This week was interesting. We met someone who has made a healthy ice cream….. I am pretty sure that would have hooked you.. So here are my thoughts:
I really enjoyed Ed’s pitch, he is creating the worlds healthiest ice cream….I am assuming this is as voted by Ed, as I am sure there was not research of data to back up his claim.
Fropro has no added processed sugar but did have Stevia which has been quite common on Shark Tank this year. Stevia getting utilized more and more in healthy products, but for me it is highly processed and leaves a metallic aftertaste, which is evident in Ed’s ice cream.
I spoke to Ed about target market, and my comments based on his packaging was as a result of me spending hours in testing for each product that gets released to our customers, to understand what the customer looks for and which target market in particular he is looking for.
Do you want to grab the attention of women? Men? Families? Grandparents trying to reward their grandkids without being punished? Gym owners? One of the biggest and first things when you start a business is working out who you are ultimately trying to get the attention of. It helps you to determine the platform that you spend the most budget on for promotion, the messaging that you share, the flavours that you choose to develop next – pretty much everything revolves around your target market. I cannot believe that Ed hasn’t set this in stone yet.
Ed is doing what many people new to business (including me in the early days) do which is to base the product what he likes however he has not completed the consumer research to really find out what will make them buy.
Like I said – maybe harsh (again) as he was so nice but I was just being honest – the packaging needs a bit of work.. I have learnt over time that you cannot always rely on what you think is the right design. You need to gather feedback from those around you but also people you don’t know (as they will tell you the truth!) to gather ‘market research findings’ from the target market to ensure that your product is going to in fact, ‘stand out from the other products in the freezer section’.
Our creative team are currently working on Christmas cups for Boost and they are so quirky and funny, I am glad that I did not come up with them as they would not have been as good! Spend the money and make your product ‘creatively’ stand out from the rest. You will not regret it.. But you might regret releasing something to the market that is not the best it can be. Well, your mum will approve of it either way but I am talking about the people you are targeting… 🙂
80% of his sales are with Woolworths which can be a risk in business if one client is more than 25% of your sales because if they leave, you are left with no business. So it is important that Ed gets more clients so if the time comes and Woolworths pulls out, it does not destroy the business. Saying all that I also did not know what I didn’t know when I started and everyone on their business journey is learning every day. One thing about Ed was that he was really open to suggestions and wanted to learn, with that in mind Ed will be a success, but there was too many holes in the pitch for me to do a deal.
You do not know what you do not know.
Ed has the passion, he just needs to clarify the messaging and he will go far. The product is seriously delicious. And I am not a sweet tooth so it must be good.
I wish Ed and Glenn luck and hope to see the newly packaged products around soon.
So many puns… I LOVED this pitch. Being cheeky is my favourite way to differentiate yourself from the market.
I am a huge fan of Elon Musk. So anyone that is finding solutions to powering the future impresses me.
Mick’s product was great. I recently purchased a generator for my son for his coffee cart and prior to purchase, I did a lot of research on this product. So what mick was saying and what he produced was a ripper, it was portable and strong.
His view on his figures was HUGE with a claim of billions in sales.
What I thought was very funny when Steve mentioned his hobby of planning for the apocalypse, he has all sort of bunkers etc. set up ready. (I know where I will be heading if anyone ends up pushing the big red button).
It’s awesome how much experience Mick has however he needs to be clear what he is looking for and what each of his businesses is making and what the products generate.
I liked the product but it was uninvestable for me as he has his shop connected to the product and he was only selling the product not the shop, but they were so integrated that it would be too hard to separate the shop from the product.
When we say that we invest in people, we mean that we are investing in the person’s passion – not them and all of their businesses profits – we are investing in the product that they are presenting to us on the spot. In this case, Mick was pitching to us for one product however he was mixing in the profits and revenue from his shop – this is not right. If you are seeking investment, you should be telling the investor or Shark what they are going to get for their investment, not the value of everything you have as it is a ‘false valuation’.
This is an Airbnb for ‘spaces’.
I have a number of friends that are into yoga and are always looking for space to teach classes, so there is a need for this business but there really is no difference between this and Airbnb. It is basically a double sided market place.
They did not convince us that their valuations were correct as there was no proof of the business and as they said, they are too early with too many unanswered questions.
I like the idea of CO-Munity – it seems like a utopian ‘getting people off their devices and out meeting people’ which is nice.
Working with city councils is a great idea. Utilizing these spaces that would otherwise be empty and probably in pretty central locations is great for their customers.
To gain investors in your business, you need to be in it 100% and I do not think that these guys are. You need to know your product and have the passion and experience to be able to run it alone if that is what it takes. When Steve asked if they could code the website themselves and they said no; I think that lost the other Sharks.
There are a lot of these websites around, whether they are for events or office space and I think it is a great idea and simplifies the act of finding a space for the average human who doesn’t have the time or knowledge to find it themselves.
I am not sure that they are doing anything different so I was not the investor for them however I hope that I am wrong. Glenn was right saying that the council angle is the right way to go but these guys need to do a bit more work and development to be able to compete and win over the other options out there.
I wish Steve and the boys the best of luck!
Loved this mother and daughter team.
One thing you get to know on TV is that the most important people on set are the makeup team that spend hours making us looks good using hair/ makeup/ contouring – everything! We really valued our makeup artists and their opinion of this product was….. Drum roll….. They loved it, they said it was really well designed and a great product. So massive big tick on the product itself.
I am normally very low maintenance so I needed their opinion. I naturally have VERY curly hair so I have never had the need for anything voluminous and I must admit, I did think my hair was going to fall out with all the smoke and sizzle but people who want volume in their hair will LOVE this product…..
The value that they put on their business only after selling 208 units was 10 million dollars, which was ridiculous, once again the so call experts that they consulted have told them the wrong numbers and as Andrew said, lined them up to fail.
This season there have been a lot of entrepreneurs who have not put a lot of emphasis on valuing their business correctly. When you are looking for investors, this is obviously a very important factor in your pitch. Investing in the services of a professional business consultant is going to be a benefit to your time in the tank.
I did enjoy being transported back to the 70’s for the night with Farrah Fawcett waves however this was not an investment for me.
I wish them all the luck. They just need to learn the ropes of business (from someone who knows what they are talking about)
Next week we see a healthy dog food, a solution for wrinkles, some very cool beach booties for babes and something that campers are going to love.
If you are looking for some inspiration and haven’t yet discovered my blog, please check it out, you may find some words of wisdom (or learn some new ones!). Margie Hartley and I chat about everything from work life balance to innovation, the family balancing act and your greatest asset and we have a lot of fun along the way. Here is the link if you would like some inspiration (or entertainment) for your commute to work tomorrow. There are currently 10 episodes and it is also available on iTunes https://www.podcastone.com.au/pd/Superwomen-we-aint