- 31 Oct
How to Create a Market for Your Product When There Isn’t One
by Nick Mehta
As a business, you probably have dreams of being a big, successful company. But in order to do it, you may need to do more than simply have a great product or service. You may need to create a new category of business.
Now, you may be asking yourself, “why do that . . . ?”
Well, there are a number of reasons you might think you want to do this. You may want to take advantage of a new trend. But more importantly, it’s lucrative. According to Harvard Business Review, “Companies that were instrumental in creating their categories accounted for 53% of incremental revenue growth and 74% of incremental market capitalization growth.”
But we also saw the big drawback. If you’re thinking about category creation, you’ve already thought of it, too. There are no customers to a category that doesn’t exist yet. And in this article from the HubSpot blog, Nick Mehta, CEO of Gainsight brings us his 5 Strategies to Create a Product Category and win.