"Survive and thrive" — Shark Tank's Lori Greiner shares 5 expert tips for small businesses to stay ahead

Lori Greiner, an entrepreneur and investor on Shark Tank, recently shared a few tips on how small businesses can flourish. In a recent Instagram post, Greiner suggested that the main factors in business are differentiation, understanding the target market, customer service, and staying unique. She said:

"Here's my top 5 tips for small businesses to survive and thrive."

Greiner's advice, which she offered in a video posted on February 4, 2025, is a strategic guide for businesses looking to be different in competition.

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Essential strategies for small businesses to stand out and succeed according to Shark Tank's Lori Greiner

1) Be unique and different

Lori Greiner stressed the importance of being unique in the business world. She stated:

"The more unique and different you are, the more needed you are."

In a market full of competition, differentiation becomes the key factor in attracting customers. The Shark Tank investor mentioned that by providing something unique, businesses can differentiate themselves and make their target market more aware of them.

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2) Know your market

Understanding the customer base is a critical element in the success of a small business as Greiner pointed out:

"Know your market. Make sure you know who you're selling to so that you know how to sell them properly and you're giving them what they want."

Knowledge of the market requires extensive research about potential customers, their needs, preferences, and pain points.

The Shark Tank investor argued that businesses possess such knowledge and hence can develop strategies for marketing that will best cater to such needs, raising chances of capturing and retaining them as customers.

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3) Put a face to your brand

Another piece of advice from Greiner is to make the business personal. She advised:

"Put a face to your brand. Make yourself your brand."

The more small businesses make an effort to connect with their audience on a personal level, the more humanized the brand will be. The Shark Tank investor added that when people see the person behind the business, they are more likely to connect with it, which breeds trust and loyalty.

This connection also helps businesses build a more recognizable identity, leading to long-term success.

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4) Prioritize customer service

According to Greiner, any business cannot work without customer service. The Shark Tank investor gave importance to customer service by claiming:

"Be super service-oriented and caring. Customer service is everything."

In competitive markets, quality service can mean the difference between retaining clients or losing them. According to Greiner, it takes a lifetime to win a customer, but only one moment to lose one.

If customers are provided with quality service day in and day out, they will be appreciated and therefore have a good chance of coming back and bringing friends along with them.

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5) Know the competition, stay true to your vision

While it's important to have an eye for competitors, as the Shark Tank investor pointed out, one also needs to not lose sight of one's original vision. She said:

"Be aware of the competition but do your own thing."

Lori emphasized that one can learn much about market trends and opportunities by watching what the competition is doing, but one should not simply copy what the competition is doing. Instead, staying focused on their unique strengths and offerings keeps businesses individualistic and distinct in their industry.

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Catch Shark Tank on ABC every Friday at 8 PM ET, or stream full episodes anytime on Hulu!