Today is a fun conversation with my fellow Pirates Eddie Yoon and Katrina Kirsch, as we talk about the importance of Framing, Naming and Claiming a problem, to create a different solution for your business.
From time to time, we drop these video discussions that three of us have in Category Pirates, and this one I thought you might also enjoy. If you do enjoy this kind of content, you can check us out at CategoryPirates.com And subscribe to the Category Pirates newsletter.
Welcome to Lochhead on Marketing. The number one charting marketing podcast for marketers, category designers, and entrepreneurs with a different mind.
The Importance of Naming, Framing, and Claiming in Business
When asked by Kristina on what “problem” does category design “Name, Frame, and Claim”, Christopher responds that category design solves the fundamental challenge of defining and owning a distinct market space. It asserts that successful companies excel in three areas: creating legendary business models, products/services, and categories. He emphasizes that a company must recognize category design as a crucial third of its success.
Eddie reinforces this, highlighting the importance of capturing a significant portion of the market share by framing, naming, and claiming a category. He argues that failing to do so results in competing for a smaller market share, which is familiar but less lucrative.
Ultimately, effective category design enables a company to articulate its unique value proposition clearly, ensuring it stands out to customers, investors, and employees.
The Value of being an “Exponential Different” in Business
The next part of the conversation delves into the concept of being an “exponential difference” in business, emphasizing the contrast between incremental improvements and exponential innovations.
Christopher reflects on his career, realizing that focusing on exponential changes often leads to friction within companies geared towards incremental progress. He highlights the importance of recognizing when to contribute to exponential shifts and when to step back, as pushing too hard on exponential change can disrupt the organization.
This understanding prompts a shift in perspective, reframing what was once seen as a career obstacle into a strategic advantage. Overall, it underscores the necessity of balancing incremental improvements with exponential innovations for sustainable growth and success in business.
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