In the dynamic world of business, where giants reign supreme, startups and SMEs often find themselves facing monumental challenges. That’s why it’s important to take notes from businesses that turned unicorn.
If you find yourself dreaming of taking your own business to unparalleled heights — you’re in the right place.
On that note, let’s discover the secrets behind these mythical unicorns.
1. Find Your Niche, Like Airbnb
Every SME turned unicorn has a unique story, and Airbnb‘s journey from an air mattress rental platform to a global hospitality powerhouse is a prime example.
Long before Airbnb persuaded strangers to sleep in one another’s homes and became a $31 billion company, it was just an idea to make an extra buck and pay the rent.
Now, less than a decade later, they’ve transformed Airbnb into a bona fide empire, disrupting the traditional hotel industry.
Follow their lead and achieve unicorn status by identifying your business’s niche and focusing on serving it well.
Identify your business’s niche and focus on serving it well.
2. Innovate Fearlessly, Like Slack
Slack, the collaboration platform that revolutionised workplace communication, embodies the spirit of fearless innovation.
Recognising the shortcomings of traditional email and chat tools, Slack introduced a fresh approach that transformed how teams communicate and collaborate.
Take a page from their book and foster a culture of innovation within your organisation.
By innovating fearlessly, you can position your SME as a game-changer in your industry.
3. Build a Loyal Community, Like Peloton
Peloton, the fitness-tech phenomenon, tapped into the power of community to achieve its success.
By combining connected exercise equipment with engaging content and a vibrant community, Peloton created an unparalleled fitness experience.
Emulate their approach by building a loyal community around your brand.
When you cultivate a tribe that passionately champions your brand, word-of-mouth marketing becomes a potent force that shifts your business towards unicorn status.
Build a loyal community around your brand that shifts your business towards unicorn status.
4. Deliver Exceptional Customer Service, Like Zappos
Zappos, the online shoe and clothing retailer, transformed customer service into an art.
By prioritising exceptional customer experiences, Zappos fostered unwavering loyalty and customer advocacy.
Take a cue from their playbook and make customer delight your superpower.
Great customer service is your company’s superpower.
5. Be Agile and Adaptive, Like Netflix
Netflix’s transformation from a DVD-by-mail service to a streaming giant is a testament to the power of agility.
When faced with shifting consumer preferences, Netflix swiftly adapted its business model and embraced digital streaming.
Emulate their agility by staying attuned to market trends, embracing technological advancements, and being open to change.
A willingness to pivot and adapt enables your SME business to seize new opportunities.
6. Leverage Data-driven Insights, Like Spotify
Spotify, the audio streaming platform, harnessed the power of data-driven insights to disrupt the music industry.
By analysing user preferences, listening habits, and content data, Spotify personalised the music experience and curated playlists tailored to individual tastes.
Follow their lead by implementing data-driven decision-making in your business.
Leverage analytics tools to gain deep insights into your customers, optimise your marketing strategies, and deliver unique experiences.
The power of data can propel your SME business towards unicorn status.
7. Cultivate Strategic Partnerships, Like Uber
Uber, the ride-hailing disruptor, thrived by forging strategic partnerships with drivers, cities, and other businesses.
By collaborating with various stakeholders, Uber expanded its reach, built trust, and accelerated its growth.
Embrace the power of partnerships in your business.
Seek alliances with complementary businesses, influencers, or industry leaders to expand your reach and create mutually beneficial opportunities.
8. Foster a Positive Company Culture, Like Patagonia
Patagonia, the outdoor clothing retailer, is renowned for its commitment to environmental sustainability and employee well-being.
By fostering a positive company culture that aligns with its core values, Patagonia attracts top talent, nurtures employee loyalty, and inspires meaningful work.
Prioritise your company culture by embodying your values, promoting work-life balance, and encouraging a supportive environment.
Foster a positive company culture that aligns with its core values.
9. Focus on Scalability, Like Zoom
Zoom, the video conferencing platform, skyrocketed to success by providing a scalable solution for remote collaboration.
From small business to global enterprise, Zoom’s platform adapted seamlessly to meet the demands of a rapidly growing user base.
Meet the demands of a rapidly growing user base.
When building your SME business, invest in scalable technologies, develop streamlined processes, and be prepared to handle increased demand.
10. Stay Committed to Your Vision, Like SpaceX
SpaceX, the aerospace manufacturer, embodies an unwavering commitment to its vision of transforming space technology.
When SpaceX was founded by Elon Musk in 2002, it started as a relatively small private aerospace manufacturer and space transportation company. Fast forward to today, SpaceX is known for its ground-breaking achievements in space exploration and satellite launches.
Despite numerous setbacks, SpaceX persevered, successfully launching reusable rockets, and making space exploration more accessible. Out of this world, right? We know!
Embrace resilience, learn from failures, and keep pushing forward.
Achieving unicorn status may seem like a lofty goal, but the journeys of these startups and SME businesses that turned unicorn prove that extraordinary success is within reach.
Embrace your unique value proposition, innovate fearlessly, and build a loyal community. Prioritise exceptional customer service, be agile and adaptive, and leverage data-driven insights. Cultivate strategic partnerships, foster a positive company culture, and focus on scalability.
With passion, perseverance, and a sprinkle of magic, your SME business can become the stuff of legends.