Summary: The value canvas is a graph showing Value Factors along the bottom axis and a rating of high to low along the vertical axis.
On the value canvas, each product in an industry is plotted on its rating per Value Factor, to create a Value Curve. In many industries there are two distinct value curves which all players have converged upon – creating hotly contested marketplace. These are usually a group of competitors competing on very similar Value Factors trying to out compete each other little by little – with low cost producers fighting a game of catch up by tempting buyers with low prices.
There is no reason why you can’t create Value Canvases for products/offerings outside one the industry, and instead, focus on jobs along the bottom axis and opportunity scores along the top. For example in the custom essay industry you could add editing, essaybanks, tuition and EssayBay on there as well, as all could be chosen!
Can you create Value Canvasses for your products and main competitors? Do you know where we are trying to compete?
Do you know what your “me too” products are (converged value curves), your migrants (potential for new value curve) and your pioneers – those set to take uncontested market space are?
When looking to address these look for big wins – those of disproportionate influence. There will be small things you can do that have huge benefits!
An example Value Canvas for games consoles is below.
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