Play Bigger - Book Summary

Redefine your game: Learn how to create and dominate a new market category

Are you bracing yourself to make some waves in the market? Do you have a ground-breaking concept, akin to the iPad or Uber, that can address needs consumers didn't even realize they had?

If your answer is yes, then welcome to your masterclass in becoming a category king. Through this journey, you'll unearth how to play bigger by not only conceptualizing your market category but also taking the reins to rule it.

On this expedition, you'll discover:

— why it's crucial to hunt for market solutions before obsessing over problems;

— why exercising patience is integral when it comes to innovative ideas; and

— why storytelling deserves a crucial spot in every company's toolkit.

Trailblazing category kings identify and cultivate solutions to unaddressed problems

Imagine being in the early 1900s. What would be your response if someone asked you to enhance personal transportation? You'd likely suggest breeding a swifter horse.

Yet, Henry Ford dared to think radically different — he envisioned the Ford Model T, pioneering affordable, mass-produced automobiles.

Such a revolutionary disruption is termed a 'new category.'

New categories light the way for consumers towards a different life, offering solutions to problems that were hitherto overlooked.

Take for instance when you're in desperate need of a taxi. The hustle of hailing one from the streets or scurrying around to locate a taxi stand can be agonizing. Then, Uber emerged, questioning the norm, "Why can't the taxi just come to you — anywhere, anytime?"

Individuals who dare to challenge the status quo, who birth transformative solutions are labeled 'category kings.'

Not just individuals, companies can earn the crown of category kings as well. After all, they are the creators of products and services that we integrate into our everyday lives. The old ways are soon left behind, and we find ourselves marveling at how we managed to survive before the advent of the new category.

This happens because it's only when a category king presents the flawless solution that we even realize there was a problem needing fixing! To ascend to the throne of a category king, you need to unveil both the problem and the solution.

Let's take Uber as a textbook example of a category king. Its innovative taxi service was a breath of fresh air, pointing out the countless flaws plaguing traditional taxi companies.

Prior to Uber, customers would have to hunt down a cab, estimate their fare, and grapple with bills and coins. Uber flipped the script entirely — customers could now summon a cab via a smartphone, receive an automatic price estimate, pay through a credit card, and even monitor the cab's movement online!

Patience and perfect timing: The essentials for category kings in the making

When automobiles first arrived on the scene, they weren't met with instant acclaim. People viewed them as hazardous, and it took a while for this bias to dissipate.

This reality isn't peculiar to automobiles alone. Whenever a company stumbles upon a ground-breaking concept, it often has to wait for public sentiment to align with its vision.

Identifying and cultivating a new category is an achievement in itself, but persuading potential customers to recognize the existence of a problem that needs to be addressed is a different ball game.

Imagine a middle-aged IT manager, well-versed in the conventional dynamics of his sector. When an innovative platform like Salesforce.com shows up — a service designed to help clients connect with customers more effectively — it might take years for him to embrace it.

This isn't surprising. Neuroscientific research reveals that displacing an entrenched idea in someone's mind with a new, superior concept could take anywhere from six to ten years.

Therefore, people need time to reshape their thinking. To facilitate this transition, a company should develop a lucid understanding of potential customers' problems and needs.

In 2002, Microsoft's Bill Gates introduced the Tablet PC, envisaging it as a solution to what he perceived as a technological gap. The screens of cell phones were too cramped for prolonged use, while laptops lacked portability. Gates believed he'd hit the jackpot with the tablet computer.

However, the Tablet PC tanked as a product.

Yet, just a few years down the line, Apple's Steve Jobs acknowledged the same problem and invented the iPad — another tablet computer.

So what differentiated the two solutions? People weren't looking for a personal computer morphed into a tablet; they needed a device to surf the internet and deliver presentations seamlessly.

Jobs correctly identified this need and catered to it with the lightweight, user-friendly iPad.

Unearth new category opportunities through market and technological insights

How does one identify the voids in today's world to find a market ripe for disruption?

More often than not, chance might lead you to a gap in the market. However, to turn your idea into reality, you'll need robust market insight.

Market insight implies a thorough understanding of the inner workings of your potential market. This knowledge then becomes the springboard for actualizing your vision.

Ever wondered about the birth of the electric guitar?

Les Paul would play his harmonica and guitar in a parking lot. One day, an individual pointed out that the guitar was being drowned out by the harmonica's sound.

Eureka! Paul realized the need for a louder guitar. While the comment that sparked his quest may have been unplanned, his market knowledge fortified his belief that others would share his predicament, making it worthwhile to address.

There's another pathway to uncovering market gaps — through technological insight.

This insight is often held by scientists or engineers who innovate new products or processes, even without an in-depth understanding of market needs. The applications emerge only after the invention.

Take, for instance, the founders of VMware, who created virtual computers capable of running virtual software. At the time of inception, they were unaware of the problems their invention could potentially solve.

Only after conducting some research did the founders of VMware realize that their solution could be a boon for companies looking to test software securely.

And voila, a new category was born!

The art of storytelling: A powerful tool for customer understanding and employee motivation

We may outgrow childhood and fairy tales, but our inherent need for stories remains unaltered.

A compelling story can mold our emotions and shape our thoughts.

A 2010 research project led by Professor Paul Zak at Claremont Graduate University revealed that stories have a more profound impact on people than plain facts. Stories enhance understanding, foster cooperation, and stimulate motivation, as they elevate oxytocin levels in our brains. Known as the "bonding hormone," oxytocin fuels our capacity for empathy.

So, how can you harness the power of storytelling?

You can encapsulate your product and the problem it aims to resolve into a story. This approach allows you to effectively communicate your point of view (POV) – how you perceive your company's role in the world and its approach to problem-solving.

Your narrative could revolve around your company's mission, its relevance in the lives of your customers, and how your new category intends to tackle their challenges.

Take Coverity, a software firm that identifies glitches in aircraft computer code, for example. Their story paints a picture of over 100 million lines of software code in a jet airliner, demanding rigorous testing to ensure seamless operation – the difference between keeping planes aloft or not.

This narrative transformation suddenly makes Coverity's function seem not just essential, but crucial – a matter of life or death!

However, a clear understanding of the company's POV shouldn't just rest with the CEO. It's equally vital for every employee to grasp it.

Once you've crafted your POV, it needs to be assimilated and internalized throughout your organization to guarantee its effectiveness. Providing training courses for your employees can help reinforce your story as a guiding principle at all levels.

Lighting up the market: The power of a stellar introduction for a new category

Imagine a bolt of lightning, piercing the night sky with its radiant brilliance.

Similarly, crafting a dazzling introduction, or a "lightning strike", for your product can help you captivate the market's attention.

Such a strike could take the shape of a remarkable event that lures potential investors, stakeholders, analysts, media, and future customers.

An extraordinary event can also take prospective competitors off guard.

A prime example is Sensity, a tech firm in the LED lighting industry that staged a dramatic reveal at Lightfair International in 2003. At this annual gathering of lighting manufacturers and customers, Sensity debuted a groundbreaking concept: transforming light fixtures into digital entities using LED lights.

This radical approach allows lights to gather data on motion, sound, air quality, and even weather conditions. Sensity christened its system the Light Sensory Network. A few days before the fair, the company gave a sneak peek of the new category to a Wall Street Journal reporter, resulting in a newspaper article that heightened anticipation for what turned out to be a wildly successful event.

To make a lasting impact, your lightning strike needs to be directed at your target market.

Sensity's choice of market was astute. Had it pitched to the sensor industry, the impact would have been somewhat muted. By targeting the lighting industry, Sensity was able to highlight how conventional lighting was lagging behind in terms of technological advancements.

Like Sensity, you should focus on a specific market, as a broad-brush approach is unlikely to be effective.

A well-conceived strategy targeting a single market can pave the way for your company to ascend the throne as the category king!

In a nutshell

Here's the crux of this enlightening book:

To elevate your game and play bigger, it's essential to pioneer a new market category. This entails weaving a compelling narrative that enlightens your customers about the unmet needs your product is designed to fulfill — needs they were oblivious to until now.