The popular show, Shark Tank, provides a great platform for hopeful entrepreneurs to present their ideas to a panel of industry titans. The budding entrepreneurs are there to convince the sharks to invest in their product idea. Contestants are presenting to a receptive group of individuals but without insights and skill, it is unlikely that they will hold the sharks’ interest long enough to successfully convince them to make an investment.
If you find yourself in front of the panel on Shark Tank hoping for Daymond John to invest in your company, being prepared and understanding his background and what he believes might serve you well. Knowing that he is the founder of the FUBU fashion empire is not enough, however. Understanding who he is and what makes him tick - is what will bridge the gap between being a presenter and becoming a partner when selling Daymond on an investment.
Be Other-Centered® with Daymond John
The heart of all that ASLAN Training & Development teaches in its sales training and sales coaching programs is the concept of being Other-Centered. The notion that you were created to serve, and that fulfillment comes from shifting focus away from self to leveraging talents to help others. To reach full potential and Serve More, you need to Care More, Learn More, and Do More. Receptivity is increased when you know more about your prospect and his needs. In a selling situation, it is about getting to know the customer. In the tank, it is about getting to know the sharks. The entrepreneur on Shark Tank needs to understand Daymond John and his unstated needs. Learning more about this shark (or about a prospect) is the best way to understand him.
The best way to get to know someone is to listen to them. Because you only have a small block of face-to-face time with customers (or in the Shark Tank), it’s important to prepare ahead of time. Only when we care enough to learn about them, will we realize who they are and how they think. Taking the time to Care More and Learn More makes it possible for you to Do More. While thinking through that, read some things Daymond John has said.
"I've come to learn that my initial investment is more about the person versus the product that I am buying into. I've also learned that I really do enjoy giving worthy people an opportunity of a lifetime."
"I look for a person I feel is trustworthy, driven, and smart. I invest in the person first, because, in the event the business fails, the person and I can move forward and create another business."
In an interview with Inc. Magazine, Daymond John said that he looks for someone who is able to maintain a motivation, determination, love and passion for an idea, even after failing.
Daymond John believes that with too much money at a start-up stage, a company risks "having money call all the shots instead of following good business practices." Couple that with one of his core tenets of advice to would-be entrepreneurs, You are the brand, and it is clear that what John respects most is an idea that has worked by being short on initial capital, but long on heart.
An Other-Centered approach to selling will help ensure that you not only learn about the sharks before you present your ideas, but also that you tune in to the person behind each shark persona. Faced with Daymond John as a potential investor in your company, your best path is to prove your dedication, your passion, creativity, and proof of concept.
When Daymond John Makes an Offer, Stop Selling
Daymond John has heard your pitch, you have connected with him, he is happy with who you are and what you have done, and you have been able to validate your testimony. Now he makes an offer. This is the point where many presenters may have this shark eating out of their hand but end up losing him anyway.
Stop selling.
Stop presenting. Stop negotiating. You have what you came for. Take the deal. If you don't, the chances are very high that Daymond John will withdraw his offer. You need to know when it’s time to stop negotiating and move forward.
You don't have to be a mind reader to close a deal with Daymond John. He customarily gives a presenter a fair warning when he has made an offer that is final. He is telling the presenter to stop selling. The same is true for you as a sales professional. Prepare your playbook ahead of time. Know what you want and the minimum you are willing to accept. Know when you should stop selling and accept the offer.
Follow these simple pieces of advice and you can have Daymond John eating out of your hand. How many of your potential customers are like Daymond John? As a sales professional, do you know what to do to close the deal? Let us help. Contact us today to learn more about the ASLAN Training & Development approach.
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
