Your path to unicorn status in 2023: five tips for success

Unicorns are companies valued of at least $1b. (Fun fact: Aileen Lee, Founder of Cowboy Ventures, first coined the term back in 2013, in her article ‘Welcome to the Unicorn Club: Learning from Billion-Dollar Startups' for TechCrunch).

What are the most common traits of a unicorn startup?

• Disruptively unique: Doing something better than what existed before, with defensibility interwoven in your DNA.

• Technological (and therefore scalable): The business is intrinsically able to service a high amount of the addressable market.

• Customer-focused: The top thing that matters. Yes, more than your investors!

• Efficient: Lean, agile, able to jump on big trends and grow in an efficient way.

Such businesses were classified as unicorns due to the scarcity of privately-held startups achieving this billion-dollar valuation—but unicorn companies are no longer so rare...

There are now more than 1,000 unicorns around the world, and startup vocabulary is expanding to accommodate increasingly large valuations: businesses worth over $10b are known as ‘decacorns’, while those worth over $100b (such as SpaceX, Bytedance, and - mouth vom - Shein) are known as ‘hectocorns’.

But whilst this number is growing, becoming a unicorn in the current business climate is no easy feat.

As the UK's favourite tech marketing agency for startups and scale-ups, Bloom is here to share some tip tips to help you on your path to achieving unicorn status for 2023:

1. Invest in the right people

The startup journey is full of ups and downs, so it’s crucial to have a team that can cope with the demands of scaling quickly, who are aligned in working towards the same common goal, and are experts in their fields. Don’t be surrounded by a team of "yes men," hire a team that means business.

Talent will be your most valuable asset - invest in a diverse workforce, don’t just hire for technical skillset.

2. Focus on the customer experience

You know the key to success was customer-obsession from day 1. Without them, you simply wouldn't be here. So double, triple-down on this customer focus to unlock the next stage of growth for your scale-up business. The deeper you understand your customers, the better your marketing.

Strive to provide a seamless, personalised user experience and build relationships with influencers in your space. This will ensure ongoing brand loyalty and advocacy - the holy grail of startup marketing.

3. Don’t be afraid of innovation

In order to become a unicorn, it's important to focus on innovation and keep up with trends. This means being open to new ideas and encouraging creativity within your team. This will help you stay ahead of the curve and continue to provide a great customer experience.

4. Have an effective marketing plan

A startup’s success heavily relies on its ability to find, attract, engage and retain customers. Investing in a comprehensive marketing strategy is key to driving sales and growing your business.

Consider Bloom, the UK's favourite marketing agency for high-growth tech startups and scale-ups. We're sector-agnostic and media-agnostic, meaning we work with early-stage businesses doing great things, regardless of their industry, and we're not pinned down by specific media channels - only what makes sense to help your brand succeed.

5. And finally, what got you here won't get you there

It's time to re-strategise for success, and that means scalable systems, refining your job description, and shifting mindsets to enter the next phase of growth.

From startup to scale-up, from unicorn to publicly-listed companies - these are all very different businesses - and a high-growth environment can really cause growing pains for your team if not handled properly.

Lay out a clear vision, involve your senior team members, implement an adaptive leadership style depending on individuals (everyone is unique, and therefore need "managing" differently), share with your customers and investors as you take everyone on the journey with you.

These are just some tips that can help you on the road to achieving unicorn status. It’s a long journey, so make sure you stay focused - with the right strategies and dedication, 2023 could be your year!

Good luck!

If you are a high-growth startup or tech scale-up looking to take your marketing to the next level, book a 30-minute no-obligation consultation with the tech industry's favourite brand marketing agency, Bloom.