The Petal Diagram: A New Way to Look at Competitors

The Petal Diagram: A New Way to Look at Competitors

 

In Steve Blank’s latest blog post, he introduces to entrepreneurs a new competitive analysis method to look at competitors. In his blog post, Steve acknowledges that today, start-ups are trying to “resegment existing markets or create new markets”, as opposed to “existing companies plan[ning] to enter existing markets”, and thus, Steve introduces the Petal Method. Here is how you the Petal Method works:

 

1. Start by putting the company in the center of the circle.

2. Draw 5 petals around the circles to show the market segments where customers for this new market would come from.

3. Fill the market spaces with the companies that represent each adjacent market.

4. Annotate the companies with the amount of capital raised – this allows potential investors to see the different values and amounts for each.

5. Show the market sizes for each adjacent market to determine how big each market is.

Slide4

This diagram is beneficial for companies exercising the Lean Start-up methodology and helps identify potential customer segments on the Business Model Canvas, as learned in class. By completing this activity, companies can see exactly which customers they are targeting and develop the first hypothesis on who the target market is.

 

Post: http://blogs.berkeley.edu/2013/11/11/a-new-way-to-look-at-competitors/

 

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November 15th, 2013

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