If you want your company to grow and expand, the key to success is a solid product strategy. Your product strategy must be flexible and nimble to quickly react to changing market conditions. Our research has found that product managers rarely use specialized tools to set the strategy of their portfolio. Today’s general productivity tools make it difficult for companies to track and make changes and set their product strategy to adapt to the changing market needs in an agile and efficient way.
In our continued commitment to bringing product managers and product marketing researchers competitive analysis spaces, today, we are happy to announce that you can import competitive products and features, including options, into the Gocious central library. You can use competitive product records to create competitive dashboards to compare competitive products side by side with yours.
We are super excited to announce our latest capability for product managers to enhance their product scoring capability and define product specifications more accurately. With the introduction of equations, product teams can define specifications that can result from calculations based on features on the product.
We announced the availability of competitive analysis space and a repository to store and maintain competitive product data as the first of many capabilities we plan to introduce in this space. Today, we are happy to announce the general availability of product scoring in the competitive analysis space. With this new exciting feature, product teams can now analyze their products side by side with competition and have a quantitative way to visualize their product against competing alternatives.
Organizations with many products or variants need a way to organize their team and products to be easily managed and analyzed. Using the Gocious platform, you can organize your products into product lines. Today we are happy to announce that, in addition, you can now group your product lines under different categories. With categories, you can view all your product line changes and launch roadmap grouped by category.
As a manufacturer of products, you will ultimately need to set the price for your product in the market. There are pricing methodologies which exist to help you in your quest for the optimal price that the customer is willing to pay while maximizing your revenue and profit. Two straight forward examples are cost + or pricing vs. your competition models.
However, they do not always fully highlight your true business goal or intended outcomes; are you going to maximize your profits? You might in fact be leaving money on the table.
Value-based pricing models can help you realize the full potential price of your product. They can also be very confusing to understand or even to put into practice.
As a product manager, knowing the value of your products in the market is a never-ending pursuit. It is a fundamental gauge to determine whether the product needs changes and how best to position it in the market. There are different methods to assess value and use that to determine how to position the product. However, in this article, we will focus on Value Map, which is a tool to assess the positioning of your product in terms of price and customer value compared to the competition.
Product management teams rely on competitive intelligence and market research to plan out their product lines. But what happens when you try to line up your internal product definition with third-party market research. The data schemas don't match, so what do you do? How do you effectively analyze and compare your own products to your competitors’ when the data is different?
Product Managers wear many hats… researcher, business manager, financial analyst, strategist, project manager, product tester, customer service rep, spokesperson… honestly the list is endless.
Topics: product management
It's a critical step in business; you have to know what you're up against to chart a course to success. Yet every year, many new products miss the mark, while others in the same market seem to have runaway success. What is it that sets these products apart? Technical capability? Marketing magnificence? Unimaginable innovation?
Topics: Competitive analysis