Let’s say, you’re the 67th company to move into a market offering a solution or technology that is almost identical to the other 66 companies’ solution.
Is this such a bad thing? Not necessarily – it depends on the size of the pie you’re sharing with your competitors. But what if you want to snatch a ridiculously large portion of the cake?
Even better: if you want a new market all to yourself (for a while)? How do you do that?
Here are the top options 99% of companies do when shooting for the stars. The options aren’t exclusive.
1. out-advertising or out-selling competitors
2. pouring $ into improving the product/CX
3. acquiring competitors
What do the other 1% do? BTW, that 1% is usually the unicorns you read about; they do legendary things that are later taught in business schools.
They don’t do any of the three things above, at least not initially.
They define and create a new category. And then they dominate it (if they play their cards right).
How do you create a category? It’s a 4-step process:
1. research: find an unaddressed need/perspective and validate it
2. reframe: rewire the market’s thinking around the status quo
3. re-language: create your own lingo to do that
4. market the category (not your product)