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How to Spot an Opportunity in the Market

How to Spot an Opportunity in the Market

Gronk'd Up podcast, episode 4 is all about how to spot an opportunity in the market.  Chris Gronkowski has started several successful business over the last few years. In this episode, he discusses how he saw different opportunities and how he capitalized them.  Though he has done well with his businesses, there are several things that he wishes he would have known on the front end.  He does into detail on things that he wish he knew and how knowing these things could help anyone who may be interested in starting a business and/or developing a new product.

If you have not done so already, please subscribe and listen to the Gronk'd Up podcast hosted by Ice Shaker Owner/CEO Chris Gronkowski and Ice Shaker CMO Ryan Ewalt. Gronk'd Up is motivational, inspiring, educational, and FUN! In addition to hearing about what got me to this point in life, learn about what we are currently doing at Ice Shaker to continue to grow the business.  We'll discuss marketing strategy, new product development, website optimization, ad strategy, email marketing, plus much more!.  YOU WILL come away with knowledge that can help you start and grow your own business.

Below is a high level transcript of some of what we discussed in episode 4 of Gronk'd Up. To listen to the full episode click here.

With this podcast, I wanted to walk through all the steps on spotting an opportunity in the market.

Every since being on Shark Tank, I now get emails and messages all the time from people that have these amazing ideas.  The problem is that they have done very little research and have no idea how hard it is to actually get a product off the ground.  You also have to make sure that this is a product that people want and not just something that you think is a great idea. 

For me, the best ideas were always something that was already a proven concept and then I just made it better.  For instance, The shaker bottle wasn't something that I invented, I was just frustrated with the one I was using and found a way to make a better version of it.  
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So why not try and think of something completely different like UBER did?  
I am not saying that UBER was not a good idea, but there is a lot more risk involved when you come out with a completely new concept or completely different product.  When consumers have never heard of the product or concept or idea before, it's going to take a lot of education about it which in turn means a lot of marketing dollars and a lot of fund raising.  This is a lot more risky but could also turn into an absolute home run but the chances of taking a brand new concept or idea and making it successful are much harder.  
I have always believed in taking a proven concept or model and making it better.   Ryan knows this but not many other people do.  The first time I did this was with an aquarium divider.  Most people probably don't know what that is, but it's a divider that goes into an aquarium to separate fish that may be hurt, or baby fish and it stops the other fish from eating them or attacking them.  
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How the heck did you get this idea? 
This is an interesting story.  My now wife worked at petsmart in the fish department.  And naturally she had bought an aquarium and one day some of her fish had babies.  Well the other fish in the tank immediately ate all the babies.  So the next time they had babies, we purchased an aquairum divider, but it was terrible. It was extremely flimsy, was hard to assemble and only attached to the tank at the top.  So what ended up happening, was that I went to home depot and bought some material and made my own.  It was super ugly but it got the job done. This is when I saw that opportunity.  I said wow, I can't believe there is nothing better on the market.  I then researched and looked every where to see if I could find a better one but everyone just carried the same old flimsy one.  So I decided to make a better one. I loved that this was the first product that I created because it taught me so much.  First off, just making one simply product was not that simple.  It took a lot of time and effort to get drawings made, create packaging and source the product.  Next, I thought that I needed to immediately go out and get a patent on the product. So I did.  
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I applied for a utility patent and figured I would be all set.  I was the first one that designed an aquarium divider that attached to the wall of the tank with suction cups.  It has these push pins to secure it to the wall of the tank unlike any other design in the past.  
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Well this utility patent was a beast.  It was almost 3 years later and I still hadn't got it granted.  I spent ALOT of money on it.  And I was way in the hole between the patent and purchasing product.  If I didn't patent the product, I would have been making some decent money as the product is a top seller on Amazon.
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At the end of the day, if I could go back, I wouldn't patent the product.  The product is such a small niche product that no one else is willing to spend the time or effort to get in.  It has been 5 years since I put this product up and it still continues to be a top seller. 
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Listen to full episode here.

Podcast E3: The Shark Tank Experience

Podcast E3: The Shark Tank Experience

This article is a high level outline of what we discuss in detail on Gronk'd Up Episode 3: The Shark Tank Experience.  If you have not yet listened to the Gronk'd Up podcast, you are in for a treat! Gronk'd Up is motivational, inspiring, educational, and FUN! In addition to hearing about what got me to this point in life, learn about what we are currently doing at Ice Shaker to continue to grow the business.  We'll discuss marketing strategy, new product development, website optimization, ad strategy, email marketing, plus much more!.  YOU WILL come away with knowledge that can help you start and grow your own business. 

Gronk'd Up Episode 3 is all about The Shark Tank Experience.  I get asked all the time about how I got onto the show, how I prepared for the show, what the business was like before and after the show, what the actual day of experience was like and how much I work with the sharks on a daily basis after the investment.   

-Ice Shaker Shark Tank

These are all amazing questions that I will be answering but first just a quick reminder that This podcast is Free, and the goal is to bring you value, motivation and knowledge so that you can live a happier, and more successful life.  Because it is free, I ask that you share our podcast with family, friends or anyone you know that could also benefit from this podcast. If you post on social media, please tag me at @chrisgronkowski as I would love to share your posts.   If you love this podcast and it brings you value, I ask that you please leave a 5 star review as this greatly helps out and keeps us motivated to work hard and bring you more valuable content.

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So Let’s get started:

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How did it come about - what were the first steps to get onto Shark Tank

-Email from 2013 while I was still playing

-Reached back out in 2017

-Had to submit a video - most ridiculous video every because I knew it was all about entertainment

-Got a reply back but still didn't know

-Had to follow up every week, submit booklets of paperwork

-Had to prepare a pitch but still didn’t know if I would get on the show

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Preparing for the show:

-Watching every single shark tank episode

-Getting a couple extra workouts in 

-Practicing the pitch with friends and family and in the mirror 

-Making sure I knew all of our numbers 

-Practicing my flip cup skills

Ice Shaker Shark Tank
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The Day of:

-In a hotel waiting

-May or may not pitch that day

-Walk out and stand there for 2 mins

Were you nervous at this point? 

-Feel like I was talking to my friends at that point

-The pitch lasted almost an hour - but then it gets cut down

-Asked everything about where I grew up, college life, what I was doing before Ice shaker, really everything

What was the most surprising question that the sharks asked you? 

-I was getting drilled on why I didn’t call it the Gronk Shaker

-Didn’t understand this as it would greatly limit our customer base

What were you asking for and what did you leave with?  

-asking for $100k for 10% of the company.  Left with $150k for 15% of the company.  

-offers from all 5 sharks 

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How did it change from before the show to after?  

-Had $80k in sales, within the first year after the show we had over $3 million in sales.

-Went from 1 bottle and invested all the money back into the company

-After the first year we had about 80 different SKU's and 3 different bottles

-Huge increase in sales but also a huge increase in work.

-Marketing, website development, shipping, engraving, customer service, product development, packaging, sales and outreach, unloading and packing the trucks.  

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How long did the shark tank effect last for?   

-We saw a massive wave of sales the night of and then the next day, but it didn’t just end there.  

-Now days, everyone records or watches through Hulu so the wave went really strong for about a month.  

-We aired in October and this really drove sales for us right into the holiday season.  It was a perfect time for air for us. 

- 1 year update and re-runs have been huge for us as well.  

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But it wasn’t just the airing, how else did the fact that Ice Shaker received investments on the show continue to help? 

It was an immediate proof of concept for us and customers.  By having the investment of the Sharks, it validified the product and gave us immediate trust with customers.  

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How much do you communicate with the Sharks now? 

-What is awesome is that Mark Cuban has built out an entire team to help us out.

-huge help for negotiating contracts

-huge help for high level decisions 

-huge help for networking, going to events and also connecting with other MCC companies.

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New Member of the Ice Shaker Team

-Rob invested into the company

-All about living a healthy and active lifestyle

-Bought out Alex Rodriguez 


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What’s Next for Ice Shaker 

-New Lids, new colors and new retailers.  Working on some amazing collaborations. 

Please listen to the full episode by clicking HERE.  If you like what you hear, please subscribe and leave a 5 star review.  We welcome any and all feedback so we can constantly improve our podcast.

Listen to the Gronk'd Up Podcast

Listen to the Gronk'd Up Podcast

Interested in starting a business?  Want to become a more effective marketer? Looking for some inspiration and motivation?

You just found your new favorite podcast... 

Get Gronk'd Up

It's time to get Gronk'd Up!

Gronk'd Up is a new podcast hosted by Ice Shaker Founder/CEO and former NFL starter, Chris Gronkowski.  In the podcast, we dive into topics such as how to start a business, what Shark Tank is really like, how to effectively market a product, what it was like "Growing up a Gronk", plus many more.

Gronk'd Up is focused on delivering real value to you, the listener, while keeping you entertained. 

In the podcast, we go all the way back to Chris Gronkowski's upbringing, the trials and tribulations of going from backup linebacker in college to starting in the NFL...at fullback, moving on from the NFL, Shark Tank, starting a business, and much more.

Gronk'd Up is motivational, inspiring, educational, and FUN! In addition to hearing about what got Chris to this point in his life, learn about what we are currently doing at Ice Shaker to continue to grow the business.  We'll discuss marketing strategy, new product development, website optimization, ad strategy, email marketing, plus much more!.  YOU WILL come away with knowledge that can help you start and grow your own business. 

Don't own a business? Don't really have interest in starting one?  This podcast is still for you!  Hear entertaining stories and learn about businesses from many different industries as we will be featuring guests that include business leaders, former/current professional athletes, marketing experts, and many more.

Click HERE to get Gronk'd Up NOW.

Listen. Learn. Be Entertained.

 

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