Shark Tank
Who did Scrub Daddy end up taking a deal with on Shark Tank?
Lori Greiner
How should you pre-launch your idea?
* Find the right team
* Present the ideas on social media
* Do pre-orders
What is considered king in marketing for small businesses?
Analytics
The marketing of products or services outside of your brand's domestic audience.
International Marketing
The advertising message must be seen at least seven times by consumers to stick/retain.
Rule of Stain
How many stores was Scrub Daddy already at before going to Shark Tank?
5 stores
What is the most important thing when gaining support?
Start a base. A base will help you gain a following.
The plan is the "how' to the strategy's "why". Turning market strategy into action.
Market Plan
What examples of brands are consistent of cultures?
Apple, McDonalds, & Nike
Shape of industry analysis graphic, moves from broad to specific.
Upside-Down Pyramid
How much was the deal that Scrub Daddy take?
100k at 20%, get into infomercials and get into stores in weeks
When starting your base and following what should you do?
* Launch a website
* Show the benefits of the product
* Make a pitch with local companies
Breakdown expected costs of the marketing plan and updates as they come to reality. Sets limits to realities.
Budget
What are the 3 factors of international Marketing?
Global Factors, Domestic Factors, & Organizational Factors
How can entrepreneurs retrieve information on industry and competitors?
Databases, internet, & library resources.
How much total did this product cost to make?
$1
When developing a business, what is an effective strategy when trying to convince consumers to buy your product?
Do partnerships
The steps your customers take to purchase your product. From your store, a retailer/wholesaler, by contact.
Sales Plan
Cultural and social influences, legal issues, demographics, and political conditions
Global Factors
Sponsorship and community-focused events. Nonprofit, locally engaged.
Community Stewardship
What was Scrub Daddy's initial offer?
100k for 10% of stake
What is the most effective partnership?
Celebrity partnership
Your marketing plan should describe and present what makes your product competitive and desirable, whatever that aspect is. This is something the target market wants in particular, not merely objective.
Competitive Advantage
Includes the events, factors, people, systems, structures, and conditions inside the organization under the control of the company
Domestic Factor
Which celebrity is used in most partnerships?
Shaquille O'Neal