Dave Peterson is a co-Founder and Partner at Play Bigger, a consulting firm that coined the term category design and is advising companies on how to create and own new categories of products.
They recently also published a book also called Play Bigger where they explain the category design process in detail.
Here's an excerpt from the book:
"Winning today isn't about beating the competition at the old game. It's about inventing a whole new game -- defining a new market category, developing it, and dominating it over time. You can't build a legendary company without building a legendary category. If you think that having the best product is all it takes to win, you're going to lose. It's not about disruption anymore -- it's about creation. Category kings are the explosive and enduring companies that create value over time by opening up a category with vast potential and setting themselves up to control the majority of it. Category kings take up seventy to eighty percent of the category's economics. Category kings become famous brands because they become the symbol of the whole category -- think Xerox, Google, Uber. A category king is almost impossible to challenge. They play bigger than other companies."
In this episode we spoke about:
• What is a Category and Category Design?
• Why do Category Kings capture more than 70% of economic benefits in an industry?
• How did companies such as Salesforce, Tesla, and Qualtrics become Category Kings?