"No such thing as genius in the darkness of the basement" - Shark Tank's Robert Herjavec on common marketing mistakes small businesses make

Shark Tank investor Robert Herjavec, in an interview with Inc. host Eric almost a decade ago, shared the mistakes that new business owners often make while marketing their products. This could be a challenge for them, and he highlighted how the same is limiting their growth potential.

The Shark Tank investor shared his insights into why these businesses struggle with marketing and everything that can be done to improve the same.

Herjavec pointed out that having a great business means nothing if customers are not aware of its value at all. He thinks that a USP (Unique Selling Proposition) is very important for any business model. Talking about the same, the Shark Tank investor gave an example highlighting the problem. He said,

"From my experience, I've learned that there's no such thing as genius in the darkness of a basement. The world does not beat a path to your door."

Shark Tank investor Robert Herjavec on marketing mistakes that small businesses make

The point that he highlights is how small businesses assume that making great products or providing good service will naturally attract customers to them. However, that is not the case.

Robert says that this ignorance could one day lead to the stagnation of the business. He says that even if a product is excellent, it needs to have visibility. He thinks that companies must reach out to potential customers through various marketing channels. Robert says,

"Smaller businesses often believe that if they build something great, people will just find them."

He explained that a good product is not good on its own, as the world needs to know about it.

The other thing Robert highlighted was the concept of branding. He says,

"Tony talked about a brand, and I find that as I talk to a lot of businesses, the ones on the smaller end of the spectrum tend to be worse at marketing and sales."

He explained that it is important for any business of any size. He says that without a well-defined brand, entrepreneurs struggle to differentiate themselves in the marketplace. Thus, according to him, a strong brand identity is important to spread a clear message and establish a presence.

At the beginning of the interview, Robert Herjavec talked about his goals with the business and how he is always looking forward to growing the revenue and the entire business in general.

However, he has seen many small business owners who only focus on short-term revenue targets instead of seeing the long picture. Giving an example of this, Robert reminisces,

"I spoke at a conference a couple of weeks ago, and the biggest business in the room was two million. I asked them, 'How do you define big? What's your dream?' And they were like, 'Oh, five million. If I could get to five million in sales…'"

According to him, this is a limiting belief that hinders the growth of a business in the long term. He thinks that setting targets that are achievable in the short term is important, but everyone should have a long-term vision.

Shark Tank's Robert Herjavec thinks that marketing and sales are both important for a business. However, small businesses do not think of them as the same, and this is what differentiates them from larger organizations. Explaining the subject, he expressed,

"Larger businesses are generally more successful, while smaller businesses often believe that if they build something great, people will come to them."

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

Edited by Priscillah Mueni

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"No such thing as genius in the darkness of the basement" - Shark Tank's Robert Herjavec on common marketing mistakes small businesses make

Shark Tank investor Robert Herjavec on marketing mistakes that small businesses make

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