How to Build a Unicorn Business

Building a unicorn business, one with a valuation of over ₹8,000 crores, is a aspiration of most of the Business. And with the right strategy and dedication, it's an achievable goal.

In this Blog, we'll take about the essential steps to create and grow such a business. We'll start by exploring how to discover innovative ideas, proceed to the importance of comprehensive Market Research, learn more into effective marketing strategies, examine Business Expansion Tactics, discuss Customer Acquisition methods, and finally, address ways to increase your profit margins. Let's embark on this entrepreneurial journey to unleash your unicorn potential.

 

Step 1: Idea & Market Research

 

To come up with great ideas, you should first think about the problems you've faced yourself or noticed in your surroundings. Also, try to understand the issues that customers commonly experience. After that, think of practical solutions to solve these problems effectively.

1. Self-Experienced Problems

Think about situations where you've faced challenges or things that bother you in your daily life or work. These could be things like products that don't work well, services that are slow or not helpful, processes that could be made easier, or things you wish were available but aren't.

For example:- if you find it hard to make time for grocery shopping, you might consider starting a business that delivers groceries to people's homes for convenience.

Observation

Pay attention to the issues and difficulties you see in your everyday life, in your friends and family, or in your community. Are there problems that come up often and need solutions?

For instance, if you notice that your neighborhood frequently has problems with power going out, you might explore ideas like using solar power to keep the electricity on during outages.

2. Customer Pain Points

To start a business that people will like, you need to understand what bothers them or what they need

• Ask people what they think and what's frustrating for them.
• Watch how they act and notice what they prefer.
• Look at what people say on social media or in reviews to see what problems they talk about.

For example, if you find it hard to make time for grocery shopping, you might consider starting a business that delivers groceries to people's homes for convenience.

3. Innovation

To be different and interesting, your business idea should offer new and creative solutions. This might mean using the latest technology to solve problems in a new way, trying a different way of doing things, or making products or services better in some way.

Step 2: Perform Market Research

The next step after exploring some problems or finding any new and creative idea around it, you need to them perform Market Research of your idea that if the product or service you are going to introduce is already available or not.

 

You can research on it by the following ways:

1. Finding any Solution on Common Platforms

Common platforms like Amazon, eBay, Flipkart, or other E-commerce websites are great places to start your research. Here's what you should focus on

Product Availability: Check if the product or service you plan to offer is already being sold on these platforms. If it is, it's a sign that there is already a solution that captures the demand for it.

But if doesn't, then boom. You have discovered a great opportunity for your business.

Competition Analysis: Examine how many sellers are offering similar products and what sets them apart. Look for gaps or areas where you can differentiate your product. The gaps

Pricing: Observes the price range for similar products. This will give you an idea of the competitive pricing in the market.

Product Listings:  Study the product listings and descriptions to understand how other sellers present their products, what features they highlight, and what customer reviews say.

Customer Reviews: Pay attention to customer reviews and ratings to identify common complaints or features that customers appreciate.

2. Finding any Solution in the Unorganized Sector

Visiting local shops and the unorganized sector can provide insights into the challenges and opportunities in the market. Find out if there is someone who is providing any solution regarding to the problem you have find.

Product or Service Quality

If there is any product or Service already available, check out it quality of solving the problem. Assess the quality of products available in local shops. Are there any issues with quality, durability, or performance that you can address in your offering?

Variety

If the Quality of the product or service offered is good, then Observe whether local shops or Business have a limited variety of the product. If they lack variety, you may consider offering a wider range of options to attract more customers.

Pricing Structure

Now if you get to know that there is a good variety out there, then notice how local shops or Business price their products.

Are prices fixed, or is there room for negotiation? Understanding local pricing dynamics can help you set competitive prices.

Additional Accessories

Check if local shops offer additional accessories or services related to the product. This may provide opportunities for upselling or bundling.

3. Finding any Solution in the Organized Sector

Exploring the organized sector is essential to understand how your product aligns with larger retailers and identify any potential gaps.

Integration

Determine whether your product or service fits into the offerings of big stores. Assess if there is an opportunity to partner with or sell through these retailers.

Competitive Analysis

Analyze how established retailers present and market similar products. Learn from their strategies and identify areas where you can differentiate.

Challenges Faced

Consider the challenges or limitations you might encounter when dealing with larger retailers. These can include requirements for shelf space, distribution, or supplier agreements.

Overall Market Research Tips

• To understand the market better, you should use the internet, visit places, and talk to people. This will give you a complete picture.
• Write down what you find and keep a record of what your competitors are doing, how much things cost, and what customers are saying.
• Look for opportunities in the market where you can provide a better product, be more helpful to customers, or offer something unique.
• Keep an eye out for what's popular and how people's preferences are changing when you do your research.

Build the Product around it

 

Building the Product and Marketing it: After identifying a problem and conducting thorough market research, it's time to bring your idea to life. Here's what you should do.

1. Creating the Product

• Start by designing and creating your product or service. Use your innovative solutions to address the identified problem effectively.
• Consider incorporating the latest technology or using unique approaches to make your product stand out.

2. Marketing It

• Develop a strong marketing strategy to promote your product to the target audience. You can use the insights that you have build during the Research time, while building any of the Marketing or Advertising campaign.
• Use online and offline marketing channels to create Awareness and generate interest. This may include Social Media, Content Marketing, and Traditional Advertising.
• Explain how your product solves the problem better than existing solutions in your Marketing Campaign.

Expand your Business Portfolio

After Success of 1st Product or Service, Expanding the Portfolio & Working on Different Fields is crucial and now it's best time to consider expanding your business portfolio because you have freshly gained the Trust of the Audience.

Here's how you can approach this.

1. Assessing Market Opportunities

• Research and Identify other areas or Industries where your Expertise or Business model can be applied effectively.
• Look for complementary products or services that can add value to your existing offerings.

2. Diversifying Your Portfolio

• Introduce new products or services in the identified areas to diversify your business portfolio.
• Make sure these additions align with your core competencies and the overall mission of your business.

3. Expanding in the Market

• Implement a marketing strategy tailored to the new products or services, similar to what you did for your initial offering.
• Leverage the success and reputation of your first product to build trust with customers for your new ventures.

4. Customer Feedback and Adaptation

• Continuously Gathering feedback from your customers to understand their needs and preferences.
• Be ready to adapt and refine your new offerings based on this feedback.

By following these steps, you can not only build a successful unicorn business but also maintain long-term growth and relevance in the market. Remember that innovation, understanding the market, and keeping customers satisfied are key to achieving and sustaining unicorn status.

Conclusion

Building a "8 thousand Crore" or a "Unicorn" business involves several important steps. Start by generating Actual Problem based Ideas that address common problems of large chunk of Population.

Conduct thorough market research to ensure your idea is unique and to understand your competition. Once you've developed your product or service, focus on effective advertising to attract customers.

Consider expanding your business by adding related offerings after achieving your first success, and continuously gather and act on customer feedback for improvement. It's a tough journey, but with dedication and the right plan, your Entrepreneurial dreams can become a reality.

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