SalesFitRx BLOG

WATCHING ‘SHARK TANK’ & CLOSING THE SALE

Shark_Tank_290_shadowHave you ever wondered when Shark Tank will inevitably “jump the shark”? [reference]

There aren’t any signs of that happening soon. The hit TV show Shark Tank has definitely caught the attention of mainstream America, leading to scenes such as a father, a housewife, a 14-year-old daughter and an 8-year-old son all yelling together at the TV set, “TAKE THE DEAL!!”

“It reflects a human’s natural tendency to want to haggle, exchange large sums of money and of course share in the success (or laugh at the failures) of others.” [source]

I was reading a blog post by Lori Richardson (@scoremoresales) last week titled, “How Shark Tank Teaches How To Close Deals.” I gave the article a chance because it was written by Lori. I’m glad I did.

In the post, Lori points out a recent example of someone who came to the tank trying to make a deal. His product was great, and the sharks seemed to love the idea, but the common issue of having too high of a valuation led each potential investor to utter the phrase, “I’m out.”

Mark Cuban decided to give the presenter a pep talk before he left the studio, and that was when the big lesson came into play. In that moment, it took a confident, persistent salesman to take advantage of the opportunity he was given.

To his credit, that opportunity would’ve been missed by nearly everyone who’s ever presented on the show in the past. He was able to get his deal done because of his ability to rewrite the unwritten rule about what “I’m out” meant.

I would tell the lesson to you now in black and white, but I really like the feeling it gave me when I read it in Lori’s narrative, so I encourage you to go and read it right now for yourself.

Then after you read it, apply it today [and tomorrow, and the day after that, and…].

It’s not revolutionary, but it’s a vital reminder of a foundational aspect of being successful in our field of sales. We need to remind ourselves of this every day before we talk with a single prospect.

QUESTION ::: As a sales professional, if you had an opportunity to present on Shark Tank, what would your strategy be?What do you believe is the biggest mistake presenters make when attempting to pitch their product, service or idea?

Let’s talk about it…

 

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