I Learned to Pitch A Book by Watching “Shark Tank”
Every author is an “authorpreneur” and CEO of their writing business. Watching a business-themed reality TV show was great training for being ready to pitch my book
I can binge watch Shark Tank. It is one of my go-to shows to watch while I am on the treadmill at the gym or if I need to veg out on the couch. As an author, after watching so many episodes I can recognize a great pitch.
It’s more than watching the art of the deal. As a people person, I love watching the human interactions and negotiations, and studying who is successful and why. Every entrepreneur and business is different. But watch enough episodes and common themes and behaviors repeat again and again.
The Emmy-award winning show is entering its tenth season and has reinvigorated entrepreneurship in America. It’s the America’s Got Talent for the business world.
The show features self-made billionaires (“Sharks”) who seek out the best businesses and products in America and help them secure fabulous business deals that may even make them millionaires.
Sharks don’t mess around once they make a decision. They invest their own money and time and intend to make more money with each deal. Their name is now affiliated with the business.
The craft of writing a great story, and a writer’s passion combine to make a good book. But sales of a book are how a book gets read, becomes a best-seller, and writers stay in business. Publishers, editors, and agents also stay in business when they choose a good client, and good books that earn money.
Writing is first an art, and then a business.
Lesson 1: A simple, catchy, title of two syllables immediately grabs attention, intrigues a potential viewer (reader) and is easy to remember.
The title of the show as a metaphor to sharks is catchy and accurate. A book title that is also catchy and accurate is the first “hook” and will stand out.
Besides the memorable images from the film Jaws, in real life bull sharks are predatory and eat their prey. They can grow to a length of eleven feet and weigh seven-hundred pounds. They dominate and intimidate smaller fish.
Business Sharks are titans of their industry, have powerful financial influence and strategic business connections. They may not eat their prey, but they can be brutally honest and dismissive with unprepared businesses, reducing some business owners to tears. They became billionaires by being extremely shrewd and strategic in their judgements and decisions. All of them began with nothing, put in long hours, and learned how to sell something others needed.
Writing is a business. Make your book’s title catchy and easy to remember.
Lesson 2: Know your pitch and keep it short. Rehearse every word. Less is more.
The structure of each episode remains the same. Aspiring entrepreneurs walk through a set of double-doors onto a stage (the “Shark Tank.”) They then pitch their business plan to a panel of five well-dressed, skeptical Sharks in hopes of gaining a strategic partner and investment in their company.
As the entrepreneurs walk through the doors, the announcer gives a one-sentence introduction. The entrepreneurs then have two to three minutes to pitch their product with sufficient credibility, intrigue and potential that at least one Shark is interested in making a deal. They must impress from the second they walk on stage and from the very first word uttered.
Similarly, every author needs a killer pitch that Wows with each word. The “pitch” is the “hook”. It’s the few words on the back cover of a book that entice a reader to open it and read more. Get the pitch or hook to ten words or less if possible.
The second question will be “Tell me what your book is about and why should I care?” If an author doesn’t have a concise and rehearsed answer to the this question, they are not ready to pitch their book to a publisher or query an agent. At this point, think of a two or three-sentence description or brief synopsis. Keep it to thirty seconds or less.
The elevator pitch still rules and first impressions always count. The term “elevator pitch” is quite simple. Imagine you are in a business building on the first floor, and your dream agent or publisher gets on the elevator. You have from the Ground Floor to whatever floor they get off on, to introduce yourself and pitch your book.
One example of a great pitch is the one for Raiders of the Lost Ark. “If there was a name for adventure, it would be Indiana Jones.” I can’t verify it, but you get the idea.
Writing is a business. Build intrigue and interest from the start.
Lesson 3: Do. Your. Homework. Research each Shark. Determine in advance who will be your most strategic partner(s) and who to frame your pitch to.
Closing a deal with a Shark is about partnering with the most strategic match for you and your business. Partnership with a Shark is a sure thing your business will grow exponentially in a short amount of time. If there are two offers on the table, the entrepreneur needs to decide which Shark to go with. Quickly.
Each Shark succeeded in different ways and in different industries. What they share is a drive to succeed, a work ethic that means they often work 24/7 building their businesses, and a great idea. They are shrewd judges of character.
Consider three of the Sharks.
Mark Cuban owns the Dallas Mavericks, co-owns 2929 Entertainment, and is chairman of AXS TV. In 2011, Cuban wrote an e-book, How to Win at the Sport of Business, in which he chronicles his experiences in business and sports. According to Forbes, he is worth $4.3 billion. To read Mark Cuban’s weblog, click here.
Robert Herjavec was born in Yugoslavia, and came to this country as a young boy when his family escaped communism. He began with nothing and made his fortune in IT and technology. For more information on Robert, click here.
Another regular Shark, Barbara Corcoran built her fortune in real estate based on a $1,000 investment. She has written a book, and now has a popular podcast, 888-Barbara Podcast. For more info on Barbara or her podcast, click here.
I mention Mark, Robert and Barbara as examples of business titans of different industries. They may not be the best Sharks to pitch children’s toys to or women’s clothing, but there is another Shark who is. Do your homework and seek the best match.
Similarly, a new author who pitches their romance novel to a publisher of YA (Young Adult) and science fiction is wasting both their time and the publisher or agent they pitch. An author who hasn’t researched who they are pitching to is either careless or an amateur with a Capital A.
Writing is a business. Find your best partner.
Lesson 5: Negotiations in business have to include the WIIFM (What’s in it for me?) for both parties. Know your numbers.
The general request at the end of every pitch is always “We are seeking X dollars in exchange for an X percentage of equity in our business. OK, Sharks, who wants to invest with us?”
Every shark has a large pad of paper and pen to write with. They begin taking notes and computing the company’s total value, estimated return on investment, and potential profit margin with every statement the entrepreneur makes. In other words, they are estimating their own WIIFM.
After the presentation, the Sharks ask pointed, rapid-fire questions and the bargaining begins. Standard questions include what is your total investment? How much do you make your widget X for, and how much do you sell it for? Are there other investors or partners in the company? How long have you been in business? Who are your competitors? Most importantly: where and how are you selling your widget X and what are your sales?
Sharks may withdraw immediately, make a counter-offer, or even berate the entrepreneur who is completely unprepared, rude or too selfish and demanding. Message: Don’t waste our time.
When a Shark does make an offer, entrepreneurs have to decide quickly based on their pre-show WIIFM and essential numbers. Hesitate too long and the Shark may withdraw the offer.
In the book world, whatever path an author chooses for publication, that decision always comes down to three things: money, rights and control, e.g. potential royalties, ownership of the work, and the amount of involvement and decision-making the author will retain in the process. Know what you want to keep, and what you can share or give away.
An author’s “numbers” or core facts include: genre, word count, status of manuscript, competitive titles, and intended readers. Publishers put all the factors together, and try to estimate how many copies the book will sell and how much profit they will earn.
Writing is a business. It has to work for both parties.
Lesson 6: Be professional, respectful, and do not argue with the Sharks. They will judge you accordingly.
This rule should seem obvious, but I have watched many entrepreneurs argue with Sharks, become defensive, or even speak while the Shark is talking. Repeatedly. Why would anyone want to partner with someone they don’t like, or who argues with them because the Sharks view their product differently?
Arguing and whining with potential Sharks, investors or customers will gain you nothing. Recognize and respect they are investing their personal time and money in you, the entrepreneur. Be the considerate professional they want to work with. Always.
Respect that the Sharks also have passion, work extremely hard, and want to partner with nice people who they believe in and also work hard. They want people to be successful.
Writing is a business. Be nice and play well with others.
“What’s a writer’s calling, now or at any time? To write, to try to write well.” — Ursula K. Le Guin
Lesson 7: Write a really Great Book.
Sharks invest in great business ideas.
Similarly, publishers and agents get excited when they sense something new, different, or they fall in love with a manuscript of proposal. Step 1 of marketing is to write a really great book.
Yes, I have watched a lot of Shark Tank episodes. Besides the art of the deal, and finding a really great business idea, it counts as entertainment, and a view of real-life successes.
For more info on the show, to watch previous episodes, and to view a list of legitimate deals, click here.
