đ´ââ ď¸ Arrrr, welcome to this week's đ free edition đ of Category Pirates. Here, we share the most important frameworks, thoughts, and examples from our mini-books to help you learn and apply category design thinking.
Dear Friend, Subscriber, And Category Pirate,
Category design strategy isnât reserved for multibillion-dollar companies or startups.
Anyone can do it, at any stage of their life.
Some of our favorite category designers are solopreneurs, small business owners, and advisors who have found a way to get themselves out of âthe comparison gameâ and into a category of one (ourselves included).
Thereâs Korean entertainment, and there are vegan food blogs. But there's only one âKorean Vegan.â
There are designer clothes, and there are clothing subscription services. But Rent The Runway is the first designer clothing rental service.
You can eat sushi. You can eat a burrito. Or you can eat a Sushirrito: the worldâs first sushi burrito.
As a result, these entrepreneurs and companies have no (or little) competition.Â
The secret to ânot having competitionâ is not picking a niche with no competition.
If youâre trying to fix your competition problem by searching for a niche with no competition, what you probably wonât find is opportunity. Instead, youâll likely find a dead, deserted category. Thereâs a reason no competition is there anymore: everyone left (including the customers)!
How you create a category for yourself as a small âeâ entrepreneur (solopreneurs, small business owners, consultants, advisors, freelancers, etc.) is not just about getting more specific about your offering.Â
Here are 7 questions to help you become known for a niche you own:
1. WHAT do you do⌠that you are uniquely known for?
Be super specific. Itâs not what your category or company or product is known for, but rather what is the super-specific-I-never-thought-of-that-but-it-makes-complete-sense moment that you are known for.
2. WHO do you do it for⌠who are surprisingly willing to pay large premiums?
Thereâs an overflow of ads for busy moms, online shoppers, and sports enthusiasts. But consider those who are radically underserved and how to reach this specific and untapped group of people.Â
3. WHEN do you do it⌠that sits at the peak intersection of Important and Urgent?
Letâs say youâre a disgruntled passenger whose flight has been delayed, who hasnât eaten in hours, and who desperately needs food. If a restaurant were to tap into your mind and be the only one to stay open past midnight, theyâd have no competition. Itâs not so much about the restaurant being a ânewâ ideaâitâs about your urgent need to eat and this specific restaurant's ability to provide an otherwise unavailable service.
When you choose to sell your products can put you in a different category than other businesses.Â
4. WHERE do you do it⌠that if money were no object, everyone would want it?
Location matters.
Choose a prime location, like dropping a bodega in a college town with student discounts, late-night burgers, and cheap beer, and your Supers will flock. But be thoughtless about where, like opening an expensive clothing boutique in a disenfranchised, low-income suburb of Tuscaloosa, and your revenue will sink. (If youâve seen The Curse, you know what we mean! đŤ˘)
Start by asking yourself: Do you go to people? Or do they come to you?
5. WHY do you do it⌠that is so in sync with the Superconsumer, word of mouth spreads like wildfire?
The POV of your niche is arguably more important than the niche itself.
WHY you do what you do (and the specificity with which you can articulate your WHY) can be a powerful way of explaining why youâre the right person for the job. Frame a new problem, Name the solution, and Claim the transformation people will see in their lives.Â
6. What OUTCOME do you unlock⌠that is 100x more valuable than what you charge?
Once youâve claimed your niche, itâs time to define why the outcomes people will get from your product / service are more valuable than others. Yes, positive financial outcomes are great. But outcomes can also be emotional and aspirational.
The more specific you can be about your outcomes, the stronger your position.
7. How much and âhowâ does it COST⌠that is both a value and a premium, and the âway you payâ is a benefit in itself all at the same time?
Most small âeâ entrepreneurs price themselves in the context of who they think their competition is. âThose guys over there sell widgets for $20, so that means we should price our widgets at around $20 too.â This is a mistake. Stand out by showing the customer that youâre different and deserve to be seen as so.Â
When in doubt, go more niche.
To dive deeper into the 7 questions and see examples from small âeâ entrepreneurs, check out the full mini-book: How To Create A Category As A Small âeâ Entrepreneur: 7 Legendary Ways To Niche Down
Hereâs what you're missing on the paid Pirate Ship:
How to stop charging for time and start charging for your true value
How to engineer exponential moments & make the most of career opportunities
How to leverage your Intellectual Capital and get paid to create
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Arrrrrrr,
Category Pirates đ´ââ ď¸