I've had two startup come to me this week talking about "category creation" when what they are really doing is carving out a clearly defined niche in an existing market. This is good! How do you think most big companies got their start?? But is is not "category creation" 2/
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Niching in an existing category is not category creation. Category creators need to sell the problem - no awareness of the problem, no category, no sales. Nichers just have to prove that there are folks in a category that are underserved that they serve better - much easier 3/
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The beauty of NOT creating a category when you are small is that you can drift off of what customers already know about a category without having teach folks why a whole new category is needed. Once you get big then you can really throw your weight in and re-define a category. 4/
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There are many, many examples of category creators that were playing well in a niche when they were sub $100M. An incredibly small percentage of startups make it to $100M revenue. Reminder: The majority of the products you use and love today make less than $100M 5/
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I read a claim that less than 35 companies had successfully created a category between 2000 - 2015. Yet silicon valley consultants come to my local accelerator and tell a room full of sub-$500K revenue startups that that's the only way to build a company. NONESENSE! 6/
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Having a point of view on a market and a plan to differentiate and win a well-defined group of customers is called Positioning. There is no magic category voodoo pixie dust that lets you skip doing this work. 7/
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New category seems appealing because it offers a shortcut to differentiation and also the perceived opportunity for premium pricing. Akin to arguing your house or apartment has no true comparables. In reality I think people are following bad advice / have positioning problems.
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Most companies DON’T start out as category definers. But they drink their own kool aid about the grand vision and forget to focus on maximizing immediate value. Important that founders differentiate between what’s motivating and what works. Have made that mistake twice
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@threadreaderapp unroll pls -
Hi there is your unroll: Thread by
@aprildunford: "Most successful companies are not category creators - even though they may look like that to folks that come from large […]"#neveredit#makeupwordssoundsmart https://threadreaderapp.com/thread/1092092829361418240.html … See you soon.
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