Balm Chicky Balm Balm
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 3, 2015
Asking For:
$75,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Balm Chicky Balm Balm offers a unique twist to the conventional lip balm by introducing the "Friend End," a separate pot of lip balm on the flip side, promoting a clean and germ-free personal use while allowing easy sharing.
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Background Story
Balm Chicky Balm Balm was founded by individuals with a passion for lip balm and a penchant for creative problem-solving. The founders share that they reside in the mountains, setting the backdrop for their outdoorsy lifestyle. The genesis of the product idea emerged from a common inconvenience faced during their mountain adventures – the ubiquitous practice of lip balm borrowing. Living an active life that included skiing, the founders noticed that every time they pulled out a lip balm, it became a shared commodity, leading them to consider the need for a solution.
In response to this challenge, the founders conceived the innovative “Friend End” concept, a unique twist to the conventional lip balm design. The Friend End features a separate pot of lip balm on the flip side of the tube, promoting not only the cleanliness and hygiene of personal use but also transforming the product into a shareable and conversation-worthy accessory.
Despite residing in the mountains, their product vision transcends geographical boundaries, as evidenced by its presence in over 60 stores across the U.K., Canada, and the U.S. The founders’ background experience and expertise in lip balm usage, coupled with their entrepreneurial spirit, drove them to pursue this unconventional idea. Their journey reflects a commitment to innovation and a desire to carve a niche in the competitive beauty and personal care market.
The Product
Balm Chicky Balm Balm introduces a revolutionary approach to traditional lip balm with its distinctive product design. The key feature of this innovative lip care solution is the “Friend End.” The tube comes equipped with a patented design, featuring a separate pot of lip balm on the flip side.
This unique characteristic serves a dual purpose – it allows users to be generous in sharing their lip balm while ensuring the other end remains pristine and germ-free for personal use. The product is designed to transform an everyday item into a shareable and conversation-starting accessory.
The founders emphasize its appeal not only as a functional lip care product but also as a social icebreaker. This makes Balm Chicky Balm Balm not just a beauty product but a lifestyle accessory. The product’s unique design, coupled with its availability in various markets, positions Balm Chicky Balm Balm as an innovative and conversation-worthy addition to the beauty and personal care industry.
How It Went
The company’s position before Shark Tank
Balm Chicky Balm Balm demonstrates an intriguing product but reveals a modest performance in terms of sales and market penetration. The founders acknowledge that their primary focus was on establishing a supply chain and gauging market interest rather than executing an aggressive marketing strategy. With a total of $17,000 in sales, the company is at an early stage of its journey, and the founders consider this figure more as a proof-of-concept than a significant revenue generator.
The product is currently available in over 60 stores across the U.K., Canada, and the U.S. Although specific partners and wholesalers aren’t disclosed in the provided transcript, the founders allude to their deliberate decision to enter these markets with minimal marketing investment. As for funding, the founders mention that they initiated the venture without significant capital investment. Their strategy seems to have focused on leveraging existing resources, such as obtaining a patent for their innovative design.
However, the exact financial health of the company, including profits and losses, available capital, and the current company structure, remains undisclosed in the provided information. Balm Chicky Balm Balm positions itself for mass appeal, indicating potential licensing opportunities due to its patented design. The company’s structure and partnerships are not elaborated upon in the transcript, leaving room for further exploration and development as they navigate the beauty and personal care market with their unique lip care solution.
The Negotiations:
During the negotiation segment on “Shark Tank,” Balm Chicky Balm Balm faced scrutiny from the Sharks, who expressed concerns about the product’s market positioning and limited sales. The founders, Abby and partner, presented their unique lip balm with the “Friend End” concept, seeking a strategic partnership to propel their business forward. The negotiations began with questions about the origins of the idea, to which the founders explained their passion for lip balm and the inconveniences they experienced during outdoor activities, leading to the development of the innovative design.
The Sharks, however, were skeptical about the market potential and viability of the product. As the founders revealed that they had sold $17,000 worth of Balm Chicky Balm Balm, the Sharks expressed disappointment in the sales figure, considering it more of a proof-of-concept than a substantial market presence. The Sharks, notably Kevin O’Leary, criticized the approach of entering the market with minimal marketing investment, emphasizing the need for substantial sales figures to justify the product’s appeal.
Despite the founders’ flexibility in addressing objections and expressing their desire to target the mass market with potential licensing opportunities, none of the Sharks made an offer. Mark Cuban advised the founders to focus on their niche in adult entertainment, while Barbara Corcoran commended the catchy name but ultimately declared herself out. In the end, all the Sharks passed on investing in Balm Chicky Balm Balm. The negotiation highlighted the challenges the founders faced in convincing the Sharks of the product’s market potential and the need for a more focused business strategy to drive sales and growth.
