Wishpond is excited to bring you a Q&A session with one of the most successful entrepreneurs of all time, Mark Cuban.
Mark Cuban scaled and sold multiple businesses in the 1990’s, eventually resulting in the acquisition of his company broadband.com to Yahoo for a $5.7 billion dollar valuation.
He’s now an investor, owner the Dallas Mavericks, and a highly sought after business and marketing mentor. Mark’s seen thousands of pitches over the course of his life and has personally helped grow hundreds of businesses in the process.
Drawing on this wealth of experience, we asked Mark to answer 4 quick questions related to business, marketing, and entrepreneurship.
I hope you enjoy!
Q: Does every company need to be on social media?
Mark: Yes. Not every company needs to post on social, but they need to be acutely aware of what is being said about them.
Wishpond Tip: Rather than staying glued to your computer screen trying to monitor your social media accounts, try the app Mention to monitor who’s saying what about your business in real time.
If you want to get even more advanced, try setting up an integration between Facebook or Twitter with Zendesk, Groove, or any other help desk software you have using the platform Zapier. This way you’re support team can automatically be notified in one place whenever a new comment is made on one of your social media accounts
Q: What’s the biggest mistake you see marketers making today?
Mark: Chasing trends rather than thinking through what the best solution is for any given product.
Wishpond Tip: When deciding between different marketing channels and tactics, first think about who you’re trying to reach, and second about the most effective way to communicate with that audience.
Marketers who are quick to jump on trending channels like Snapchat or in app advertising, might come to realize that while a specific channel might be all the craze at the moment, it might not be the most effective avenue for new customer acquisition.
To discover what the best avenue would be best suited for your business, I’d recommend honing in on a core traction channel before looking around for new ideas.
Q: What’s one piece of advice you’d give to entrepreneurs trying to scale a business quickly?
Mark: Sales cures all.
Don’t fall into the trap of focusing on vanity metrics like click through rates, email opens, and social shares. Know how each of your marketing initiatives is playing a role in your sales funnel so that you can optimize for what really matters: sales.
Q: What’s the #1 marketing tool that’s made the biggest difference in any of your businesses over the past 2 years?
Mark: 2 years ago it was influencers, now it’s organic video.
Q: Can you clarify what you mean by organic video?
Mark: Telling stories on video that include your company and what it does.
So if you are riveter, one of my shark tank companies , it would be a video on their website and distributed about the military wives who make their products.
It’s a compelling story and it tells the company’s story.
Check out R. Riveter’s organic video to get a sense of what Mark’s referring to.
There you have it! A short Q&A with the legendary Mark Cuban. We want to thank Mark for taking the time to answer our questions and we encourage our readers to check out Mark’s blog at Blog Maverick for more of his thoughts on business, marketing, and entrepreneurship.