.
Success Stories of Companies Featured on Shark Tank
Ring Doorbell
Deal – No Deal
Founder – Jamie Siminoff
Ring is one of the most successful companies that has a monopoly in the market. Especially, it has gone out without a deal in the shark tank pitch.
“Ring would never have survived or been where we’ve been if it hadn’t been for that exposure from the show”
Jamie Siminoff
Even without securing a deal, appearing on the show enabled him to pursue his dream. And also motivating him to assist others in achieving theirs. After 5 years of appearing in Shark Tank, Ring Door Bell was acquired by Amazon. Even Jamie Siminoff is lucky to be a guest shark of shark tank.
Legacy Shave
Deal – $700,000 for 95% equity by Lori
Founder – Mike Gutow
Legacy Shave is a company specializing in premium shaving products that experienced increased visibility and interest in their brand. While they secured a deal, this shaving tool sold more than 2500 units just after the episode aired.
Had a great time in the Tank! So grateful for this show and the Shark Tank platform allowing entrepreneurs to showcase their products and companies. You give David vs Galalith a chance.
— Legacy Shave (@LegacyShave) November 22, 2022
Beyond blessed with the amount of support and orders. Dad is smiling down. LET'S GO! pic.twitter.com/8roaXZ6sly
Hello Prenup
Deal – $150,000 for 30% equity by Kevin O’Leary and Nirav Tolia
Founders – Sarabeth Jaffe and Julia Rodgers
Hello Prenup was able to secure a deal. After the shark tank appearance, the company website traffic jumped up to 545% and now Hello Prenup is doing well. Shark Tank can make your brand shine and bring in tons of new customers.
Conclusion
From exposure and networking opportunities to brand recognition and long-term growth prospects, the platform offers entrepreneurs a chance to elevate their businesses to new levels. For those who are willing to get the opportunity, Shark Tank can be a strength to succeed in the competitive world of entrepreneurship.
