A category-king is a “company that dominates a market category and captures most of the value in that space. Category-kings are not just market leaders; they are market makers. They create new categories of products or services that solve problems that customers didn’t know they had, or they redefine existing categories by offering superior solutions that customers can’t resist.”
In this piece, Tekedia explains how you can build a category king company in 2024?
-Identify a problem that is urgent, pervasive, and valuable.
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-Define the category and its boundaries.
-Position your solution as the category king.
-Educate the market and evangelize the category.
-Scale your operations and defend your position. This means “protecting your competitive advantage and market share by innovating faster than your competitors, monitoring their moves and countering their threats, building strategic partnerships and alliances, acquiring or merging with complementary or competing companies, and complying with relevant laws and regulations.”
Finally, our video presents 4 traits you see in category-king companies. Create your firm to have those and win in 2024. In Tekedia Mini-MBA, our focus is educating on the mechanics of building category-king companies; consider it. Happy New Year again.
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