Understanding how well a market segment is served can provide you with invaluable insight as to the opportunities available for new products and areas to stay away from. Can you imagine what a difference it would make to see in one visual how your product serves the market segments alongside your competition and whether there is a gap you can exploit?
One way to determine how well a market is served is to review your products and competitors' products coverage within a range of attributes. Which is exactly what we are excited to announce today! We are pleased to announce the general availability of the Coverage Chart to help you get a clear picture of how products are servicing the market.
You may also be interested in:
- Collaborating on new and improved product opportunities using a Market Segmentation Grid
- Webinar replay: Using competitive analysis in your product planning
Example: Seeing the big picture using the proper visualization for a laptop product line
Let's assume you are looking for opportunities to service customers with a new generation of laptops. You know customers care about the weight and processing power of laptops. So you want to see where there are clear opportunities to serve the market.
You have a repository of competitive products which includes their processing speed and weights. You also have a laptop currently that you offer within the market.
With all the available information and a click of a button, using Gocious, you can see how the products cover the market for weight and processing speed.
A closer look at the chart shows that the market is quite crowded around the 15 pounds, 4.2 GHz combination. However, with the right R&D, you know you can offer a 10-pound laptop with a processing speed between 4.2 and 4.7 GHz, which clearly puts you ahead of the market and potentially provides you with an opportunity to charge a premium for it.
The coverage report is a simple yet powerful tool to give you a clear visual of how your products or competitors' products cover a range of specifications alongside each other. It's another powerful tool for you to make decisions that can change the course of your products and business for the better.
Here at Gocious, we continuously seek methods to bring value to product managers and planners. The coverage report is made possible because of features such as creating product specifications using formulas, competitive product repository, analyzing a range of product variants, and many more. We hope that you enjoy this latest capability as much as we enjoyed bringing it to life.
Happy strategizing! Don't wait; every day counts; be part of the journey to make product management awesome – Sign-up for your personalized free demo here