When Shark Tank investors Mark Cuban and Lori Greiner shared insights on small business marketing and brand growth

On September 29, 2023, Shark Tank investor and entrepreneurs Mark Cuban and Lori Greiner provided guidance on small business marketing and brand growth during a Good Morning America interview. Cuban and Greiner outlined key strategies, such as communicating brand value, engaging with content creation, and making cautious advertising investments.

They advised entrepreneurs to take an active role in marketing efforts and leverage cost-effective methods before committing financial resources to advertising.

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Strategies for effective small business marketing and brand growth from Shark Tank's Cuban and Greiner

Communicating brand value to potential clients

One of the greatest challenges for small companies is conveying their value proposition to prospective clients, particularly when approaching a market that is not the company's primary target. In the interview, one video caller named Maxine asked a question to Shark Tank panelists.

Maxine first introduced herself as a "young startup founder" of a company in Basco, which maximizes product marketing for Generation Z. She then asked how she can position her startup to brands that do not necessarily put a premium on that audience.

Lori Greiner stressed the importance of a concise statement to define Generation Z’s significance. She stated:

"I always think it's important whenever you're selling anything to have one simple sentence that explains what is Gen Z, who are they, why are they important."

She suggested that business owners highlight their unique selling proposition and differentiate themselves from competitors. Cuban advised demonstrating previous successes to potential clients. He added:

"Then just show that company your example of success, what's worked for you, because companies want to copy what’s worked for other companies."

According to the Shark Tank investor, providing proof of effective strategies can help build credibility and attract business partnerships.

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The role of content creation in small business marketing

Another common question among entrepreneurs is whether hiring a content creator is beneficial for small businesses. During a conversation on Good Morning America, a viewer named Ralph from Phoenix posted a question via social media. He asked whether hiring a content creator is a worthwhile investment. Cuban added that business owners should initially handle their content creation. The Shark Tank investor explained:

"When you're a small business that has to be you, when you're an entrepreneur that just created a business, you have to eat, sleep, and breathe your company and just be excited to post everything that's happening."

Cuban indicated that the founder’s direct involvement in content creation is essential for authentic brand representation.

Greiner agreed and suggested that small business owners observe successful marketing approaches before making financial commitments. She emphasized the value of learning from other businesses before deciding whether hiring a content creator is necessary or not.

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Advertising budget considerations for startups

Determining the right amount to invest in advertising is a significant concern for startups. Jenny from Massachusetts asked whether there was a recommended percentage or dollar amount a business should allocate toward advertising.

Mark Cuban noted that some businesses may not need to spend on advertising if their customers naturally promote their products. He suggested that businesses start with meager advertising budgets and experiment with different approaches before making investments.

Greiner emphasized that paid advertising is not always necessary due to the availability of free marketing channels. She explained:

"You don't have to spend money on advertising anymore; social media is the best invention for advertising ever."

The Shark Tank investor highlighted that businesses can use social media platforms at no cost, requiring only time, creativity, and a mobile device.

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Tune in to Shark Tank on ABC Fridays at 8 PM ET, with streaming options available on Hulu.