You are an entrepreneur who is striving for success as well as a legacy which will be remembered. It’s time to start taking on category design as a key part of your plan. Times have changed, all markets are immediately global, and the entry cost is lower than ever. Customers are acclimatizing to change faster than ever before. The big startup wins in the last couple of decades have come about from creating and controlling new market categories. Steve Jobs advocated the need for fresh thinking as he introduced the Apple Watch, iPad and iPhone.
Innovation is Important.
Innovation is essential in the workplace. It gives companies an edge in entering markets faster and creating new markets rather than fixing existing ones. The creative process isn’t easy. Tried and tested methods may seem more reliable but giving new things a try is worthwhile. When a company has an innovative culture it will develop easily.
How to Create New Markets.
Focus first on building a category rather than a product – the need for a new category has to be analyzed before making the decision that the new product will propel the category. You can sell a vision before you have the product.
Design the environment explicitly as well as the product – confident entrepreneurs put more effort into sharing the value of the new market ecosystem and their inherent product fit. They make a long-term strategy become a reality for their customers.
Make different thinking a part of the company culture – category design needs to be the key criteria for people you hire. Also the type of community you create with investors, analysts, journalists and partners. You have to create the culture by everything you do and say.
Create a powerful and enticing story of a new vision – “different” needs a new plausible or an emotional appeal that allows people to see themselves benefiting from the solution.
Condition the market to generate need and desire – category design is public relations marketing and advertising focusing on acclimatizing the market to need and want the new category. It’s about changing people’s usage, buying decisions and consumption. After the need is evident branding and messaging can come.
Connect all components to work together and feed off each other – A new category needs impetus. A good category plan scores all the elements of change. These include social priorities, culture and lifestyle rather than just products.
The goal of creating a new market is to bring about major change without disruption by making it seem natural and the customer’s idea. The right innovative techniques can help you save money and time. It also will give you a competitive lead in escalating your business. Don’t be afraid to surround yourself with people who think differently to you. You’ll come up with different ideas that you can combine to achieve a different approach from what has always been done. Create new markets and your business will thrive.