Shark Tank affords entrepreneurs a high-profile opportunity to seek a business-building investment. The popular TV show also serves as a case study for telling a compelling brand story.
Entrepreneurs typically enter the “shark tank” by showing how their product works and describing the problem it solves. In conversation with the investor-sharks, entrepreneurs share their back story, relevant financial information and the channel where their product is sold. In other words, they tell their brand story.
Sometimes, the brand stories click. Other times, they flop. The best brand stories hang together – from brand promise to value proposition. The worst brand stories break down because they aren’t convincing or fall apart under questioning.
Too often the concept of brand story is conflated with slippery marketing goo. Brand stories focus on why a product is wonderful and neglect explaining why it’s useful. Brand stories should avoid turning products into heroes and concentrate instead on demonstrating how a product can make users heroes.
Like any engaging story, a brand story needs to strike a chord with its intended audience. On an episode of Shark Tank, three Clemson University entrepreneurs told how as beer drinkers they grew tired of lugging heavy ice chests to events, so they invented a sleek, lightweight container that fits perfectly around a six-pack. For extra appeal, they add an exterior with logos from universities or sports teams. Their brand story featured an affordable, reusable and customized cooler you carry with a shoulder strap. [Mark Cuban invested in the company.]
On the same episode, two entrepreneurs displayed their patented door block, designed to thwart a forced entry. They demonstrated how it worked by repeatedly kicking and ramming a door without it flying open. Even though the demonstration was impressive, the entrepreneurs went away empty-handed because the sharks viewed the price-point as too high to attract a mass audience. This was a case study of a brand story that didn’t prove its value proposition.
Interestingly, the door-block entrepreneurs mentioned off-handedly a recent purchase order from a school district looking for an affordable way of securing vulnerable classrooms from intruders. This throwaway mention would have enriched their brand story much more than the exhaustive demonstration of how the door block works by showing an unanticipated, scalable use.
Back stories can be critical to brand stories by humanizing products and their inventors. Back stories can illuminate how an entrepreneur came up with his or her idea or what expertise they bring to their nascent business. We live in a time when consumers, especially young consumers, want to associate with a brand. Back stories are gateways to such associations.
Brand stories are important because they convey values, not just value propositions. The sharks frequently decide whether to invest in a new product based on the values of the entrepreneur. Consumers make a similar judgment.
Authenticity is critical for a brand story to resonate. You cannot assume consumers are gullible. Treat consumers as an invited audience into your brand living room to share real information. In sharing, steer clear of hype, hyperbole and self-aggrandizement. Save that, if you must, for the 30-second TV ad. Best advice, leave your ego back at your garage or wherever your startup started.
Emotive content fits better in brand storytelling than almost any other marketing tool. Who hasn’t bought a pair of TOMS shoes because the for-profit company posing as a charity donates a pair to children in poor countries. TOMS has taken pains to flesh out its brand promise with 360-degree videos of its shoes being delivered to delighted children in Central America. It wouldn’t be surprising if some asylum-seeking families at the US border have children with well-worn TOMS shoes.
The best brand stories – like the ones that capture investments on Shark Tank – are fulsome. They don’t stop with the “what” of a product; they continue with the “why” and the “how.” Entrepreneurs need to be prepared to go deep. Websites allow layered storytelling that can accommodate more complex and complete stories. So can videos.
It goes without saying that brand storytelling on Shark Tank is visual. There aren’t any fact sheets, backgrounders or instruction manuals. It is an entrepreneur facing a skeptical audience waiting to be impressed. What the product does is important. How the entrepreneur explains what it does is more important. Did I mention videos?
Shark Tank, for better or worse, is ubiquitous on television, so tune in and check out visual brand storytelling at its best – and often at its worst. The winners are the ones with a clear demonstration of worth and an equally clear picture of value.
Gary Conkling is principal and co-founder of CFM Strategic Communications, and he leads the firm's PR practice, specializing in crisis communications. He is a former journalist, who later worked on Capitol Hill and represented a major Oregon company. But most importantly, he’s a die-hard Ducks fan. You can reach Gary at firstname.lastname@example.org and you can follow him on Twitter at @GaryConkling.