Do you have an ingenious design that solves a common problem? Then Lori Greiner wants you to make a million dollars. She’s “The Queen of QVC.” On the hit ABC series, Shark Tank, she’s “The Warm-Blooded Shark^®,” “The Shark with a Heart.” But having a kind heart doesn’t make Lori an easy mark for just anyone who is pitching a product and willing to sell a piece of their company.

Be a Hero, Not a Zero
Lori is like an approachable customer for any salesperson: you can share ideas and have a decent conversation with her. But that does not mean you will make a sale.

On Shark Tank, the mandatory hook for catching a shark is often preparation. But with Lori Greiner, it is the key.

Lori has said that "I can tell instantly if a product is a hero or a zero." You'd better have a confident delivery and know what value you bring to the table. You need to have a product or service that many people want and that solves a common problem. Lori invests in simple solutions to those problems.

Products are Lori's specialty. When it comes to a new product, Lori quickly establishes if it has a mass audience, if it is something that people really want, if it is unique, if it is affordable, and if it makes people's everyday lives easier. If your product meets that criteria, you already have an edge. However, Lori will also want to know that you’ve done your homework. Did you do your own market research? Have you protected your idea? Selling to Lori is not difficult if you are prepared. And because Lori can instantly get you into millions of homes via her shows on QVC, you had better have a plan that can scale to a spike in demand. One of the most powerful things that Lori brings to the table is access to new customers. If you make a product that she can highlight on her QVC episode, it's almost a guaranteed winner.

Person Behind the Product
With Lori Greiner, you also need to show you are ready to put in the work. Obstacles to a successful outcome don't bother Lori. She is looking for someone who is creative and relentless. Someone who is willing to work through all the challenges. In other words, Lori is investing in the person behind the product.
Lori wants to see someone who has learned that obstacles are there for a purpose - to be overcome. And, the contestant must understand that over the current obstacle, there is another one. She wants them to welcome the challenge and be willing to do whatever it takes to overcome it.

To this end, positioning is key to success in the Shark Tank. Entrepreneurs must position themselves as assets to their product’s success, not risks.

As a salesperson, you know that preparation and positioning are key for selling. Preparation will ensure you know the triggers and the needs of your audience. Preparation will then allow you to position your solution and your desire to work to fulfill your prospect’s need, and that will help ensure receptivity; your prospects will be emotionally open and listen to your ideas.

At ASLAN Training, we believe keeping a focus on stated needs is a great start to preparation. Taking the time to learn more will likely provide insights about unstated needs. For example, a prospect may state that he needs a solution that will improve efficiency. But what he is not saying is that he is looking for an ideal solution, one that is affordable, and one that will include after-purchase support. For the prospect, finding the ideal solution will not only improve efficiency, but it may also help him gain status in his organization, which is an unstated need. By being prepared and learning more about your prospect, they may be more receptive to your solution and you will be able to position your solution to fulfill the stated and unstated needs. 

Being Other-Centered®
Back in the Shark Tank, after all the preparation and presentation, when Lori has decided to invest, she is your advocate. She adopts a hands-on approach. Expect her to be involved to not only protect her investment but to also share her experience and to drive demand.

The Shark with a Heart is a businesswoman who wants to partner with entrepreneurs who are (what ASLAN Training calls) Other-Centered^®: Someone who is focused on something other than themselves. Lori believes that "If you are lucky enough to be successful, you have a responsibility to give back." Each year, she donates a substantial amount to a variety of charities. When you get right down to it, being Other-Centered is why she has been successful - and how she has helped so many others.

If you are a contestant facing Lori Greiner in the Shark Tank, or a salesperson facing a prospect in a selling situation, success will be attained if you have put in the work and are fully prepared.  Take your confidence and your knowledge of your prospect’s needs to gain (or keep) their focus on your solution. If you have done your homework, you will be doing the right things to keep the shark, or your prospect, open, engaged and receptive to your offer.

You may want to read the ASLAN article, More Sales By Creating More Receptive Prospects,   which explains that “Receptivity of the prospect has more impact on your ability to influence than the message.”

Jon Barrett from ASLAN Training & Development contributed to the writing of this article.

Please check out these other articles in our Shark Tank series:

Sales Lessons From The Shark Tank: How To Lure A Shark

Sales Lessons From The Shark Tank: Kevin O'Leary

Sales Lessons From The Shark Tank: Mark Cuban

Sales Lessons From The Shark Tank: Robert Herjavek

Sales Lessons From The Shark Tank: Barbara Corcoran

Sales Lessons From The Shark Tank: Daymond John