Every company is looking for the secrets to go from startup to unicorn. It's obviously easier said than done. But there are some tried and tested methods that have produced incredible growth in the past. Here’s five ways to grow while you’re in an accelerator.
1. Create an effortless user experience
If a product or service is going to sell, it needs to have a clean and convenient UX. Whether it's a website or a mobile app, the user has to be able to find the product and consume it without any effort. This includes things like account creation, signing up for newsletters, purchasing, customer support contacts, and everything else the user might need. This is what keeps customers loyal and brings in new ones.
2. Referral marketing
Referral marketing is one of the easiest and hands-free ways to grow a start-up exponentially. The crazy growth of Dropbox is a perfect example of a referral program making waves. It's hard to get the interest of a customer through ads, or attempts at attracting customers. An incentive program for current users to give referrals both keeps those users active and creates exponential growth in new users simultaneously. Plus, people listen to their friends, and when their friends tell them to join something there's a better chance they do rather than when they see an ad.
3. Create a strong social media presence
Social media presence on different platforms is massive for growth. Social media allows companies to reach large markets and notify them, keep them updated on changes, and market the product or service in a familiar medium to the consumer. Plus, it enables companies to interact more efficiently with consumers, and makes them feel more connected to the brand. It also allows consumers to share the profile to others efficiently.
4. Have a clear vision
This starts from the top of the company and goes all the way down to the bottom. Making sure there is a clear vision from the consensus of the leadership. This, in turn, is instilled in all of the employees. This is a key factor that attracts investors, a company that knows where it wants to be and has a plan on how to get there, with momentum from the entire organization being on board. In tangible form, this would be clear core company values, a mission statement, and a business plan that is headed by the entire organization. Hiring those who buy in and firing those who don’t are necessary steps to take.
5. Global expansion
Most startups who are on track to becoming unicorns are already doing well selling in their initial markets. The leap that can often make a company a unicorn is global expansion. Initial markets can provide large revenue numbers and attract certain investors, but hitting multiple markets globally can exponentially increase revenue and attract investors from different areas of the world. This can thrust a startup to unicorn status without a doubt.