Most unicorn companies have expanded to new borders and opened locations all over the world. As globalization becomes more and more prevalent, it is very important to not fall behind and miss the many opportunities awaiting in various countries. These unicorns have many trends that they follow to ensure they will continue to increase their revenue, but before we discuss what they are (and the importance of following them) we should familiarize about what unicorns are.
What is a unicorn?
Unicorn: A unicorn is a privately held startup company valued at over $1 billion. Aileen Lee started the term in one of her articles, and it quickly stuck and became a common household term among businesses. The reason it is called a unicorn is that it is difficult for businesses to actually achieve the goal of reaching $1 billion, so it is as “mythical” and rare as a unicorn (to give some perspective, there are only about 235 companies that have hit the unicorn status)
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So, now that you know what a unicorn is, let’s talk about what exactly trends they follow to be so successful.
In order to really grow, you need to be unique from your competitors.
For example, Uber is one of the top valued companies (valued at $68 billion), and one of the reasons they made so much, was due to their uniqueness. Before Uber, people only got rides from cabs. They usually had to be downtown a populated city and had to flag down a cab. Now, it is so easy to get a ride. You just open up an app on your phone, and can instantly order a car from anywhere. You can order any type of car, depending on how many people you need to shutter, and it will pre-tell you your final price. It instantly became a big hit, due to the convenience and how it is cheaper than the traditional cab.
So, learn from Uber. Find what your top competitors are and brainstorm ways that you can differentiate yourself from them. Doing so, will give you a one-up on other companies similar to you, and make you stand out to potential customers.This is something the unicorns do to be so successful, and a trend all businesses should follow.
Something that is important when trying to become a unicorn, is to jump on opportunities. Obviously, you would want to make smart business decisions, but you should also be sure to jump on all opportunities that come. Unicorns are sure to do this. They make partnerships and business alliances (when two or more companies group together to help each other, usually to lower costs and create deals where both companies benefit) which help them succeed, especially in the global market. Being proactive is much more than just that though. It is working hard and making things happen, over sitting around and waiting for them. It is important to go out and promote your company instead of just hoping that people hear about it.
Determine and Adjust your Business Model
Your business model should mean everything to you. A business model is a plan that you create to follow that gives an outline for financing, reaching a customer base, and every aspect of your business. It discusses how you deliver and create revenue.
Don’t forget: Your business model can make and break your business so it is crucial that you do it right.
Unicorn’s business models are well thought out, and make sure that they alter their model for every different country and/or culture they are trying to market to. I know this may sound like a lot of work, but it really is not as hard as you would think. You need to figure out who your ideal customer is and what kind of things would appeal to them. Research and teaming up and talking to other successful businesses is a great way to start.
In conclusion, I hope you realized the importance of following the global trends of unicorns. Analyzing how these successful companies grow can help you see firsthand what works and what doesn’t. Every company dreams of being a unicorn: but following in the footsteps of what all unicorns do will get you there.