One thing that all legendary companies have in common

“Great ideas come from everywhere if you just listen and look for them. You never know who’s going to have a great idea.”

We have heard it many times that for making a business/company a huge success, a great idea is very important. But how can you get that great idea that can take you to heights? Or will that idea be important enough for others to convert your idea into a successful business.

But have you ever noticed that one single thing that all legendary companies have in common? Their idea is unique and original, which makes them stand out in the crowd. And this uniqueness attracts consumers to buy products/services from them. 

They just don’t make products or services to sell you, rather they keep improving their own products/services in order to give the customers a better experience every time they use them. They keep upgrading continuously. They improve so much that their own products become their competition on a positive side. 

But most of the new entrepreneurs fail to understand that just having a great idea and a unique product isn’t enough. Just launching the product and expecting that the sales will boom automatically, once the customer gets to know your product is just a myth. And this is the reason that businesses lag to compete in this evolving market, where each day you wake up to a new competition. Most businesses even fail to survive their first year in business as what they expected was completely different from what actually happened.

Here are some points that most businesses think about.

• Designing a product that they think will have a great demand

• Designing a business module that effectively delivers the product

What their business fails to understand is that not everyone will get what you have designed, say if it’s a product or service. The product/ service you think will have a massive importance to the customer might not be of use to some. And not every product or service can stand out and speak for itself. Just launching the product and sitting back to get huge orders might work, but most of the time, it doesn’t.

Talking about legendary companies, the approach that they use is something called category design. So, what exactly is category designing? It means to create your own category that stands out in the market, which is based on a problem of which your product or service is the solution. The idea is to create a space that is monopolised way before the competition can enter your niche. 

Companies that used category design and conquered the entire market space

• Just take an example of Myntra, an Indian fashion e-market that has become one of the biggest companies in the country today. We Indians have a stereotype of buying goods, especially clothes and other fashion items from stores so that we can get assurance about size and quality. But, Myntra created its own category and changed the minds of Indians, and made them switch from in-store shopping to buying clothes online. Earlier online shopping was considered a scam or people just hesitated because they didn’t know what would get delivered, or will the order get delivered or not.