Last Friday night on Shark Tank, Mark Cuban invested $1 million in a boxed, wine-based cocktail business. Why?
Excellent marketing and branding.
The founders of BeatBox Beverages, launched in 2013, have done a terrific job with creative branding, customer target definition, and positioning. Cuban was sold on the growth opportunity for this fun, lifestyle, experiential brand.
The company has a well-defined purpose with an easy-to-get brand essence, posted on its website:
“There’s no better feeling than having that perfect song play through the speakers that just sums up the way you feel at that moment. We’re passionate music fans, too. So, we designed BeatBox around music and with that euphoric feeling in mind. To us, it’s not just a drink – it’s an experience.”
“BeatBox comes in a sharable 5L box and is best served chilled and with friends. So get out there and laugh with old friends, make some new ones, and live life the way it’s supposed to be lived – with your eyes and ears open.”
Here’s their pitch on Shark Tank:
Shark Tank filmed the episode in June and BeatBox management had to keep the outcome a secret the past four months. But behind the scenes, Cuban was active with a long strategy meeting, weekly telephone calls and ongoing email communication, the founders told the Austin Business Journal.
Bottom line: If the products taste good — Blue Razzberry Lemonade, Cranberry Limeade, Box A’Rita, and Texas Sweet Tea — BeatBox Beverages looks like a winner.
BeatBox Beverages earned a $1M Shark Tank investment from Mark Cuban because the founders created a differentiated concept with clever branding, defined targeting and clear positioning. It’s well-executed marketing discipline in action.
Harvey Chimoff is a marketing and business team leader who drives performance in consumer products and manufacturing companies.