DOCSLIB.ORG

How to Catch a Unicorn

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
How to Catch a Unicorn How to Catch a Unicorn An exploration of the universe of tech companies with high market capitalisation Author: Jean Paul Simon Editor: Marc Bogdanowicz 2016 EUR 27822 EN How to Catch a Unicorn An exploration of the universe of tech companies with high market capitalisation This publication is a Technical report by the Joint Research Centre, the European Commission’s in-house science service. It aims to provide evidence-based scientific support to the European policy-making process. The scientific output expressed does not imply a policy position of the European Commission. Neither the European Commission nor any person acting on behalf of the Commission is responsible for the use which might be made of this publication. JRC Science Hub https://ec.europa.eu/jrc JRC100719 EUR 27822 EN ISBN 978-92-79-57601-0 (PDF) ISSN 1831-9424 (online) doi:10.2791/893975 (online) © European Union, 2016 Reproduction is authorised provided the source is acknowledged. All images © European Union 2016 How to cite: Jean Paul Simon (2016) ‘How to catch a unicorn. An exploration of the universe of tech companies with high market capitalisation’. Institute for Prospective Technological Studies. JRC Technical Report. EUR 27822 EN. doi:10.2791/893975 Table of Contents Preface .............................................................................................................. 2 Abstract ............................................................................................................. 3 Executive Summary ........................................................................................... 4 PART I - An exploration of the universe of tech companies with high market capitalisation 1. The age of unicorns ................................................................................ 6 1.1 The sample ........................................................................................... 9 2. Analytica: main observations ............................................................... 18 2.1 Growth models: organic v. inorganic (M&A) ............................................. 18 2.1.1 A dominant organic and two-steps growth model .....................................19 2.1.2 A marginal but relevant M&A growth model .............................................21 2.2. The role of the business environment ..................................................... 23 2.2.1 A strong access to finance .....................................................................23 2.2.2 A dense ecosystem of founding fathers (and mothers?) ............................35 2.3 An R&D-intensive environnement ........................................................... 39 3. De Interpretatione: what can explain the unicorn phenomenon? ......... 41 3.1 The technological trend: Unicorns are surfing on the internet mobile wave .. 41 3.1.1 The deployment of mobile Internet, the role of smartphones. ....................43 3.1.2 The rise of the apps economy ................................................................45 3.1.3 Are all unicorns born mobile? ................................................................48 3.2 The economic trends ............................................................................ 50 3.2.1 Unicorns go global to make the best out of leapfrogging ...........................50 3.2.2 Unicorns and the "transformation of everything else"? ..............................52 3.3 Conclusions ......................................................................................... 54 4. Conclusion: a role for policies? ............................................................. 55 4.1 Did Europe miss the mobile turn? ........................................................... 55 4.2 Direct or indirect policies? ..................................................................... 58 4.3 Regulating disruptions? ......................................................................... 59 4.4 Promoting competition and innovation? ................................................... 61 References ...................................................................................................... 63 List of figures .................................................................................................. 71 List of tables .................................................................................................... 71 List of boxes .................................................................................................... 71 Appendix 1: List of investors ........................................................................... 72 Appendix 2: A side question ............................................................................ 76 PART II – Case Studies is available as a separate document 1 Preface This report was prepared in the context of the three-year research project on European Innovation Policies for the Digital Shift (EURIPIDIS), jointly launched in 2013 by JRC- IPTS and DG CONNECT of the European Commission. EURIPIDIS aims to improve understanding of innovation in the ICT sector and of ICT-enabled innovation in the rest of the economy. The project's objective is to provide evidence-based support to the policies, instruments and measurement needs of DG CONNECT for enhancing ICT Innovation in Europe, in the context of the Digital Single Market for Europe and of the ICT priority of Horizon 2020. It focuses on the improvement of the transfer of best research ideas to the market. EURIPIDIS aims to: 1. better understand how ICT innovation works, at the level of actors such as firms, and also of the ICT "innovation system" in the EU; 2. assess the EU's current ICT innovation performance, by attempting to measure ICT innovation in Europe and by measuring the impact of existing policies and instruments (such as FP7 and Horizon 2020); and 3. explore and suggest how policy makers could make ICT innovation in the EU work better. The report is available as two separate documents – Part I contains an analysis of innovative tech companies with high market capitalisation, which is based on investigation of a qualitative sample of 30 case studies, see Part II. 2 Abstract Technology companies with high market capitalisation (often called unicorns) have been receiving a lot of attention and media coverage recently. In general, unicorns are IT-centric (software mostly, but also hardware). They are often rather young global companies that match unsatisfied demand with supply through the production (which can easily be scaled up) of innovative and usually affordable services and products. These are usually part of the mobile internet wave, and rely on connectivity (high speed networks, mobile and fixed), new devices (smartphones, tablets, phablets…) and the opportunities these bring. They are grounded in network effects, and demand-side economies of scale and scope. They depend on a strong favourable business environment, developing organically and building on fast expanding markets (emerging economies, middle classes). They are Venture Capital-dependent and the competition for funding can generate impressive (i.e. inflated) valuations. These companies can be disruptive for other sectors and firms. This report aims to document the phenomenon by investigating a qualitative sample of 30 companies that have recently been valued above the one billion dollar threshold. It identifies some of their characteristics and the lessons to be learnt. The report has two parts: Part I contains the overall findings of the investigation and some suggestions for policy makers. Part II contains a detailed account of the case studies on which the investigation is based. They are published as separate documents. 3 Executive Summary Technology companies with high market capitalisation (often called unicorns) have been receiving a lot of attention and media coverage recently. The current hype does not fully reflect reality and is often a simplification. To start with, unicorns are heterogeneous: they are strongly defined by their financial aspects, and though these may have some common traits, they are generally very diverse in terms of developments across sectors, business models, organisational and growth models, etc. This report aims to document the phenomenon by investigating a qualitative sample of 30 companies1 that have recently been valued above the billion dollar threshold. This is a simple exploratory exercise that cannot capture all aspects of unicorns. It does, however, identify some of their characteristics, offer speculative interpretations and discuss lessons learned. The report is based on a review of dedicated literature2, technical journals and trade press articles, and on the analysis of annual reports of publicly-traded companies. The publicly available information is scarce and highly heterogeneous. However, what has been gathered allows us to make some observations about these companies: 1. Most of the companies in the sample grew organically, while only a few grew by acquiring new businesses in mergers, acquisitions or take-overs. 2. Unicorns all rely to some extent on venture capital for their initial funding, their developments, and their exits. The extent to which they need VC funds varies according to the strategy they adopt. For instance, an organic growth strategy requires less money than an inorganic model. 3. The founders are often “serial entrepreneurs” who have created other companies before. Most of them are seasoned business people with strong academic backgrounds. 4. Many unicorns have a significant
Load more

Recommended publications
  • Amazon's Antitrust Paradox
    LINA M. KHAN Amazon’s Antitrust Paradox abstract. Amazon is the titan of twenty-first century commerce. In addition to being a re- tailer, it is now a marketing platform, a delivery and logistics network, a payment service, a credit lender, an auction house, a major book publisher, a producer of television and films, a fashion designer, a hardware manufacturer, and a leading host of cloud server space. Although Amazon has clocked staggering growth, it generates meager profits, choosing to price below-cost and ex- pand widely instead. Through this strategy, the company has positioned itself at the center of e- commerce and now serves as essential infrastructure for a host of other businesses that depend upon it. Elements of the firm’s structure and conduct pose anticompetitive concerns—yet it has escaped antitrust scrutiny. This Note argues that the current framework in antitrust—specifically its pegging competi- tion to “consumer welfare,” defined as short-term price effects—is unequipped to capture the ar- chitecture of market power in the modern economy. We cannot cognize the potential harms to competition posed by Amazon’s dominance if we measure competition primarily through price and output. Specifically, current doctrine underappreciates the risk of predatory pricing and how integration across distinct business lines may prove anticompetitive. These concerns are height- ened in the context of online platforms for two reasons. First, the economics of platform markets create incentives for a company to pursue growth over profits, a strategy that investors have re- warded. Under these conditions, predatory pricing becomes highly rational—even as existing doctrine treats it as irrational and therefore implausible.
    [Show full text]
  • Move Over Ipos: Unicorn Direct Listings May Be the New Mythical Beasts in Town
    Fordham Journal of Corporate & Financial Law Volume 26 Issue 1 Article 5 2021 Move Over IPOs: Unicorn Direct Listings May Be the New Mythical Beasts in Town Tatum Sornborger Fordham University School of Law Follow this and additional works at: https://ir.lawnet.fordham.edu/jcfl Part of the Securities Law Commons Recommended Citation Tatum Sornborger, Move Over IPOs: Unicorn Direct Listings May Be the New Mythical Beasts in Town, 26 Fordham J. Corp. & Fin. L. 215 (2021). This Note is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Journal of Corporate & Financial Law by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. MOVE OVER IPOS: UNICORN DIRECT LISTINGS MAY BE THE NEW MYTHICAL BEASTS IN TOWN Tatum Sornborger* ABSTRACT Most people think of “going public” as an Initial Public Offering (IPO), but as IPOs have boomed and busted over the past decade, the direct listing has emerged as an unconventional but viable way to raise capital. The direct listing approach was uncovered by one rebellious “unicorn,” a term used to describe privately held companies with valuations exceeding one billion dollars. By circumventing the traditional IPO process, Spotify prompted both the SEC and major stock exchanges to examine direct listings and promulgate rules for future offerings. Though these rules are still developing, companies now have a clear path to follow in Spotify’s footsteps and forgo the traditional IPO.
    [Show full text]
  • Moving Toward Gender Balance in Private Equity and Venture Capital the Study
    Moving toward gender balance in private equity and venture capital IFC. IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org. Oliver Wyman. Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across nearly 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www. oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman. RockCreek. RockCreek is a leading global investment management firm that applies data-driven technology and innovation to investing. Its portfolio managers invest in emerging markets and alternatives, and its asset allocation teams invest in multi-asset class and outsourced CIO portfolios and customized solutions. RockCreek’s client base is made up of sophisticated institutional investors, including endowments, foundations, pension plans, and sovereign funds.
    [Show full text]
  • From Lawyer to CEO?
    A Seat at the Head of the Table: From Lawyer to CEO? Interviews and Profiles Skills and Professional Development 1 / 13 2 / 13 3 / 13 CHEAT SHEET Risk aversion. Most law firm cultures are built around a strong bias to risk aversion. However, in transitioning to a more entrepreneurial role, lawyers must expand their perception from “no” to “yes,” even if the next question is “how?” Wearing two hats. For lawyers in business roles, it can sometimes be difficult to look beyond the legal issues when making decisions. As such, it’s essential to develop the ability to wear two hats at a time: one for the business, and one for the legal department. A fresh perspective. As in-house counsel, your seat is often at the center of the table. Given your understanding of the business from all angles, your input will be fresh and unique. Instilling interest. Unfortunately, not everyone is cut out to be an entrepreneur. Above being able to understand the business, lawyers must have a legitimate interest in business operations to succeed. April 2017 marked the 15-year anniversary of my law school graduation. I went through several stages before I realized my legal ambitions, ranging from public service to a coveted spot at a national firm. However, in 2008, I made the jump to general counsel for a technology company. Today, I’m still a GC with the same company, as well as a shareholder. Given my time with the company, familiarity with our “product,” and background, I am often called upon for business-related decisions.
    [Show full text]
  • 2018 – Volume 6, Number
    THE POPULAR CULTURE STUDIES JOURNAL VOLUME 6 NUMBER 2 & 3 2018 Editor NORMA JONES Liquid Flicks Media, Inc./IXMachine Managing Editor JULIA LARGENT McPherson College Assistant Editor GARRET L. CASTLEBERRY Mid-America Christian University Copy Editor KEVIN CALCAMP Queens University of Charlotte Reviews Editor MALYNNDA JOHNSON Indiana State University Assistant Reviews Editor JESSICA BENHAM University of Pittsburgh Please visit the PCSJ at: http://mpcaaca.org/the-popular-culture- studies-journal/ The Popular Culture Studies Journal is the official journal of the Midwest Popular and American Culture Association. Copyright © 2018 Midwest Popular and American Culture Association. All rights reserved. MPCA/ACA, 421 W. Huron St Unit 1304, Chicago, IL 60654 Cover credit: Cover Artwork: “Bump in the Night” by Brent Jones © 2018 Courtesy of Pixabay/Kellepics EDITORIAL ADVISORY BOARD ANTHONY ADAH PAUL BOOTH Minnesota State University, Moorhead DePaul University GARY BURNS ANNE M. CANAVAN Northern Illinois University Salt Lake Community College BRIAN COGAN ASHLEY M. DONNELLY Molloy College Ball State University LEIGH H. EDWARDS KATIE FREDICKS Florida State University Rutgers University ART HERBIG ANDREW F. HERRMANN Indiana University - Purdue University, Fort Wayne East Tennessee State University JESSE KAVADLO KATHLEEN A. KENNEDY Maryville University of St. Louis Missouri State University SARAH MCFARLAND TAYLOR KIT MEDJESKY Northwestern University University of Findlay CARLOS D. MORRISON SALVADOR MURGUIA Alabama State University Akita International
    [Show full text]
  • View December 2013 Report
    MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION DECEMBER 2013 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION DECEMBER 2013 REPORT A Year of Transformation The new-year invariably kicks off with a slew of predictions, many of which are being usefully defined and shared by our global and regional board members, and many of which are likely to come to fruition or certainly build in momentum. The one area that we feel is certain to gain momentum and have a huge impact on how the mobile industry develops in 2014 is the number of brands that we will see moving from the sidelines and fully into the game. The impact of this will be seen both in the gains in mobile spend as brands move away from the 1% average that we’ve been seeing and start moving towards 10-15% mobile spend with increased ROIs as a result. We will also start to see how mobile is driving both innovation in marketing and transformation of business. As always, the MMA will be providing support and guidance for the entire industry, shining a light on inspiration, capability development, measurement and advocacy allowing all constituents to continue building their businesses, with mobile at its core. We look forward to supporting you and the industry. I wish you much success in 2014. Onwards, Greg Stuart INTRODUCTION 2 MOBILE MARKETING ASSOCIATION DECEMBER 2013 REPORT Table of Contents EXECUTIVE MOVES 4 PUBLIC COMPANY ANALYSIS 7 M&A TRANSACTIONS 9 FINANCING TRANSACTIONS 13 MMA OVERVIEW 25 HIDDEN RIVER OVERVIEW 26 Greg Stuart Todd Parker CEO, Mobile Marketing Association Managing Director, Hidden River [email protected] [email protected] MOBILE MARKETING ASSOCIATION DECEMBER 2013 REPORT Executives on the Move Name New Company Old Company New Company Summary Date T-Mobile is a mobile telephone operator headquartered in Gary King Chief Information Officer, T-Mobile Chief Information Officer, Chico's FAS 12/20/13 Bonn, Germany.
    [Show full text]
  • Services & Offerings
    STAG DINING 2020 SERVICES & OFFERINGS Meal Kits - Pantry Provisions - Natural Wine - Gifting - Cocktail Kits & Classes - Event Space - Crenn Farm 1 LETTER FROM STAG 4 STAG DINING GROUP STAG OVERVIEW MEAL KITS & OFFERINGS 8 NATURAL WINES 10 COCKTAIL KITS & CLASSES 12 WINEMAKING PARTNERS 16 CRENN & STAG 18 OUR VENUE 22 CLIENTS 27 TEAM 28 CONTACT 32 STAG DINING GROUP 925 O'Farrell St San Francisco, CA 94109 (415) 944-2065 [email protected] www.stagdining.com DERBY COCKTAIL CO www.derbycocktail.co CERF CLUB www.cerfclub.com © 2020 Stag Dining Group Select Photography by David Dines, dines.co 2 3 WITH A DECADE OF EXPERIENCE IN HOSPITALITY, WE HAVE NEVER SEEN A CHALLENGE THAT FACES US QUITE LIKE THE ONE POSED BY COVID-19. With virtually every restaurant worker out of a job, and traditional supply chains for food, wine and spirits broken, we have been UPDATED OFFERINGS seeking opportunities to mend those bonds in pragmatic ways while continuing to serve our customers. Our revised offerings are an attempt to help our clients engage their stakeholders, employees MEAL KITS and clients in ways that are fitting for this time and address the social, racial, environmental and biological crises that we are PANTRY PROVISIONS facing collectively as a society. NATURAL WINE At Stag Dining Group we believe every plate and every glass GIFTING tells a unique story, and we make every effort to connect guests COCKTAIL KITS & CLASSES to each other, to the environment and to the thought leaders of CRENN FARM this industry in authentic ways. Since our inception, we have witnessed the power that transformative culinary experiences have CERF CLUB EVENT VENUE on our guests and the conversations that can be sparked at the table.
    [Show full text]
  • DRAFT L Catterton Notco Series C Press Release CLEAN (01225446
    NotCo Closes $85 Million Series C Round and Announces U.S. Expansion The Leading Food-Tech Company in Latin America Announces the Closing of a Series C Round Co-Led by Future Positive and L Catterton, Joining Bezos Expeditions Among the Startup Investors CHILE – September 9, 2020 – Today, NotCo, a leading food-tech company in Latin America, is announcing the closing of an $85 million Series C investment round, co-led by Future Positive, the investment vehicle of Fred Blackford and Biz Stone, and L Catterton, the largest and most global consumer-focused private equity firm. NotCo is an industry pioneer built using a proprietary technology that can match animal protein to its ideal replacement among thousands of plant-based ingredients. NotCo is the only global company to launch products disrupting massive food and beverage segments, including dairy, eggs, and meat simultaneously. The company has launched NotMilk, NotBurger, NotIceCream, and NotMayo in Brazil, Argentina, and Chile, and in less than three years has become the largest and fastest-growing food-tech company in Latin America. The new funding comes as the company announces scaled up operations and marks plans for international expansion leading with an entry into the United States, a promising market for its portfolio of products of plant- based food that taste as delicious and cook just like animal-based products. The company will evaluate both food service and retail partners as part of this expansion, building on successful NotBurger and NotMeat partnerships with Burger King and Papa John’s in Chile. "We have the absolute best partners to embark with us on this journey: Fred Blackford from Future Positive joins us bringing a collaborative approach, experience with the plant-based food revolution, and a deep knowledge of the tech environment," says Matias Muchnick, co-founder and CEO of NotCo.
    [Show full text]
  • Adolescent Victims' Experiences with Cyberbullying: a Grounded Theory Study Melvina S
    University of North Dakota UND Scholarly Commons Theses and Dissertations Theses, Dissertations, and Senior Projects January 2016 Adolescent Victims' Experiences With Cyberbullying: A Grounded Theory Study Melvina S. Brandau Follow this and additional works at: https://commons.und.edu/theses Recommended Citation Brandau, Melvina S., "Adolescent Victims' Experiences With Cyberbullying: A Grounded Theory Study" (2016). Theses and Dissertations. 1879. https://commons.und.edu/theses/1879 This Dissertation is brought to you for free and open access by the Theses, Dissertations, and Senior Projects at UND Scholarly Commons. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of UND Scholarly Commons. For more information, please contact [email protected]. ADOLESCENT VICTIMS’ EXPERIENCES WITH CYBERBULLYING: A GROUNDED THEORY STUDY by Melvina Sue Brandau Associate of Applied Science, University of Rio Grande, 1999 Bachelor of Science, Indiana Wesleyan University, 2005 Master of Science, Indiana Wesleyan University, 2007 A Dissertation Submitted to the Graduate Faculty of the University of North Dakota in partial fulfillment of the requirements for the degree of Doctor of Philosophy Grand Forks, North Dakota May 2016 Copyright 2016 Melvina Brandau ii PERMISSION Title Adolescent Victims’ Experiences with Cyberbullying: A Grounded Theory Study Department College of Nursing and Professional Disciplines Degree Doctor of Philosophy In presenting this dissertation in partial fulfillment of the requirements for a graduate degree from the University of North Dakota, I agree that the library of this University shall make it freely available for inspection. I further agree that permission for extensive copying for scholarly purposes may be granted by the professor who supervised my dissertation work or, in her absence, by the Chairperson of the department or the dean of the School of Graduate Studies.
    [Show full text]
  • In Eastern Partner Countries
    EU4Digital: supporting digital economy and society in the Eastern Partnership Market Assessment for Digital Innovation and Scale-up Initiative in Eastern partner countries Final report June 2020 1 About this study In early 2020, EU4Digital Facility launched activity ‘Market Assessment for Digital Innovation and Scale-up Initiative (DISC) in Eastern Partner Countries’ (hereinafter – study / research) The goal is to analyse the investment landscape for digital high tech companies in these countries: Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. The activity was inspired by Digital Innovation and Scale-up initiative (DISC) in Central, Eastern and South Eastern Europe region (European Commission Factsheet). Based on the findings of this study, the European Commission will be able to adjust its plans to better serve the needs of the local markets, developing adapted financial support instruments. This research aims to: 1. Understand digital innovation and high-tech start-ups investment landscape and identify existing gaps on investment in Eastern partner countries. 2. Map the main private & corporate equity investors that provide financing to digital start-ups and fast growth companies in Eastern partner countries. 3. Map the main public sector investment programs in start-up / tech-oriented companies at the country-level. 4. Analyse micro-level data on private investments in start-up / tech-oriented companies in the region. 5. Provide recommendations to develop and use financial instruments for digital innovation and the scale-up of high-tech start-ups. The research focuses on start-ups at the creation and scale-up phases, rather than traditional SMEs on their path to digitalisation.
    [Show full text]
  • The Uber Board Deliberates: Is Good Governance Worth the Firing of an Entrepreneurial Founder? by BRUCE KOGUT *
    ID#190414 CU242 PUBLISHED ON MAY 13, 2019 The Uber Board Deliberates: Is Good Governance Worth the Firing of an Entrepreneurial Founder? BY BRUCE KOGUT * Introduction Uber Technologies, the privately held ride-sharing service and logistics platform, suffered a series of PR crises during 2017 that culminated in the resignation of Travis Kalanick, cofounder and longtime CEO. Kalanick was an acclaimed entrepreneur, building Uber from its local San Francisco roots to a worldwide enterprise in eight years, but he was also a habitual rule- breaker. 1 In an effort to put the recent past behind the company, the directors of Uber scheduled a board meeting for October 3, 2017, to vote on critical proposals from new CEO Dara Khosrowshahi that were focused essentially on one question: How should Uber be governed now that Kalanick had stepped down as CEO? Under Kalanick, Uber had grown to an estimated $69 billion in value by 2017, though plagued by scandal. The firm was accused of price gouging, false advertising, illegal operations, IP theft, sexual harassment cover-ups, and more.2 As Uber’s legal and PR turmoil increased, Kalanick was forced to resign as CEO, while retaining his directorship position on the nine- member board. His June 2017 resignation was hoped to calm the uproar, but it instead increased investor uncertainty. Some of the firm’s venture capital shareholders (VCs) marked down their Uber holdings by 15% (Vanguard, Principal Financial), while others raised the valuation by 10% (BlackRock).3 To restore Uber’s reputation and stabilize investor confidence, the board in August 2017 unanimously elected Dara Khosrowshahi as Uber’s next CEO.
    [Show full text]
  • Social Media Skills Dominique Jackson
    13 Must-Have Social Media Skills by Dominique Jackson on January 19, 2016 What are the ingredients of an ideal social media manager? If you were to ask this question 10 years ago, it would probably be a fairly short list. But as social media marketing evolved over the years with new technology and a wider audience, we’ve been able to see certain skills and traits that separate the top marketers from the rest. Learning and sharpening these skills can help propel your social media efforts into elite status, and avoid being one of the many brands that can’t seem to make any progress. Whether you’re looking to hire a new social media manager or simply want to improve your own strategy, focus on building up these 13 social media skills: 1. Community Management When you look at the top brands on social media, you’ll notice something they all have in common is a community aspect. Social media marketing is all about connecting with your audience. Once you’re able to build that connection and grow a community, your audience will start creating user generated content (UGC) and your reach will spread organically. Start by acknowledging your top sharers. These are the people who are consistently engaging with you and your content on social media. You can find this in the Sprout Social Trends report. Want to know what other pieces should be a part of your social team? We partnered with HubSpot to create a free guide on how to build a social media dream team from scratch, including some of the key positions you should fill.Download it here.
    [Show full text]