How would you start the process to create a new product category?

Creating a new product category is like embarking on a voyage to a new continent. While exciting, it's not just about setting sail. It's crucial to first ensure that this new world even exists. The excitement of breaking new ground must be tempered by careful planning and deep understanding of the market. It's about identifying a genuine market need rather than forcing a square peg into a round hole. Here's a breakdown of the considerations:

Validation, not assumption: Before diving into the deep end, ensure the need for a new category exists. Extensive market research, competitor analysis, and customer interviews are essential to gauge the potential. Don't mistake a unique selling point for an entirely new category. If it's just differentiation with existing competitors or if it seems like you do more than your competitors, it might be a positioning problem.

Fast follower advantage: Being first doesn't always equate to being the most successful. Fast followers, who learn the lessons learned from the starter's journey, often gain the upper hand. Analyze the market, observe initial reactions to a new offering, and strike when the time is ripe.

Clear definition: If the market signals are promising, the next step is to define the new category meticulously. Articulate the category's unique value. In this definition, what wins is setting clear boundaries (what it's not) and identify the target audience. This clarity is crucial for internal alignment, external storytelling, and solid positioning.

Education, education, education: Creating a new category requires more than launching a product. It involves mainly educating various stakeholders – analysts, internal teams, industry experts, customers, decision-makers, and the media. Each group requires tailored messaging and communication channels.

Is there an existing distribution channel? Existing channels and a loyal customer base give you a natural runway for launching a new category. Often we refer to Apple as a good example (Recent example: Spatial computing). But Apple's strongest leverage is its wide distribution and loyal fanbase. If you have something similar, be sure to use it