WITH THE SHARKS
IS ALSO THE
If you’ve ever seen the television reality show, “Shark Tank,” you know that the premise involves four mega-million- aire investors looking for the next “big thing.” Every Friday night, these razor-sharp business “sharks” battle
to capitalize on the hottest new
products and trends. What’s for
sale? Magical nail polish? Specialty tea? A machine that converts energy to gold? Alas, the
shark tank is not for the faint of
heart. Poorly prepared contenders routinely bite the dust at the
hands of the show’s “shark,” Kevin O’Leary.
It’s true that when we’re marketing our companies, the playing field sometimes simply isn’t
level. Just like on “Shark Tank,” it often seems
that everyone is making their pitch to manage
more properties as the market turns around.
Competition seems to increase exponentially.
How can you avoid becoming fish fodder in
the marketing arena? Here are a few tidbits
I’ve learned from the tank.
Don’t be afraid to sell it
If you’ve got it, baby, flaunt it. Just like “Shark
Tank” contestants, first impressions really do
count when it comes to marketing yourself
and your business. The trick is to
sell it the right way. Recently, I visited with a multifamily client eager
to expand their third-party management business. The company’s
president was savvy and smart.
What was the problem? The firm’s
presentation, including their management proposal, centered on its
own business rather than on what
it could do for the prospective client. With a few simple twists and a
change in direction, we gave their
management proposal a makeover,
putting them in prime position to win new accounts.
YOUR BRAND. WE
THEM AND WE
Determine the need
Think twice before you jump feetfirst into
that aquarium. Perhaps you’re considering
expanding your business to take on a new
property type, or moving into a different geographic area to take advantage of the market
upswing. While it’s probably true that there
are relatively few new ideas in the world, it’s
critical to calculate the need. Do your homework first and perfect the details. The tank is
Think about your brand. We all frequent certain stores, restaurants and businesses because
we identify with them and we like them. There
are always people who will identify with your
product or service, and buy it. Others won’t
like it at all. The rest will fall squarely in the
middle, sitting right on the fence. Like the
would-be moguls on “Shark Tank,” it’s up to
us to convert the fence-sitters, immediately.
When it comes right down to it, it’s not only
good ideas that win. You can improve your
marketing strategies and stay out of the shark
tank by implementing these lessons learned.
And you know where I’ll be on Friday night—
watching “Shark Tank.”