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600 – Create Your Own Category with Kevin Maney
What's in this episode
How small business owners can escape price-driven competition by redefining their market and creating a new category instead of competing in crowded spaces. Show Notes Page: https://www.thehowofbusiness.com/600-kevin-maney-create-your-category/ Many small business owners enter crowded markets and end up competing primarily on price. But according to author and business strategist Kevin Maney, there is another path: create your own category. In this conversation, Henry Lopez speaks with Kevin Maney about the ideas in his latest book "The Category Creation Formula." The discussion explores how entrepreneurs can redefine the problem they solve and differentiate their business in ways that eliminate direct price competition. Kevin explains that market categories exist primarily in the minds of customers. Businesses that successfully define a new category often become the default leader in that space and capture most of the attention and economic value. Rather than competing to be slightly better or slightly cheaper, the goal is to become meaningfully different. Kevin introduces the Category Creation Formula: Context + Missing + Innovation = New Category First, business owners must unde