By: Brenna McDonald
I decided to focus on the consumer purchase decision process and one of the first things that came to mind was the show Shark Tank. Not only do these people go through this process personally as far as how much money they want to invest, but they also think about the individual consumer and how they will make this decision as well (i.e. how successful the product will be, and therefore how much it is worth to invest in). I looked up the largest deals that there have been on Shark Tank because this process has to be sped up and fully thought out, and we can see how accurate their decision process was. I found an article that included 7 of the most successful products presented on the show. I find it really interesting to look at what products were most appealing to the customer, and are therefore still fast growing. I wanted to dig a little more so I watched their presentations on the show to see exactly what points were highlighted, and in every one almost all of the steps of the consumer decision process were touched upon either directly or indirectly by the presenter or the sharks.
The first that I found really smart was “Breathometer”. This product is an attachment that you plug into the headphone jack of your smartphone and it acts as a Breathalyzer. It is marketed to “help people make smarter decisions, improve healthcare and save lives”. The product is the first of its kind allowing it to be presented with no direct competition. The product is sold for $50 but when you are selling something that could be potentially lifesaving, lots of times (within reason) the consumer will look past the price. To ensure good post purchase behavior they made sure to address any liability because obviously having a product that could be potentially linked to tragedy, adding disclaimers prevents a consumer from linking the product to a negative experience.
Next was Fiberfix, a super smart, cheap & convenient alternative to duck tape or glue. They identified a need by presenting a product that is a new take on an old need. Obviously you can duck tape some thing that breaks or glue it instead of just getting a new one, but this product hardens like crazy and is completely dry in ten minutes eliminating wait time. They instantly make the product stand out to the current solution for the same problem by identifying that it is in fact 100 times stronger than duct tape and dries much faster and stronger than glue. Not only is the product pretty cheap but the small amount you pay saves you from spending much more money on replacing whatever item that you broke. The buying value was clearly deemed great because they sold 45,000 units in 10 minutes when QVC began selling the product.
Villy Custom made apparent the need of not having a unique and energy efficient mode of transportation made just for you. Bikes are huge in warm parts of the country and clearly there is a need there, and breaking from the traditional style certainly helps as well with the appeal. The company, just like the others, immediately sets itself apart from any potential competition by identifying itself as the only one of its kind. Of course there are bike shops, but not ones that create high quality bikes with such personalized styles. The seller also shares his experience in the fashion business so that we know that he knows what people are looking for. There isn’t much evidence towards what the customers’ post purchase behavior will be, but in my experience people more strongly value something that is theirs uniquely, therefore they most likely will think highly of the product.
I agree with the way the article states that it takes guts to pitch an idea to the Sharks and persuade them to make a deal with you. This just highlights how both parties have to go through the consumer decision process in great detail. Clearly the process is hugely relevant to anyone (consumer or seller) in business.