{"id":76674,"date":"2022-08-16T11:15:00","date_gmt":"2022-08-16T15:15:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=76674"},"modified":"2022-08-25T13:06:14","modified_gmt":"2022-08-25T17:06:14","slug":"play-bigger-book","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/play-bigger-book\/","title":{"rendered":"Play Bigger: Book Overview and Takeaways"},"content":{"rendered":"\n

What is the book Play Bigger<\/em> about? What are the main takeaways of the book?<\/p>\n\n\n\n

In today’s world, being better just isn’t enough. Play Bigger<\/em> says you have to create an entirely new market to showcase your product and its solution to consumers’ problems.<\/p>\n\n\n\n

Read below for a brief overview of the book Play Bigger<\/em>.<\/p>\n\n\n\n\n\n\n\n

Play Bigger<\/em> Overview<\/strong><\/h2>\n\n\n\n

In today\u2019s buying landscape, there\u2019s no room for second-tier companies: The top dog of every market usually reaps all the rewards, leaving other companies competing for scraps. This means every<\/em> company should strive to become a top dog. <\/p>\n\n\n\n

Al Ramadan, Christopher Lochhead, and Dave Peterson of the advisory firm Play Bigger, with the help of business writer Kevin Maney, believe the way to do this is not to create a product<\/a> that\u2019s merely superior<\/em> to other products in an existing market, but rather to create a <\/em>brand-new <\/em>market for your product. In their book Play Bigger<\/em>, they say you can design this market to specifically highlight your product\u2019s unique assets, thereby making yourself the best and only option in that market\u2014the market winner. <\/p>\n\n\n\n

The most recognized and successful companies today created their own markets, revealing to customers a problem they didn\u2019t know they had and then positioning themselves as the only solution.<\/p>\n\n\n\n

Part 1: Defining Market Design and Market Winners<\/strong><\/h3>\n\n\n\n

Let\u2019s first define the authors\u2019 concept of market design<\/a> and the market winner. It\u2019s worth noting that the authors\u2019 work experiences come primarily from the tech industry. However, they stress that you can apply these lessons to any business. <\/p>\n\n\n\n

(Shortform note: The authors are likely correct in asserting that lessons from the tech industry can apply to more traditional companies, simply because the distinction between tech and non-tech businesses is becoming increasingly fuzzy<\/a>. Most modern companies\u2014like Goldman Sachs, GE, and Exxon\u2014classify themselves as \u201ctech companies,\u201d at least to a certain degree.)<\/p>\n\n\n\n

What Is Market Design<\/strong>?<\/h4>\n\n\n\n

Market design is the act of creating an <\/strong>entirely new<\/em><\/strong> market for your product<\/strong>, claim the authors. <\/strong>You do this by devising a novel<\/em> solution\u2014not a solution that\u2019s just better<\/em> than other solutions\u2014to an existing or not-yet-existing problem, often completely altering peoples\u2019 lives and lifestyles and rendering old markets obsolete. <\/p>\n\n\n\n

The authors cite Uber as a company that created an entirely new market and solution\u2014ride-hailing services\u2014to solve a problem consumers didn\u2019t know they had: the challenge of finding a taxi when you need one. In Uber\u2019s case, it made traditional taxis (the old market) much less appealing and completely changed how people get around. <\/p>\n\n\n\n

When you engage in market design, you craft the market to specifically highlight <\/strong>your<\/em><\/strong> product\u2019s unique advantages and the problem it solves<\/strong>, contend the authors. No other company that enters the market will succeed as well as you because the market isn\u2019t designed to accentuate its advantages\u2014it\u2019s designed to accentuate yours<\/em>. This is in many ways easier than competing in a market that\u2019s saturated with recognized brands and that\u2019s not set up to highlight your product\u2019s assets or the problem it solves. <\/p>\n\n\n\n

Furthermore, when you establish a new market based on a new or existing problem, you won\u2019t need to work hard to convince consumers to buy from you, claim the authors. Once they recognize the problem your market will solve, consumers will clamor for a solution\u2014it\u2019s human nature to want to solve a problem, even if it\u2019s one they only just now realized they had. And since your company will be the only one offering any solution in that market (because you\u2019ve only just established it), they\u2019ll turn to you exclusively.<\/p>\n\n\n\n

However, if you create a new<\/em> market for your device, you can succeed<\/a> in it because you can design the market to highlight your product\u2019s unique features\u2014its relatively low tech capacity. You might thus create a \u201clow-tech devices\u201d market: a market for products that have more limited capabilities than standard smartphones, to solve the problem of tech overwhelm. And once consumers recognize that they, too, have tech overwhelm, they\u2019ll buy only from your company, because you\u2019re the only company around that can solve that problem for them. <\/p>\n\n\n\n

The Advantage of Market Design: You Can Become a Market Winner<\/strong><\/h4>\n\n\n\n

Designing a new market for your product gives you the greatest chance of becoming a market winner<\/em>: the most recognized and trusted brand in a market<\/strong>, write the authors. Market winners often become synonymous with their entire markets and usually consume 70 to 80% of the market\u2019s profits and value. Because customers recognize these companies so well and identify them so closely with their market, it\u2019s nearly impossible to compete with them. You want to become a market winner because you\u2019ll be an indomitable force. <\/p>\n\n\n\n

Part 2: The Three Steps of Market Design and Becoming a Market Winner<\/strong><\/h3>\n\n\n\n

Now that you know what market design is, why to do it, and what its challenges are, let\u2019s discuss the authors\u2019 three steps of designing your new market and becoming its winner. <\/p>\n\n\n\n

Step 1: Identify Your Market<\/strong><\/h4>\n\n\n\n

The authors write that the first step of designing your market and becoming its winner is to identify your market by pinpointing an unmet need in peoples\u2019 lives or a new way for your existing technology to fill an unmet need<\/strong>. At your low-tech company, you might identify the unmet need for less intrusive technology. Your market, then, becomes the market for low-tech devices.<\/p>\n\n\n\n

Step 2: Identify and Express Your Company\u2019s Take<\/strong><\/h4>\n\n\n\n

The authors write that once you\u2019ve identified and defined your new market, it\u2019s time to craft your company\u2019s take: <\/em>an identity, guiding principles, outlook, and story about how your company solves a problem differently than other companies<\/strong>.<\/em><\/p>\n\n\n\n

Step 3: Implement Your Market Design Through a Big Event<\/strong><\/h4>\n\n\n\n

Now that you\u2019ve identified a market and take, reveal them to the world. The best way to do this is through what the authors call a \u201clightning strike\u201d and what we\u2019ll call a Big Event. <\/p>\n\n\n\n

A Big Event is an explosive occasion that introduces your company, market, and product to the world<\/strong>, assert the authors.<\/strong> This is the first step toward getting people to embrace your different (not better) approach to solving a problem. Ensure your Big Event is attention-grabbing and makes a mark in the customer\u2019s mind\u2014you must make a big impression to begin getting people to embrace a new market. <\/p>\n\n\n\n

Part 3: Remaining the Market Winner<\/strong><\/h3>\n\n\n\n

Now that you\u2019ve solidified your market in customers\u2019 minds and made yourself that market\u2019s winner, the authors explain how to remain the long-term market winner in two steps: 1) by expanding your market or creating another new market and 2) by establishing a <\/strong>flywheel effect<\/a> <\/em><\/strong>in that market<\/strong>. <\/p>\n\n\n\n

The authors claim that you must complete the first step because e\u200b\u200bvery company eventually reaches most customers in its market and must either create a new market<\/a> or expand its current market to continue growing. Companies must do this over and over to remain market winners. For instance, you\u2019ll eventually reach all customers who want to minimize their tech use in your low-tech devices market and might therefore expand that market to include customers who not only want to be on their phones less, but also want to use more analog products, by selling paper agendas, notepads, and so on. <\/p>\n","protected":false},"excerpt":{"rendered":"

What is the book Play Bigger about? What are the main takeaways of the book? In today’s world, being better just isn’t enough. Play Bigger says you have to create an entirely new market to showcase your product and its solution to consumers’ problems. Read below for a brief overview of the book Play Bigger.<\/p>\n","protected":false},"author":14,"featured_media":68321,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,45,104],"tags":[725],"class_list":["post-76674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-business","category-marketing","tag-play-bigger","","tg-column-two"],"yoast_head":"\nPlay Bigger: Book Overview and Takeaways - Shortform Books<\/title>\n<meta name=\"description\" content=\"In the book Play Bigger, you'll learn how to develop a new market. 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