“Shark Tank's” Lori Greiner on Navigating the Rough Waters of Retail Sales
Business Solutions Mega-inventor Lori Greiner knows what it takes to close a deal, and is helping aspiring entrepreneurs turn their dreams into reality.
In order to sell a product, Lori Greiner — the entrepreneurial inventor of “Shark Tank” fame — says that good instincts and common sense go a long way. "I’ve always been lucky in that I have a natural knack for knowing what products will work in the market, “Greiner says. “Products that solve a universal problem or need in a better way are much more likely to be successful than a product that doesn’t. I’ve created and launched over 600 products, so I know exactly what to do and what it takes to get a product out in the market and make it a success."
GrPhoeiner, aka "The Queen of QVC," says an item must be manufactured at a good price. If it’s a service, the business must show it can be run economically. Greiner believes that both should provide something people want, at a good price: "You can have a great product or service, but if people can’t afford to buy it, it’s not going to work."
"Having genuine passion for what you’re selling is also crucial."
Doing your homework
Greiner is emphatic that it’s important to know the features and benefits of your invention, as well as what makes it special. Having genuine passion for what you’re selling is also crucial. "I’ve never sold anything I didn’t really believe in or really like," Greiner says. "If you don’t believe in it, no one else will."
Although Greiner believes women are underrepresented in business, she feels the tide is turning. "The up-and-coming generations realize women are not only brilliant, but also incredibly capable and talented, as much, if not more, than their male counterparts,” she says. "Companies need to look at women as individuals and not by their [gender]. Women in the corporate structure are making amazing advancements, [and] respect for women and their abilities is growing at a rapid pace thanks to modern thinking."
Photo: Courtesy of ABC/Patrick Ecclesine