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1-Page Summary of Play Bigger
Overview
Would you like to have a wildly successful startup, revitalize a floundering organization, or maximize your professional impact? The authors of Play Bigger say that the key is not to focus on beating the competition but creating new categories and dominating them. By being the first mover in this category and becoming its undisputed leader, you will be able to create an entirely new market for yourself.
In this summary, you’ll learn about how category kings win and why they’re so successful. You’ll also find out how to create a new category for your business and tell your story in the right way. The author will also teach you what types of buzzwords are popular in the startup world and how to position yourself for success, no matter what type of career you want.
Why Category Kings Win
Big picture
In business and in life, it’s often easier to follow the path that others have taken than to pave your own. Being a category king gives you three advantages: being able to focus on the big picture instead of trying to keep up with competitors, gathering better data since there are fewer companies in your market, and experiencing more success because there is less competition. It will be easier for Uber (a ride-sharing service) if they don’t try to compare themselves with traditional taxi services or other ride-sharing companies like Lyft but rather focus on developing unique services and improving their users’ experiences.
Better data
Similarly, Amazon does not have to waste time trying to outsmart eBay, IBM or Microsoft because it has a unique service ecosystem. Although it bumps against all these companies from time to time, they are not truly direct competition. By continually creating new categories — from ebooks to videos to cloud computing — Amazon ensures that it will continue growing as a company no matter what its competitors do. Being a category king also frees you from the distraction of needing to “disrupt” an existing market in order for your business model to be successful. For instance, Elvis Presley did not set out with the intention of “disrupting” jazz; he set out with the intention of creating music that came from his soul and was different than anything else at the time. Similarly, although Airbnb created a new category of on-demand places where people can stay overnight without having their own place (i.e., couch surfing), nobody including co-founder Brian Chesky is predicting that this new category will cause hotel chains like Hilton and Marriott go bankrupt anytime soon. Additionally, being a category king gives you better data which enables you make better decisions. Think about how much data Uber has on ride sharing in general, and how much more data they’ll have once self driving cars become mainstream. Similarly, Netflix has amassed reams upon reams of data on movie streaming preferences. As category kings amass data, their data becomes an advantage over other businesses and creates gaps that competitors cannot close.
Better market capitalization
Being a category king is good for business. It allows you to make better strategic decisions and attract top talent, which in turn helps your company grow faster and earn more money. Investors are also attracted to companies that have created new categories because they know that those companies will be successful.
It’s not to say that Lyft and Samsung haven’t done well, but we’re still in a market where there are few competitors. If you have enough money for a nicer phone, it doesn’t make sense to buy from an unknown manufacturer.
