Where product marketing is concerned, the needs of the target customers take precedence so the promotion of that product should be concentrated on reeling them in. Listening to the four different groups make their respective pitch to the panel, I was most impressed with the presentation of the Kettle Gryp. It was compelling because it was funny, straight forward ( you know what it’s used for), simple, it was easy to set up, and the product was aesthetically pleasing (I have a weakness for orange). The guys worked as a team and they were able to provide all the answers to all the questions thrown at them. They never fumbled and their financial information was readily available. This is a product that anybody who wants to exercise can use.
This is a tangible product that is essentially in the growth stage of the product cycle. Customers will look at the quality, the design, the usefulness of the product and of course, the price. This is what makes the product concept important. Customers who really like a product will choose it over a less expensive brand. The presenters were asked about knock offs and they responded that there already a few copy cats out there, but the quality of their product was superior. They did back that up with their sales figures and their financial projection did help as well. Their problem was their marketing spin was not up to par and they needed help with their distribution. They said they had a problem getting into the big box stores. Sales, marketing and distribution are important factors in the product concept. That is a potential for greater revenue and they have been doing pretty well so far.
This is a new product on the market or what is called a novel idea. And with the launch of any new and interesting products, there comes the curiosity of the customers. The Kettle Gryp appears to be functional, convenient and safe. Gym goers generally use dumb bells or kettlebells. It is said that kettlebells are better for cardio than dumbbells so I suppose that’s where the appeal comes in in integrating the two. Kettlebells are expensive and not easy to travel with. The Gryp is portable and allows you to use a dumbbell in it where ever you can. It’s really convenient. It can be a positive for those new to weight lifting. They (the owners) said that because of the pandemic, and the resulting gym closures, they were able to compensate and fill a gap for those needing to exercise. Not everyone is willing to spend a lot of money on exercise equipment. People will generally have a pair of dumbbells at home, nothing fancy. Here is the opportunity to ramp up your exercise program without going overboard. The dumbbell just goes into the case and voila.
The business owners in this case have made the necessary steps in this case to lock in their brand. They approached Shark Tank for help so that they could get a greater return. They’re looking for help financially so their customer base can be expanded and their brand can become more easily recognizable. If customers feel they are getting their value in a product They will have no problems paying the price.
