Creating Your Own Category
Insights from 'Expert Secrets' by Russell Brunson
Every product is marketed through one of three different markets. They are wealth, health, and relationships.
When customers purchase your product, they’re hoping for an improvement in one of these three areas.
You must determine which market your product will be most successfully marketed through.
Take the example of a personal razor blade brand.
At first, you may lean towards health, but then after watching their commercial of a man shaving prior to a romantic date, you may switch your answer to the relationship market.
It’s all about determining what your customer hopes to achieve by purchasing your product.
Within each market, there are submarkets and niches. For instance, the health market breaks down into submarkets like nutrition and weight loss.
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Examples of niches within those submarkets are different diets and weight loss methods for different types of people.
Once you have determined your market and submarket, you then must discover your niche.
The key here is to create your own niche. It can be a mistake to enter into an already existing niche because it may be overrun by competitors.
This leaves little, if no market share at all, for your product. On the other hand, if you create your own niche, you’ll instantly become the leader of that category.
As highlighted in Expert Secrets, it’s extremely uncommon for a category leader to be dethroned. As a result, if you can create your own niche, you’re more likely to be successful.
One you’ve found your niche, the next step is to identify the customers you’re looking to attract. Within a competitive marketplace, there are usually three types of customers.
There are customers who are fiercely loyal to another competing product—the diehards.
Then there are those that are merely satisfied with the competing production but not inclined to make a change.
Last, there are frustrated customers that are already looking for a better solution.
If you can enter a market with a good portion of frustrated customers, you’ll be much more likely to have a positive experience selling in that niche.
In the end, your success will largely be determined by your market positioning. Make sure you understand the business marketplace surrounding your product.
Once you understand the environment and your potential competitors, you can decide where to position yourself to most effectively interact with your dream customers.
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