Kevin Maney on designing your own category

Category design is a business strategy in which it focuses on creating a new marketing category instead of creating a "better" product in an already existing category.

Basically, by establishing a new niche that is free of competition, your company has an excellent chance of dominating it.

1. When you start a category of your own, you're basically designing your own space. You're not just another game player, you're the innovator of that space. You define it and set the rules of the game. This tactic enables you to attract the perfect audience and get to know your customers before anybody else has a chance.
2. Different market categories usually have a what we call "category king" who take up around 74% of the market cap.
3. Category design makes people see the markets with a fresh perspective because you're offering a new way of doing things.

• Think thoroughly about what problems you're solving.
• Make people aware of that problem. Make them aware of the reasons why that problem isn't being solved, why nobody else is capable of solving it, why you're the person who understands the problem, and the one who understands how to solve it.

Great entrepreneurs don't stop at product, company, or category. They go to the next step, which is category design.