I’ve written previously about the importance of product and market categories. Our brains need categories to help them make sense of increasing complexity in the world. Most companies and their products can and do fit into existing categories. These companies can spend their time and energy making sure that customers think of them when that category comes to mind and that the right customers understand what makes them better. Sometimes, however, a company and its products don’t fit well into any existing category.
So, if you find your company and its products in that same position — not fitting well in existing categories — how do you go about creating a new category? There are three major phases to category creation: define the category, establish the category, and own the category. In the article linked below, I focus on what it takes to define a new category.
Defining a new category requires answering three types of questions:- Why?- How?- What?
Read the full article here to see the eight critical questions and how to go about answering them.
Let me know if you need help defining your new category!