Break The Rules and Create Your Own Business Category
It seems that today, we can’t even count how many new start up companies there are. Every venture capitalist or Fortune 500 company we know of once started as a start up company too, however. That simple fact is enough to motivate some to pursue their own dreams in starting a company or business. What if you don’t want to be another iPhone or another Starbucks? What if you want to start your own company, but the category of your product doesn’t yet exist? Would you rather limit yourself, or would you rather break a few rules in order to have your product and small business become as profitable as possible?
Upstarts = Great Starts
Everyone knows that starting your own company is a mission in and of itself, but how to you go about it when that business is marketing a product that there’s no category for? If you’re looking for support from an established business, you may be barking up the wrong tree seeing as how many companies work towards incremental innovation rather that categorical creation. You have to be more of an upstart in order to get your product off the ground. That means starting locally and focusing on the “superconsumers” that are going to be the biggest supporters of your product.
Begin Locally and Look for “Superconsumers”
If you’re a small business that’s just starting out, much less a company that’s marketing a new product category, it helps to stay local and interact with the consumers closest to you. So much can be accomplished by simply connecting with your earliest customers. They will give you some of your most crucial feedback, furthering anymore developmental processes your product might be going through. These “superconsumers” might only represent a small percentage of your overall consumers, for many businesses, they also represent about 50% of the overall sales. These are the customers whose feedback you want to pay attention to, as they will help you with refine your product and product message.
It might help to take notice of the competition that could come into play with your new category as well. The “wannabes” will be looking at your product trying to figure out any way they can to make their version better. This is where it’s also important to recognize the phrase, “novelty fades”. Now you have to consider ways to further market your new product category, or create something that will keep your consumers satisfied and coming back to your new product category. Also, keep an eye on the wannabe competitors to see what their offering that might have your customers going over to their side instead of your business. Think of it in the same way you would think about the feedback from your superconsumers.
Free Your Mind
Finally, you have to think beyond your product and product category. Don’t limit your business. You’ll have a much better chance at success and longevity if you look towards the creation of a new business model as well. This will naturally bring in more competitors, but at the same time also give you a chance at their customers and overall success. Much like the way other established businesses and companies will look towards selling other service that might not be in their normal category.
Just remember that no business garnered the success they have now without taking a few risks.
Content originally published here