7. Define your own category

Unlike photo-sharing, or social-bookmarking sites, BillMonk does not easily fit into an existing category. Instead of force-fitting it we created our own category 'social money: informal debts between friends'. This helped us describe what we're doing to journalists, but more importantly, it made us the first in the category. Not only did Business 2.0 use the term, but now Springwise has used it too.

Make sure you can easily and clearly explain what it is that you do to a third-party. If it makes sense for your product, create a new category to capture mindshare.