Why Would Anyone Want This?

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.

Source: http://www.inc.com/graham-winfrey/7-inspiring-shark-tank-success-stories.html

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4 thoughts on “Why Would Anyone Want This?

  1. Jeff Marcoux February 12, 2015 / 3:24 pm

    Hi Brenna- I agree that the liability attached to a personal breathalyzer is something that should be considered before marketing this to the masses. The probability of a wrongful death suit after a major accident is highly likely. The other issue I see with this type of product is that it doesn’t seem to possess a need to the general public, especially to those who should be using it. People who drink and drive most likely aren’t going to check their BAC if driving drunk is something they regularly do. Typically they have to be court ordered to do so. Those who don’t drink and drive are already responsible enough to understand when they should and shouldn’t drive, so it would be unnecessary to own this product. I think the $50 cost would also turn people away since the product isn’t a need. I think at half that price it would perform decently well. The Fiberfix product, on the other hand, is something that is clearly appealing to the masses (45,000 units in 10 mins!!!). It’s application, ease of use and effectiveness are attributes that homeowners, contractors and businesses are clearly interested in.

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  2. Meghan Saldutti April 8, 2015 / 8:39 pm

    I think a personal breathalyzer would be very beneficial to our society, especially in today’s world. It has the potential to save people’s lives and help those who drink to make better decisions. I am honestly very surprised that this product is not as popular, meaning I have never met anyone that has one or seen anyone use one. For Fiberfix, I feel as if it might be one of those products that you see on TV and buy because it looks like it will work but when you purchase it it does not actually work. In the commercial that was shown in class it seemed to work but it is one of those things you need to buy to see if it will actually work. As for the custom made bikes, it is a very creative and unique idea but for myself personally I would not spend a lot of money on something such as a bike just so that it is uniquely mine.

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  3. Domenica Fuller April 10, 2015 / 10:40 pm

    I think you had a very creative approach to the consumer decision process because I find the people on Shark Tank are consumers themselves, found something that was missing from the market, and filled a void. The ones that really take off are successfully pitched to Sharks, showing them any financial figure you can think of and never faltering throughout the entire conversation. I find the show fascinating seeing what people have thought of and created, as well as, what these successful business individuals feel is deserving of their investment.

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  4. Megan Lac April 19, 2016 / 11:32 pm

    Shark tank has always been a fascinating show to me and I’ve always wondered how people should go about marketing their product to the judges/investors. I never thought about the inventors mentioning the five stages of buying in order to sell their product since most products are sold based on fulfilling a current want or need. Interesting read.

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