I'm a paid member of Category Pirates, and loving the mini-books. I think I ripped through about 5 of them this week already, Great stuff!
My question to you and your team, is if I can create/name a new category if the name is already in the dictionary and it kinda already means in a way what this category would be. The thing is, no one has used it, and to me it feels like the perfect word will would start using, it just make logical sense.
My other question is can I coin that word the definition of how I/my company sees it, and become the King in this new category?
To me, the biggest advantage in Naming and Framing the problem and Claiming the language is it forces your competitors to help your marketing. When Lilly started to market Cialis as an alternative to Viagra, they could only do so on Pfizer's terms, positioning their product as a solution to E.D. Even though Cialis solves the problem of E.D. differently than Viagra does, they still have to communicate the problem to their customers in the language Pfizer created. As a result, as the collective efforts of Pfizer's competitors have grown the category to more than $2B/year, Viagra has maintained a consistent 60%+ market share, which is expected to remain consistent as the market continues to grow over the next 10 years. Pretty good for a failed heart medication with an unintended side effect.
How do we find a Category Designer Expert for some help? I search google but seems no one knows about it the way we do here, and how to it needs to be done? anyone?
I'm a paid member of Category Pirates, and loving the mini-books. I think I ripped through about 5 of them this week already, Great stuff!
My question to you and your team, is if I can create/name a new category if the name is already in the dictionary and it kinda already means in a way what this category would be. The thing is, no one has used it, and to me it feels like the perfect word will would start using, it just make logical sense.
My other question is can I coin that word the definition of how I/my company sees it, and become the King in this new category?
Your help would be greatly appreciated.
Chris V.
To me, the biggest advantage in Naming and Framing the problem and Claiming the language is it forces your competitors to help your marketing. When Lilly started to market Cialis as an alternative to Viagra, they could only do so on Pfizer's terms, positioning their product as a solution to E.D. Even though Cialis solves the problem of E.D. differently than Viagra does, they still have to communicate the problem to their customers in the language Pfizer created. As a result, as the collective efforts of Pfizer's competitors have grown the category to more than $2B/year, Viagra has maintained a consistent 60%+ market share, which is expected to remain consistent as the market continues to grow over the next 10 years. Pretty good for a failed heart medication with an unintended side effect.
Charts of ED market share and growth: https://www.grandviewresearch.com/industry-analysis/erectile-dysfunction-drugs-market#:~:text=Report%20Overview,8.5%25%20from%202022%20to%202030.
This is exactly right. And, amazing example! Don't be surprised if you see this in a future letter! Thanks for sharing.
How do we find a Category Designer Expert for some help? I search google but seems no one knows about it the way we do here, and how to it needs to be done? anyone?