A brand can become memorable in a variety of ways: by having a catchy slogan, a simple logo, or great customer service. But one of the most difficult yet rewarding ways to become a memorable brand is to create a new product category. Creating new and niche products, unfortunately, doesn’t automatically guarantee success for the brand, but if done and thought through properly, this new product might all of the sudden become a solution to the years of inquiry.
Johan Strömberg is the CEO of Wanderword, which is an interactive audio entertainment and interactive audio engine company. Together with his team, Johan created a new kind of software for the audiobooks, which lets the listeners decide what happens to the character.
In order to be able to create and launch a new product category, it’s essential first to understand how to build a brand in a proper way. Johan learned through many startups that he participated in, that the key to creating the brand is doing it fast. You can’t wait too long around doing something like this, because you will be out if you don’t perform for a while.
When starting a brand, it’s important to have partnerships beforehand that will be helpful in getting your product out to the audience. It’s extremely difficult to try and create your own audience from scratch, so if it’s possible, it’s better to advertise your brand and products in an already pre-established audience whose values sync with yours.
Leek for partnerships that will be very beneficial to all of the sides involved. You already get clients suggested by other companies that were somehow interested in similar areas in the market already, and the company that helped you out gets another service to put out on a market. Johan brings up an example of the book, which was published by a company and very loved among children already, but because of the spin of Wanderword, which added the options of deciding what happens to the character, this book became even more popular, and Johan was able to show what his brand was about.
Surround yourself with other people who will help you generate ideas faster and create the right environment for development. It takes much longer to come up with a solution if you are working just by yourself, so your brand has to be full of partnerships.
The trick to finding ideas for the new product categories is to ask other people. You can’t just close off your chamber and expect that some brilliant idea will occur to you. Instead, you need to go out, create a team of people with different qualifications, backgrounds, and perspectives, and run the idea that came to your head by them and by your potential customers. It’s almost like a snowball – you start at the top of the mountain with a little ball of snow, but once you roll it down the hill it will become bigger and bigger the more snow it touches. Ask other people to chip in, ask other people to criticize, and build it together.
There might be controversial ideas and topics brought to your table, that you need to compare and contrast, and decide which way will work best for your goal, but you need to have this conversation with the people in your room, maybe have them fight against each other a bit, or have a small conflict. But everyone must leave the room being on the same page, as a smooth union that works towards a common goal.
Create an appropriate environment, surround yourself with important partnerships, analyze the market, collect ideas from others, and don’t forget that the most genius ideas might come from simply taking a bath and then screaming “Eureka!”
If you are interested in learning more about Johan’s experience in how to build trust with people, and ease them into building trust if they don’t feel ready yet, listen to the whole episode of the Genius Leadership podcast with Johan here.
Stay tuned and be genius!