‘Shark Tank’ video: Will BetterBack prove to be enticing proposition?
Products with somewhat of a medical skew tend to be difficult sells in “Shark Tank,” mostly because there are often different things that work for different people. Also, some of them tend to be for such a specific market that the Sharks don’t envision an easy way to get their money back.
The good news for BetterBack is that it’s not trying to promise any miracles, and it’s also something that looks to solve a problem that millions of people have: Terrible posture. It’s a device you wear while sitting that adjusts you to your perfect posture, and eventually over time it helps to train your body to sit in the right away. Ultimately, the objective is to not have to use it, and as a result of that you can avoid having back pain or some other issues that come as a result of it.
The pitch for the product below is simple, but very effective. We feel like she sells what the purpose of it is well, and the Sharks seem at least intrigued. There are only two fundamental issues that we see holding it back slightly, but these can be repaired.
1. Price – We know that many orthopedic products are expensive, but we still feel like this would sell better at $49 or $39 than $59, especially if the cost per unit can go down a little bit. You have to convince people this is something they’re willing to buy.
2. Valuation – She’s asking a lot for this company, so she really needs to have the sort of sales or business plan to back (pun intended) up.
We’ll see what happens with BetterBack on Friday night!
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Maybe
February 27, 2016 @ 5:21 am
She pretends she invented this product when it’s a near copy of the Nada-Chair but without some of the improvements they’ve added over the years. The Nada-Chair has been around for almost 30 years. I use my Nada-Chair almost everyday, especially at the computer. As Kevin said to Lori on the show: “When you have no creativity you copy”.
Summer River
February 26, 2016 @ 5:47 pm
172839The Better Back looks exactly like my Nada Chair. I’ve been using this amazing device since forever to sit on the floor. It helps my yoga practice. I’m not sure why this is on Shark Tank like it’s a new thing.