Affiliate Marketing Business Lessons From Shark Tank

Affiliate Marketing Business Lessons From Shark TankABC’s Shark Tank is one of the most popular shows on network TV right now, and for good reason: people are generally fond of reality shows and contests, and Shark Tank is both. Additionally, it is also a very educational show for entrepreneurs because there are lessons from shark tank that you can apply on your business, such as:

People are Emotional Decision Makers

The “sharks” in Shark Tank are “battle-hardened” venture capitalists, and viewers tend to assume that they will always make decisions based only on logic and hard facts, but there are cases when they didn’t and were willing to give entrepreneurs a chance even if it’s a risk (due to lack of familiarity with the kind of business the entrepreneurs are in) simply because “they liked” the people making the pitch.

It’s actually been the subject of a Harvard Business School in the past, where it’s been proven that sometimes “likability” will trump “competence.” Don’t take it to mean that you should stop going for competence and bank everything on your charisma, but you should definitely work on being likeable on top of being competent.

Be Truthful

One of the greatest lessons that the recent boom of online businesses, and one that Shark Tank proves, is that it pays to be honest. The sharks have been around for so long and they have certainly heard everything, and so do your customers. Gimmicks and deceptive pitches will make you look like a charlatan and turn off potential investors and customers, but being honest, even if it’s not in the pitches, will make people feel like they can trust you and whatever you offer is not risky.

Know the Ins and Outs of Your Business

As mentioned above, it is important to be personable, but that will only get you so far. You need to understand your business well and to know all of your numbers. The entrepreneurs from Shark Tank who walked in and pitched their business without any understanding of their profit margins, revenues, growth metrics, and other important info were all unsuccessful. The thing is, you can be really good at pitching, but that’s only half of the equation: you need to know what it is that you are going to pitch.

Learn from Mistakes

This one came straight out of one of the sharks – Daymond John’s – mouth: avoid being too excited with growing your brand that you fail to learn from your mistakes or to remember what not to do while your product is still small. It is during the early stages where you need to take your time and learn the ins and outs and commit mistakes that may be too costly or disruptive for large businesses. This helps you prepare better for any bumps that may occur down the road.

Prioritize Your Customers’ Emotions Over Your Own

Another of the sharks, Mark Cuban, advises that you leave your emotions out and instead focus on understanding your customer’s so that you can provide solutions designed to solve their problems, instead of your own (they are, after all, the ones keeping your business afloat, not the other way around.)

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