In our 20th episode, Gil talks category creation with two leaders from the customer experience performance and sports media categories.
Panelists for this episode include:
- Macario Namie, CMO of ASAPP and leader behind the customer experience performance category
- Bryan Goodwin, President of TorchPro and leader behind the digital sports media category
You’ll walk away from this episode with an understanding of customer research, thought leadership, and fundraising.
Here are some of the key takeaways from this episode.
Takeaway 1. Category creation requires extensive customer research
Understanding your customers is one of the keys to creating a new category.
This is a fact that you can’t ignore. The more you can put yourself in your customer’s shoes, the better your chances of developing a solution that’s widely adopted by your target market.
The primary goal of your customer research should be to determine your market’s size and emerging trends.
Once you have this information, identify your ICPs/ buyer personas and any competitors that already exist in the market. Then can decide how you will reach out to customers to learn more about them.
Keep in mind that most decision-makers will not have time to take part in a customer interview unless there’s a really good reason to do so.
That’s why it’s essential to think outside the box when doing your customer outreach. Besides using customer interviews, you should also consider using surveys, conferences, and your personal network to do your research.
Takeaway 2. It’s important to ask why you want to create a new category
Most companies know that they want to create a new category. But few ask why creating a category is necessary.
And no, creating a category because you want to make more money is not a good enough reason. Your why has to be greater than that.
Does your product solve a problem that no one else is solving? Do you have a new business model? Are you going after a mature market that’s ready for disruption?
These are all questions that will help you determine your “why.”
You don’t always have to create something groundbreaking to be considered a category creator.
Sometimes all you need to do is look at what already exists and find out how you can make it better. This usually requires you to re-educate your audience about what makes your solution a better alternative to what’s already out there.
Use content to educate your target market. It’s still one of the most effective ways to build thought leadership and brand positioning.
The great thing about content is that it has a compounding effect. With every new post you publish, you build trust with your target market and increase your chances of success as a category creator.
Takeaway 3. Raising money is not always an indicator of success
In the world of startups, the amount of money you raise is often seen as the defining metric for measuring success. The problem is that there isn’t always a direct correlation between how much money you raise and your ability to create a category.
Think of money as fuel for your company. It’s necessary. But you still have to decide where that fuel will take you.
Your success should be measured by metrics such as revenue growth, customer value, and retention. If you raise a lot of money but can’t impact any of these numbers, it could be a sign that you need to rethink your go-to-market strategy.
For more insights, listen to episode 20 of B2B category creators.
Macario explains why patience is the best quality a leader can have.