"In love with the product" - Shark Tank's Kevin O'Leary advocates creating a brand image for 'real success'

Shark Tank investor and entrepreneur Kevin O'Leary recently shared on his Instagram the importance of building a brand for a product. He cited the example of legendary businessman and billionaire Steve Jobs, who had created the Apple company.

Building a brand is important in a world where consumers are spoiled with the option of choice all around them. The modern market demands more than just utility, it also demands connection and identity. Kevin explained why it's the brand and not the founder who leads a company to long-term success and financial freedom.

The Shark Tank investor said,

"Brands are built around communities. People that fall in love with the product. If you go buy a laptop for just doing spreadsheets or word processing or whatever else you use it for, you have plenty of options.

He added,

You can spend $300 and buy a Windows laptop that does the exact same thing as an $1800 Apple Mac. Why would you pay $1800 when you can buy the same thing for $300? Well, the difference is brand."

Shark Tank investor Kevin O'Leary advises entrepreneurs to build a brand before a product

At the heart of his argument, Kevin O'Leary, the Shark Tank investor, talked about the Apple MacBook compared to the options available with cheaper Windows laptops. To the blind eye, the disparity between the costs might look like a lot, but Kevin says that it is because of the brand that Apple has built. He says,

"That brand is supported by immense amount of customer support and a vision for the company that they keep telling you they have and then building other services and features that you have grown to love as a Mac user."

As for the loyalty and love for a brand that the Shark Tank investor talks about, he says it is not cultivated overnight. It is built through consistency and trust, and most importantly, the community that indulges in it. Apple did not just sell computers, but they sold a lifestyle that people wanted to be associated with.

The first step to building a brand is to solve problems for the consumers.

"That’s what you’re trying to do as you start your company," O’Leary says, shifting focus to entrepreneurs. "You’re trying to get people to understand who you are, what your vision is, but more importantly, that the product solves a problem for them."

He then explained that the founder will become less relevant than the brand that he has created. This is the "tipping point" where the company undergoes a major pivot and thus, they attain success in real life. It will drive the entrepreneur towards financial freedom and growth.

He said,

"And that's a wonderful tipping point because that's what makes you financially free one day. Someone will say, 'Look, I want that brand.' They may not care about you, they may not even know you started the brand. They don't care. That's the point. And that's what every entrepreneur should understand."

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Shark Tank season 16 episodes release weekly on ABC at 8 PM Eastern Time on Fridays. They are later available to watch on Hulu.

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