Robert Herjavec On Shark Tank (Image Source: Instagram/@sharktankabc)
Highlights
- Robert Herjavec explains how marketing is essential for business growth and simply having a great product or service is not enough.
- Robert believes that without clear branding, small businesses struggle to differentiate themselves and gain customer loyalty.
- Robert recommends aspiring entrepreneurs to set ambitious goals beyond short-term revenue targets.
Robert Herjavec, a celebrated Shark Tank investor and seasoned entrepreneur, has years of watching small businesses struggle. In an interview close to a decade ago with Inc. host Eric, he revealed his take on new business owners’ typical mistakes, especially when it comes to marketing their services or products. He cited that most small businesses produce good products or provide good services but because they lack marketing skills, their growth potential is constrained.
The Myth of “Build It and They Will Come”
One of the largest misconceptions Robert identified is that most small business owners mistakenly think that merely possessing a superior product or service will automatically lead customers to you. This idea, though, is incorrect. He demonstrated this by using a profound statement: “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.”
That is to say that regardless of how new or good the product is, if it is unknown to people, it is not going to sell. Most small firms work on the idea that their work will be recognized by itself. But without strategic marketing, even high-quality products will remain unknown. Robert emphasized the importance of visibility. Businesses need to go out and actively seek out potential consumers through different modes of marketing, and not wait for the consumer to come to them. He succinctly stated: “Smaller businesses often believe that if they build something great, people will just find them.”
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The Power of Branding
The second error entrepreneurs make is not valuing the importance of branding. Robert explained that having a good brand image is crucial in distinguishing oneself within a competitive business environment. He referenced an exchange with business owner Tony Robbins, where they discussed how branding contributes to a firm’s success. “Tony spoke about a company, and the more companies I talk to, the worse ones on the lower rung of the ladder are at sales and marketing.”
AsRobert states, companies of any size must create a distinct brand identity in order to stand out. Without a clear brand, small companies cannot effectively convey their worth and build a loyal following. Branding and marketing are synonymous, and those companies that don’t understand this fall behind the rest.
Short-Term Thinking vs. Long-Term Vision
Aside from marketing and branding, Robert Herjavec also touched on a mentality problem on the part of small business owners—their short-term view of growth. He observed that most entrepreneurs create short-term revenue targets instead of focusing on the long-term growth of their business. He gave the example of one conference he was at, in which he explained: “I was at a conference a couple of weeks ago, and the largest business in the room was two million. I asked them, ‘What do you think big is? What’s your dream?’ And they were like, ‘Oh, five million. If I could reach five million in sales…'”
To Herjavec, this type of thinking shortchanges business potential. While setting realistic short-term goals is important, he thinks that small business owners must also think bigger and plan for long-term growth. Having a long-term vision enables companies to make strategic decisions that transcend immediate bottom-line goals.
Sales and Marketing: Maintaining the Proper Balance
Robert concluded his observations by pointing to the key difference between small companies and large organizations—their sales and marketing strategy. He illustrated that small businesses tend to function with the two divided, while large corporations have them working in unison. To Herjavec, marketing and sales must complement each other. A great marketing approach acquires potential customers, and a good sales process turns them into consistent buyers. Without a balance between the two, companies fail to scale past a point.
Shark Robert Herjavec’s advice is a timely reminder that visibility, brand identity, and vision are key to business success. No matter how good the product is, it will not realize its potential without exposure, brand recognition, and long-term growth strategy. Business leaders who embrace these principles can break free from the cycle of stagnation and build businesses that endure in the long run.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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