Season 14, Episode 5 of Shark Tank follows aspiring entrepreneurs presenting various business ideas to tycoons (called “Sharks”) in the hopes that their ideas will get investment. Every week, ambitious entrepreneurs pitch their breakthrough business concepts to ruthless investors in an effort to convince them to invest in the concept.
What impressed me the most was Tracy Slocum’s speech, because her clothes were waterproof and windproof on one side and faux fur on the other. This is very durable, and can redefine luxury. The selling price of a piece of clothing is 220-290. But the production cost is only 36-40dollars, and the profit margin is about 70%. However, according to last year’s income report, Last year’s sales were 1197 million, but the net profit was 32,000. In conclusion, I found that spending 18,000 at the exhibition is more profitable than traveling to various cities.In the end there are two more people who can help tracy with finances and sales and marketing, investing 200,000 gives them a 25% return rate.
What gap does this product fill? Because I never thought that artificial leather can be combined with practical waterproof and windproof clothes, because these two items are actually not related. This is a combination of new thinking, so I think this is very marketable , although not many people know about it now, it needs to be slowly promoted.
What process does this product make easier? Tracy is right about how to find merchants to promote the clothes more effectively. If you bring clothes to small merchants in every city, why not go to a clothing fair or Participate in Shark Tank, because more people can understand her new ideas, or open a small shop on the Internet first, with photos of the clothes, and highlight the characteristics of the clothes, and then live broadcast on tiktok to bring the goods and do retail .
Why should consumers not only want this product but feel that they NEED it?If you go out to sea, you can wear the fur side if you take beautiful photos. If you encounter big waves, you can wear the waterproof and windproof side. In other words, if the winter in New York is very cold, we can wear fur, which will keep you warm and Beautiful, but bad weather if the weather suddenly cools down and rains and snows. You can wear the waterproof and windproof side, whether the inside is furry or warm, and the outer layer will not be watered.
I think the target audience of this product is from children to older people. The price so far is 220-290 clothes and backpacks that can be consumed in daily life. I think we can design more different styles and artificial clothes in the future. The material of hair, and then go to the trade fair, share it on the tiktok network, which can attract many consumer groups from different industries.
