Creating a new product category in a crowded market: Part 1

The Demand Gen Fix by GrowthMode Marketing

The HR tech market is extensive – with a lot of options to solve the big challenges. According to Sapient Insights, there are 7 established product categories in HR tech, with 55 application categories within the main product categories. But what do you do when your technology doesn’t fit clearly into an existing category? This is a question that a lot of marketers in this space grapple with. Some will tell you to build your own category and lead the way to domination. Others will tell you that trying to create a whole new category is a big mistake.
So which answer is right? Listen in to this episode as we explore the topic with Sam Kuehnle, vice president of marketing at HR tech firm, Loxo – a company that decided to define and market a new product category within the market
(00:00:20) - The challenges and risks of creating a new product category
(00:02:00) - Sam Kuehnle’s background: From traditional advertising to digital marketing and demand gen
(00:04:53) - Exploring the crowded and complex HR tech market
(00:06:36) - Loxo's decision to create a new product category and the rationale behind it
(00:10:41) - The challenges of building awareness for a new product category
(00:13:34) - The need to win mindshare before market share – and educating the market
(00:17:14) - The struggle of balancing immediate leads with playing the long game to build trust, credibility and relationships
(00:18:12) - The reality of the slow initial growth and eventual rapid rise of a new product category

The Demand Gen Fix is hosted by Deanna Shimota, CEO of GrowthMode Marketing. Listen to our team of marketing experts and featured guests drop knowledge on how HR tech companies can maximize the success of their marketing for today’s B2B prospects. Learn more at www.growthmodemarketing.com.