Kobee’s Co Founder During His Shark Tank Season 16 Appearance
Highlights
- Kobee’s Co. appeared in the third episode of Shark Tank Season 16.
- GenZ entrepreneur Kobe Harris tried to win over the Sharks with his lively pitch and an emphasis on social media marketing.
- While the panelists were impressed with his story, they were reluctant to make an offer.
Shark Tank has emerged as a show that goes beyond entertainment parameters. The advice of Shark investors and the hustle of entrepreneurs inspire countless global viewers. One such noteworthy moment came in Shark Tank Season 16 when Kobee’s Co. founder shared his unique strategy for the business’ growth.
Budding entrepreneur and ‘Gen Z’ Kobe Harris captivated investors with his passion and unique social media-based business strategy in the third episode of Shark Tank Season 16. In just a short span, Kobee’s Co. has reached heights owing to Kobe’s understanding of what marketing strategy is the best for it.
Below are detailed insights into his Shark Tank appearance, social media strategy, and deal status.
How Does Kobee’s Co. Founder Use Social Media To Attract Customers?
Kobe Harris, an aspiring doctor turned entrepreneur tried his luck in the third episode of Shark Tank season 16 with his company Kobee’s Co. He appeared before the panelists seeking $300K for 6% equity. The brand offers 100% natural, handmade, and sustainable lip balms.
Through a humorous and exuberant pitch, the founder laid focus on the natural ingredients that were used the products such as lip balms. After success with lip balms, the company has started offering many other products, including a lotion bar, cuticle butter, lip scrub, and a hand salve.
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On being inquired about the mode of sales, the entrepreneur said that by then, he sold online only through his Kobee’s Co. website and Amazon. Kobe came up with the idea during college and prepared the product by sourcing fresh ingredients from Amazon. He started selling after three months of preparation, and sales per day went up to $15K. The Shark investors were impressed by his story.
Intrigued by the potential of the business, the panelists of the third episode of Shark Tank Season 16 started raising their questions one after the other. On being asked about the sales made, Kobe claimed that in 2021, the company had made $30K. This was followed by $200K and $864K in the next two years. Sales made to date this year are about $1.5 million.
Each of the five Shark investors was amazed to learn about the large trajectory. When they asked him the primary reason for the steady growth in Kobee’s Co. sales, the entrepreneur attributed it to social media.
According to Kobe, the sudden spike was due to his expertise in different social media handles as a Gen Z. He revealed that he had made the correct use of Facebook Ads, which helped him reach the right audience for the lip balm range based on demographics.
Apart from this, the reach of Kobee’s Co. expanded dramatically through many viral videos of the products via TikTok video posting. With millions of TikTok users across the country, and most of them being a younger audience, Kobee’s Co. could make its target users aware of its lip balms and other skincare products.
The return on ad spend was 2.5 to 3, and CAC was around $14-$15. Kobe makes $32 on average order. Lip balms make up 75% of the company’s sales, and other personal care items add the remaining 25%.
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Kobee’s Co. Final Deal: Shark Tank Season 16
Once the pitch presentation was done and the Sharks had gotten the answers to their questions, the time for making offers arrived. Guest Shark Kendra Scott was the first investor who expressed her admiration for Kobe’s hustle but chose not to invest as it was not her niche.
Her fellow Sharks, too, opted out of the deal, citing different reasons. Lori Greiner felt Kobee’s Co. would do well online but not in retail. Plus, she did not like the use of the term ‘bees.’ So, she did not make an offer.
Mark Cuban and Daymond stepped out of the deal as they felt it was not the right business for them.
Kevin O’Leary was the only interested Shark. He offered $300K for 20% equity because he felt the company was not worth the $5 million valuation. When Kobe tried to counter, he refused to agree. As a result, Kobe walked out without a deal on Shark Tank Season 16.
Conclusion
Kobee’s Co. founder Kobe Harris’s appearance on Shark Tank Season 16 showcased his impressive entrepreneurial spirit and thorough understanding of social media marketing. Using Facebook Ads and TikTok video posting, he managed to make his modest startup a thriving success.
While he failed to bag a deal, Kobe’s passion and understanding of the market as a GenZ left a lasting impression on the Shark investors.
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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