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Should You Create a New Category?
Manage episode 349130528 series 2802476
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“In the next five to seven minutes, I'm going to try to give you a very concise and declarative answer as to whether or not you should create your own category,” says Brendan In this solo episode of Billion Dollar Tech. This is a question he receives from many entrepreneurs and executives, and here discusses criteria to consider when deciding. He references his recent interview with Guy Tytunovich, who created a billion dollar go to market security company Cheq.ai.
Some of the questions to consider are applicable to any entrepreneur at any phase such as what problem does this company solve and how to create demand in the market space.
For those who shouldn’t create their own category there is advice on how to differentiate yourself successfully in a saturated market.
Quotes:
“This question often comes from somebody who's either A, trying to bring their product to market or B, is launching some sort of a renewed version of their product or has hit some kind of a growth plateau, and they're trying to breathe some new life into their product into their category.” (0:33-0:47 | Brendan)
“By definition, you have to create a new category and enter into this with eyes wide open. Knowing that it's going to require education, it's likely going to be expensive.” (4:09-4:21 | Brendan)
“Are you a new paradigm where you really are modifying or improving upon an existing process? And in a meaningfully different way?” (3:20-3:28 | Brendan)
Connect with Brendan Dell: LinkedIn: https://www.linkedin.com/in/brendandell/ YouTube: https://www.youtube.com/c/BrendanDell Instagram: @thebrendandellTikTok: @brendandell39 Buy a copy of Brendan’s Book, The 12 Immutable Laws of High-Impact Messaging: https://www.indiebound.org/book/9780578210926
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