Let me share this case study with you before I proceed into the discourse properly. So, there were 2 banks relatively about the same age in the market. The 2 banks caught wind of the rising support for women-related products. They were on one another’s trail to perfect the product and go-to-market with the product with the intention that women will gladly accept the product. Well, one eventually outsmarted the other by arriving at the market earlier than expected. (Whoever knows these banks would get a gift!)
As said in the movie, The Social Network, “he knows what apparently you don’t which is that getting there first is everything”
What we need to know is that if one would want to control the market, you need to be the first either as a product or a new category. I do know that it might take a while for a new company to find something to be the first in.
Creating a new category often requires a blind leap of faith. You have to believe that thousands of unexplored categories are waiting to be discovered. The new category does not have to be earth-shattering wither. When your brand represents a new category that captures the attention of the media, the publicity fallout can be incredible.
When you have new products, you need to verbalize the benefits of the brand. You may have a better product, but without publicity, it is not going anywhere. A new product can help establish the product as the leader in a new category in the mind.
Let me throw in some other examples of how some educational institutions created a category for themselves. The Harvard Graduate School of Business Administration is known for ‘management’, Wharton, the business graduate school of the University of Pennsylvania is the leader in ‘finance’’ while Kellogg, the business graduate school of Northwestern University is the leader in ‘marketing.’ All these schools offer a full range of business school courses, but they both are better off because they created the perception of being leaders in narrow categories.
You have to compete with others by being different. It is a beautiful week to get there First!
Olutayo Irantiola writes #PRQuotes weekly