What can we learn from the best start-up businesses in the world today?
The best businesses think, act and communicate differently.
How many are there?
There are 1,170 privately owned start-ups (CB Insights)- each valued at over $1 billion. Over 60% have joined the $1 billion valuations since the start of 2021.
The world’s most valuable private company is China-based ByteDance. The company, which operates content platforms such as TikTok and Toutiao, reached a $140B valuation. They sell large-scale attention to advertisers.
Others top performers are
- SpaceX (valued at $127B),
- SHEIN (valued at $100B), fast fashion retailer with zero physical stores,
- Stripe ($95B), digital card processing,
- Klarna ($45.6B) US based buy now, pay later (BNPL)
The highest concentration of businesses by vertical are
- Fintech (20.8%).
- Internet software & services (19.1%),
- E-commerce & DTC – direct-to-consumer (9.1%),
- health (7.8%).
The more channels a sales organisation deploys, the bigger the market share gains. –Mckinsey,
“Omnichannel selling is now a 15 plus-channel world –
- email,
- in-person,
- phone,
- websites,
- procurement department,
- app,
- e-procurement portal,
- video conference,
- webchat,
- paid google search,
- Linkedln,
- Facebook,
- Instagram,
- Twitter and
- YouTube
McKinsey goes on to say,
- There are no exceptions. All B2B customers prefer omnichannel, regardless of industry, country, size, or customer relationship stage.
- B2B loyalty is up for grabs. Customers are more willing to switch suppliers to gain exceptional omnichannel experiences.
- Digital + human – potential buyers prefer to shop in this order,
First, self-serve (social and websites), #socialselling
Second, remote human interactions (zoom),
Third, person to person in this order.
Let’s contrast the differences with Ring Concierge, the New York-based DTC retailer.
Ring Concierge, a nine-year-old, direct to consumer (DTC) jewellery retailer, has moved from paid social media to an organic (free advertising) social media strategy, said Mr Wegman, CEO.
The problem is that paid social media marketing is
- expensive, weighed down by data privacy laws across the world, and its ROI is getting worse,
- The changes Wegman has introduced have saved about 80% of his marketing budget,
Ring Concierge has navigated the changes by spending more time developing organic strategies and building a more authentic brand that resonates with its followers, shoppers, and new customers.
Ring Concierge,
- a marketing budget is 6% of revenue this year, a vast improvement from the 50% of revenue budgets many DTC deploy,
The strategy has been a success – their revenue has been doubling year over year – #socialselling – Social Influencing and Selling (#socialselling) – is where your ideal potential buyers walk towards your business on social media platforms rather than your business chasing them.
- 70% of Ring Concierge’s revenue comes from social media organic (free) posts across multiple social media platforms,
- Saving them up to 80% of their marketing compared to their competitors,
Other interesting social media news –
The top two social media paid advertising globally – Jun 27 to July 04
1) IPBES – a government agency
- 1.2 million likes
- 42,200 comments
- 352,900 share
2) Vanessa Robitaille
- 1.1 million likes
- zero comments
- 3,200 shares
The top paid social media advertisers
1, Domestika.org 4,600 advertisements for the week
2 Shein.com 2,700
3 Hot Real Estate 2,700
Now the most valuable asset in the world today is attention.
The cost to get attention is rapidly getting more expensive.
The FASTEST growing businesses have one thing in common they get more attention on multiple social media platforms – every day.
- They get more attention first
- Next More engagement
- Influence and Sell More.
ACCELERATE DELIVERS MORE – ATTENTION + ENGAGEMENT – FASTER to Influence and Sell more.
Without
- paid advertising,
- lots of content generation,
- and without doing a lot of outreach #socialselling,
Get our new quick-video case study of how we delivered 500x more attention in under 120 days – with real people.
ACCELERATE – provides a monthly subscription social media publishing + strategy service.
If you have read this far, thank you for your attention.
It means a lot. I hope this helped you even a little bit in better making sense of this topic. If so, please, share it with a friend who might also benefit from it.
Thanks for reading,
David
