Coming in at No. 58 and No. 59 respectively Mr Mirkovic and Mr Tomic are the youngest entrants to make it into the Australian Financial Review’s 2017 Young Rich List.
HiSmile have tapped into a worldwide consumer phenomenon of millennial’s, calling upon their savvy social media marketing practices to quickly build a business empire. Launching their business in 2014 with $20,000 of their of funds, the duo claim to have an annual revenue turnover of $20 million.
Garnering online and social media endorsements from celebrities such as Keeping up with the Kardashians star Kylie Jenner and mixed martial arts star Conor McGregor, Mr Mirkovic predicts that figure will double to $40 million in the 2017-18 financial year and hopes to turn HiSmile into an international billion dollar company only three years after starting the business.
In September of 2016, a post on Jenner’s Instagram account, which has over 75 million followers’ worldwide, included a plug to the HiSmile product and landed more than 1.5 million likes online.
The business now has a combined reach of more than 1.5 million across Facebook and Instagram and this continues to grow. The duo attribute their business growth as being driven by HiSmile’s increasing power on social media, a marketing channel the company spends 50% of its revenue on.
The duo are reportedly worth an estimated joint fortune of $46 million made by mainly targeting 15 to 25 year-olds with their online influencer marketing strategy. According to Mr Mirkovic finding the right people to sell your product online is business critical, stating that the HiSmile “marketing strategy began on Instagram through visuals and an influencer strategy as part of this.”
HiSmile’s teeth-whitening product range includes a one-size-fits-all attachable mouth tray and LED kit that costs $79.95, toothpastes, gels and coconut oil mouthwash. They also have close to 30,000 subscribers who pay between $19.95 and $29.95 per month to have their toothpaste and other products delivered.
“We saw a massive gap in the teeth whitening market,” said Mirkovic. “We thought it was a pretty boring industry that didn’t give the consumer much option.”
Topping the 2017 Young Rich List, of Australia’s top 100 wealthiest self-made citizens aged 40 and under, were the co-founders of software company Atlassian, Mike Cannon-Brookes and Scott Farquhar with a combined wealth of $607 million.
Dave Greiner and Ben Richardson from Sydney web marketing business Campaign Monitor placed 3rd and 4th on the list, supermodel turned businesswoman Miranda Kerr placed 62nd and global health and fitness guru Emily Skye also made her debut in the list placing 83rd.
The list, compiled and published annually by the Australian Financial Review demonstrated a booming property sector, technology market and beauty industry. Overall there were 27 members to make their debut on the 2017 Young Rich list and nine women were named among the top richest Australians, up from eight in 2016.