All Entrepreneurs face challenges when starting a new business. This is especially true when you are trying to sell an idea to potential investors. The show Shark Tank offers entrepreneurs an opportunity to meet with “Sharks” and pitch their ideas in the hopes that one of the “Sharks” will give them an offer and help fund their ideas.
While watching season 13 episode 13 of “Shark Tank”, the pitch that resonated with me the most was “Kettle Gryp”. “Kettle Gryp” is a portable dumbbell adapter, that transforms the dumbbell into a kettlebell weight. The “Kettle Gryp” works by opening it and placing the dumbbell in the middle, closing the “Kettle Gryp”, and securing the latch. It’s as easy as that. “Kettle Gryp” works just as well as any kettlebell weight and can hold virtually any dumbbell up to 55lbs. The creators of “Kettle Gryp”, Dan and Andy came to the show seeking a $300,000 investment for 10% equity. Their presentation was well thought out, interesting, easy to understand, and informative. With a lifetimes sale of 3.6 million dollars, they had all the “Sharks” impressed as well as me.
Today, this idea is wonderful. With a focus on health and wellness, more people than ever are working out. The Kettlebell weight has become very popular. Being able to transform an existing dumbbell into a kettle weight is a great way to save space and money in your home gyms. For someone like myself who lives in an apartment, this is extremely appealing. A Consumer looking to save space and money would feel like they need this product because it fulfills both those needs.
“Kettle Gryp” should be positioned by using a benefits position. Highlighting and labeling the benefits of this product on its packaging, in its ads, and throughout its brand, gives the consumer a clear and coherent understanding of why they need this product. It will also show the consumer that this product is their best option and make the consumer want to purchase this product rather than buying a regular kettlebell weight or a competitor’s version. “Kettle Gryp” should also use target positioning to draw in their target market audience, being anyone who is seeking a kettlebell or a consumer who wants something cheaper and space-saving. By using these two positioning techniques “Kettle Gryp” will be able to have a competitive position.
In conclusion, the founders of “Kettle Gryp” Dan and Andy, have created a new product with a large need. Having the convenience of being able to use one weight in 2 forms is extremely appealing to anyone who uses both dumbbells and kettlebells. This product is innovative and extremely useful. I am sure with the help of the “Shark”, Lori Greiner who is a “master” at marketing, Dan and Andy’s Company will grow and prosper.
The Kettle Gryp was also the product that intrigued me the most. I agree that Dan and Andy had a great presentation that was very informational and easy to understand as well; this also made their product all the more attractive for investment from the Sharks. Later in the episode, the OverEZ Chicken Coops guy lost the sharks because of how his presentation was all over the place and he was not focused on who was actually interested in his product. He could’ve used the witty and concise presentation skills of Dan and Andy. Kettle Gryp definitely needs guidance in the marketing area as well, as they themselves said this, and I also think that Lori will be able to give them that guidance that will allow them to push their product to the next level and expand their business.