?You do not have to be the best techie or the best entrepreneur to have a successful business but you do have to be an expert in a category. A powerful statement by our recent podcast guest and founder of WellSet, Tegan Bukowski. Her episode brought up insight into how entrepreneurs need to approach creating products and companies in the 2021 landscape. Investors are looking more towards entrepreneurs that are experts in their business?s niche when looking for investment opportunities. Expertise drives profitability and longevity in this new crowded and virtual business world.
Understanding your category is no longer enough to build out a business – expertise and influence are necessary in order to give you authority in the market you want to disrupt. As a female entrepreneur, you need to have the power of knowledge and experience in your niche in order to have influence over your team, investors, and potential customers. This experience needs to be personal, as Tegan Bukowski mentions much of her wellness experience comes from her time learning and leading yoga lessons. This personal exposure allows an entrepreneur to be the go-to point for any leadership and questions (something that can easily be redirected if you are NOT the category expert).
Being a category expert also means you clearly understand the marketing message your brand needs and is putting out – from overall branding to specific campaigns you will be able to clearly communicate and execute the necessary tone, look, and goals. This also helps in narrowing down your marketing and target audience because you are familiar with your business?s strengths and what people in the category are drawn to.
Having too broad or shallow of an understanding will only get you so far – you want to be the authority on the category your business is in. This will attract other experts, investors, and ultimately clients.
In a space so crowded and competitive being the category expert will set you apart and help you grow your business.