Mark Cuban: Listening to Customers Is Overrated - Shark Tank
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- čas přidán 28. 06. 2024
- As Jordan Long and Liz Charm of cake accessory company Surprise Cake tell the Sharks they're expanding into making the cakes as well, Kevin O'Leary says he thinks it's a bad idea. They say their customers have asked for it, and Mark Cuban says 'listening to your customers is way overrated.' Mark explains what feedback you should take from your customers here. From season 12, episode 4 of 'Shark Tank.' Watch 'Shark Tank' FRIDAY 8|7c on ABC, streaming, on demand, and Hulu.
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Barbara: Damon's hat is bothering me..for that reason I'm out.
Damn beat me to it! Lol
hahahaha
that was crazyyyy
🤣
I mean, I was lowkey hoping to see this comment. Not disappointed at all.
“Customers are always right mark”
Mark: that’s wrong
We need this man to lead the fast food industry
Unless it's communist China.... Mark will do backflips if they ask him to.
@@davida6146 communist China is interchangeable with American brand. On that note, does American brand still exist? Seems like 90% of products sold in America are made outside of America. If products are made in America, people will not pay for it because it's noticeably more expensive. So that's your catch 22 right there. We all like to trash China but are you willing to pay more for American brand? And the fallacy behind cheap quality Chinese products. If you really hate China, throw away your cellphone and smash your TV set lol but we all know you wont. Heck parts of your car are made in China. Will you stop driving?
@@doomdude69 you sound uninformed... there's a difference between making business deal between China for manufacturing products and throwing away your own culture to appease communist China. Not to mention the guy is a total sell out. He likes to trash talk Donald Trump for things but he isn't willing to put his money where his mouth is. He'll gladly use Uigher labour while turning a blind eye, but will have problems with fellow American companies simply because of their political views... the guy was trying to force his NBA players to take a knee during the anthem...
80% of cusomers dont know what they whant
That applies to any sales/retail in general.
When Damon said "I wear it like this. U wear yours how u want to" I felt that
When you have status you can do that
@@jadentran9895 when you’re your own person you can do that
@@jeffm1083 you can but there will be less respect.
@@jadentran9895 their respect isn’t dependent upon how you wear your hat
Looking like a old TI
Barbra: I never celebrated my birthday when I was a kid for that reason I'm out
😂😂😂 forreal
If you want to make an app in very low price and quality App than whatsapp me +91 7359650391
@@vinayyadav259 No
@@vinayyadav259 like 10£ 😂😂
Shef - Barbara
Apple is a great example of not listening to customers but telling customers what they need
Not only that but they make their products less convenient in order to get more money (like taking away the headphone jack and charging port and creating supplemental products to do what the older versions already came with) and we still buy it lol
And yet people buy it.
I Think it would be a good thing if Apple paid money to the real Apple companies the apple farmers apple are a disgrace to apple farmers name.
No Apple doesn’t tell what the customer wants it predicts and forecasts the upcoming technological trends and puts all their focus on making that technology as perfect as possible. Big difference. They don’t do market research they forecast which technology will replace the current and then make a quality product for an outrageous price and just market their product as the new trend. Their biggest flop was thinking a stylus and tablet will replace a paper and pencil for artists.
Except they do listen to the customers. Apple even hired a ton of creative pros to test their new hardware in the past few years. Don’t believe the hype.
“If I had asked people what they wanted, they would have said faster horses. -Henry Ford
Mark is the type of shark to scare you but never attacks
Real power is not having to use it for instance when you have a great military you don't have to use it because your enemy is afraid to challenge you
@@abeschwartz893 that was the US with Trump, everyone was afraid of the US
@@sourruntz9595 bruh people just straight up think we’re a joke bc of trump
@@peanutbutter4435 people always thought we were a joke
@dayum son yeah um that’s not even possible... clearly you’re very clueless about what other countries think of trump
He should've said 200k for 20%. That was his chance
No, she should’ve just came out and said her number
@@YEDxYED No, they were testing him to see if he was serious about reevaluating the valuation. Just creeping up a bit meant he wasn't.
You dont even understand that
That was still too high. $1,000,000 market cap for $50000 in profit is way too high
@@why-even-try-brotendo i agree 100%
Barbara: I can see through your business like you can see through my shirt. And for that reason, I’m out.
@@poulvendor774 no
Like Jenny from Dragons’ Den
@@clingalinsonorin1014 Fak u
loll
The fact that Barbara actually took time in international TV to tell Damon to fix his hat tells you exactly the kind of party pooper she is.
When I was in retail, I always believed that the customer was always right. However, now I am not in retail I think that the customer is always right, until they open their mouths.
I’m an electrician the customer is always right, they just change their mind.
Any retail employee who is encouraged to think the customer is always right is not being valued by their company.
Barbara's OCD moment is too funny
Like a granny telling her grandson
😅😅😅
That’s more like a white old lady hating the colored folk problem not an OCD issue.
Cuban is very impressive with business analytics" HOME GROWN"
He’s a billionaire stupid. Your “impressive” is chump change rookie shit to mark.
And You Are You??
@@morningcoffee9429 Stupid Somebody Had To Edit Their Post 📫
@@morningcoffee9429 Dude, chill
Wait I’m confused what does this mean lol
They valued their company at 8.5 million when they only made $550,000 in sales with $50,000 in profits?
No wonder they didn't get a deal. They probably only came on for the exposure.
Exactly. I feel like many people have no concept of what a healthy business looks like. They really need to become more lean. Considering the ideas for the cake business and curated gifts, it's not surprising the business isn't doing too well. They could really use help, but considering the valuation, it would be impossible for the sharks to make a reasonable offer. Also, their new offer seemed like it was just on the spot without real consideration.
They have a good product that probably won't result in recurring customers. This is a product that sells once and then fades or gets taken over by a large company that can add it to its list of products. Turning it into a long term sustainable business continuing current performance seems almost impossible. They should just try licensing it.
Dont you mean 2.5 mil? It's still too high though I agree
@@mohammedyakub3760 yeah it was 50x of profit which is nuts
@@Leaptab yeah, I've seen people come in with like 3x their last year profits
Which is smart. That's what I would do - you don't want to give away a lot of percentages but the Shark Tank Effect works.
In this case they need mentoring though because their profit margins are too thin. High revenue, super low profits.
Barbara: 1:57 Daymond didn't straighten his birthday hat and for that reason I'm out.
LOOL
Barbara: "Daymond did not agree to straighten his hat, and for that reason I'm out"
Barbara such a control freak ! Way to go Damian
Barbara: “Daymond isn’t wearing his party hat properly, and for that reason I’m out”
"3½ full time employee"
lol
would you prefer 7 part-time employees instead ?
3 adults and one child labor..or. A dwarf ......so what
Full time equivalent
@@johnbounds6735 as a company, yes. part time employees dont get benefits. also, the more employees you have, the higher your tax breaks are. also, you arent overworking just a few people, because you have multiple that can rotate and fulfill a full schedule. so yes, in every single way possible, i would like to have more part time employees
When you want to be cool but you are embarrassed by your grandma. 1:52
Daymond looked stupid with his big ass bald head
@@kingofthetrill Don't hate, appreciate...hater.
@@wiglafsfilms8418 appreciate what? The cup being sideways🤣🤣
Don't have a good day. Have a great day
“ it’s a good product, and I love it, but for that reason I’m out” - Barb 2020
Barbara, "This is the first time in all my years on Shark Tank that I cannot find a reason to be out. Therefore, I'm out."
😂
First funny comment
The birthday hat conversation 😂😂😂😂
Barbara: Despite my interest, Daymond is wearing his party hat wrong so I'm out
These are motivating actually!!!!
"3 and a half full-time employees" = "7 part-time employees"
3 full one half
@@matthewjohnson3302 you clearly dont know that any business would rather not have any full time employees due to tax breaks. if you have 10 full time employees vs 50 part time, you get much more money for the same amount of hours that have been put in. the original comment is spot on
“Thank you for that advice” wow I love thet
Meanwhile im here looking at those gorgeous Eames lounge chairs
this kind of surprises me. Many VCs look for either revenue or profits growing at a certain percent each year. Many are okay with negative profits even, if the top-line revenue is growing quickly enough. The reason being that it is easier to consolidate and focus on profits later when you have a much larger customer base and some actual pull in the market.
Barbara : out and that I'm forbarbara, reason am.
The way Lori looked at him right before going out 😂
Yes I agree. Getting rejections from all is not a bad thing. I hope there are some learnings to take away.
Just by the type of production and the profits they mentioned, this company is worth $300,000. They should be thrilled to get $200,000 for 60%.
Hahaha Barbara and Daymond lool the next line " because your hat disturbs my flow as an investor, I'm out"
Damon is a whole mood 😅😅
Barbara: you have a winner on your hands and for that reason, I’m out
If I were him, I would counter-offer 200k for 25%. Since getting Lorry on board would make me that much richer.
''75% of a watermelon is better than 88% of a grape. '' --Mark Cuban
I would have done 15% maybe 20%
Guy is a fucking idiot for saying 12%
He’d be valuing his company lower than his yearly projected sales. I agree he needs to make more profit but the valuation should not be below projected current year sales.
I always wondered where entrepreneurs got their company valuation from. 2 mil for a company that has 45 k profits in 3 years is absurd.
Too low
Twitter had a market valuation in the tens of billions of dollars before it was profitable AT ALL. Was losing tens of millions per year at the time.
Anything in this world is worth what someone is willing to pay for it (or, in the case of IPOs, what thousands are willing to pay in aggregate).
These guys were valuing their company at 50X earnings, which is pretty steep and arguably way too expensive.
By comparison, the price/earnings of the broader market is about 22X today, and for expensive companies like Tesla it is over 200X earnings.
Do you know how to valuate a company based on revenue? Or profit? Please explain thanks
@@n16161 basic principles
@@n16161 Robert once said that those kinds of valuations only happen in tech because of the insane amount of scalability, not with your ice cream shop
This is how I like to wear my birthday hat and it’a not going to change!!!! Great gotta put some boundaries
Whenever Kevin says I'm out, his eyes look disgusted while his mouth looks smiling.
What might be a good idea that would a) prevent people from going on just for the advertisement and b) really show how good the sharks are is to film each episode and then follow up with the company 6 months or a year later, then air the episode and the follow-up immediately. That way a business won’t go on just for the promo, and since sales usually surge for a company after shark tank, the sharks would really have to prove they can help the business succeed
so you want to add accountability to american business? HAHAHAHA that will never happen. love your idea though that would be awesome
there’s definitely a customer base who want the whole “one stop shop” idea. If they didnt why would people love buying gift boxes
Where can I watch full episodes
They obviously are smart but need direction. Lori could've just said how much equity she wanted and made a deal. Their product was good.
Lori: 100% of entrepreneurs seek a deal with Mark over myself and for that reason I’m out
Sales is the answer
Barbara looks at the sellers when as they walk in and says with her lips "I'm out"
Got a ad for THEIR cake product.
From 8 to 12. Dang dude CALLLLM down with the massive offer lmao
Barbara: Because Damon’s party hat is crooked, I’m out!
Daymond: Customer is always right
Mark: THAT’S WRONG!
Jeff Bezos: 😤😤😤
'AMAZON is a great example of not listening to customers but telling customers what they need'
@@nemo401 appple too
Why don’t they show the full pitches anymore???
When Damon said I shit on the toilet like this. I felt that! so meaningful!!
Misleading title, he's not saying not to listen to customers, he just said the customer is not ALWAYS right. Which is correct.
Barbara: "Damon isn't wearing his hat correctly ... and for that reason: I'm out."
Damon always stayin true ✊🏾
I'm glad someone finally said it! Cuban is a G
And that is why he is a billionaire.
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Where can I find a clip when Barbara is in?
The year 2050
“I hate that the customer is always right.
And for that reason I’m out.”
I luv this idea
ii LIKE this SHOW 💯
"They're gonna REALLY regret not going in with us!"
Lady, they don't regret passing on Ring doorbells. You really think they're gonna regret a cake deal?!
“The customer’s always right, mark.”
“Yeah, that’s wrong.”
As someone who works in retail, I can tell you that my appreciation for mark has just skyrocketed.
Sometimes, the customer is truly, just wrong.
And sometimes the retailer is too.
Barbara: "My shirt has too many dots; and for that reason, I'm out"
They just hit 1 million
Its the customers that pay you pal..
That made me sad. Can't understand why they wouldn't make some kind of offer. With guidance they could be profitable
saying thank you as a response to "im out" is something i don't understand, a nod or an ok will do.
As soon as he said we have 3 and a half full-time employees, I was out lol
Barbara: "Daymond is driving me crazy, for this reason, I am out"
While yes the customer is not always right, it’s about understanding their needs and knowing the best way to provide them. But yes, the customer’s way of wanting it may not actually be right and in fact, may not be the better way. That’s why it’s not about what they need, why they need it.
Barbara: I’m out and for that reason, im out
Barbara: _”I’m not into fun & happiness so for those reasons I’m out”_ 😂😂
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I dont mind the curated gifts AT ALL! In fact I love it! As a man, I have NO CLUE on what to buy for others and their way lets me just pick one (I am lazy, haha)
Yeah the idea makes sense. Some parents have no clue what to buy their kid or what hype/trend they’re on. Having an advisor to help them out would make the process easier imo
so youd rather a complete stranger tell you what you should be getting that could be a meaningful gift for the people in your life you are supposed to care about, instead of just paying attention to them so that youd know without a doubt what they are interested in? yeah you hit the lazy nail on the head. lets promote being worse people for the sake of giving someone else our hard earned money to prove to the ones we love that we dont really pay attention. makes sense
Dis guy was on Dream's channel
Damien had gangster ass party's 😂
Barbra: Daymond hat is not straightened out. I’m OUT. 😅
Why were the curated gift pods a really bad idea?
Barbra likes her hats straight and pointy ;)
Barbra: Your hat is not straight....for that reason I'm out
Barbara: I don’t like how Damon is wearing his party hat and for that reason I’m out
Hands down I would choose Marc Cuban And Jerry Jones
They didn't even give them a chance lol like not one compromised offer??
2:37 is so funny…
Barbara: Daymond won’t fix his hat and for that reason I’m out.
Daymonds hat 😂
I don’t understand why they think this will be a winner
Barbara Corc....”im out!”
Barbara : I have decided to grow my hair. For that reason, I'm out! ✍🏻
1:54 Lori just sweetly dissed a whole culture
Man really just said that he’s got three and a half employees
why star in the shark tank if you’re always out Barbara?
Barbara was out!? I was shocked
Barbara : since i don't like daymond's way of wearing a birthday hat, I'm out
Apart from Ring, I think the sharks have always been right when they say " dont do it!!"
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I think there has been a couple more but Ring is the biggest
Barbara pokes
Barbara bails out
I’m sure glad Amazon listens to their customers....
Barbara: you have a great company, so I'm out
Anyone else picturing half a person working at a bake shop?
Barbra: It's not my birthday....for that reason I'm out