Lori Greiner On Shark Tank (Image Source – Instagram_@lorigreiner)
Lori Greiner is a successful entrepreneur and one of the investors in the hit TV show Shark Tank. Well, the businesswoman is pretty much active on social media and is known to spread positivity with her words of wisdom and advice. Recently, she took to Instagram to share five spot-on business tips that will help aspiring entrepreneurs out there who want to go out and achieve greatness through their products.
Lori Greiner often gives valuable tips and advice on social media, and her followers respect her opinions and insights, which she delivers from time to time. Lori is also the author of a bestselling book and a paid speaker for major corporations. She is most famous for her appearance on Shark Tank and her QVC show, where she won the title of ‘QVC Queen’. She recently took to Instagram to share five exciting business tips that aspiring entrepreneurs can note down to be super successful. She captioned the video, “Is your idea a Hero or a Zero? Here are my top 5 tips to tell..” Below are her 5 game-changing business tips.
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1. Does It Have a Broad Mass Appeal?
An exciting product should interest a wide group of people. Lori Greiner is always after ideas that interest millions rather than a particular niche. In case your product is something different people of a variety of ages, lifestyles, or demographics may want, it has the opportunity to be quite successful. The more extensive your appeal, the more chances there are for high sales as well as sustainable growth.
2. Does It Solve a Problem?
Most successful businesses begin with solving an authentic problem. Lori reminds everyone that the best products make life easier, more convenient, or more enjoyable. If customers instantly understand how your product helps them, they’ll buy. Whether it saves time, reduces frustration, or gets the job done in one less step, a problem-solving product has so much more of an opportunity to succeed.
3. Is It Unique and Different?
A product needs to be unique, different from everyone else. Shark always looks for inventions that have a twist about them that makes them really memorable. Too many similarities between your idea and something that already exists will make your product unattractive. What makes it much easier to build a strong brand and attract faithful customers is that it is novel, new, or an enhancement of something very old.
4. Can It Be Made at a Reasonable Price?
Even the best ideas fail if they cost too much to make. Lori stresses the need to keep costs low without sacrificing quality. A product should be profitable without being overpriced. If manufacturing costs are too high, then there is less room for flexibility in pricing and reduced sales. Savvy entrepreneurs find ways to make and distribute their products cheaply without losing value.
5. Does it fill a gap in the market?
Some of the most successful businesses come from spotting an unmet need. Lori advises entrepreneurs to identify gaps in existing industries and create products that fill them. If customers are already searching for a solution that doesn’t exist, they’ll be eager to buy. By tapping into an underserved market, businesses can gain a competitive edge and establish themselves as industry leaders.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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