Today, we are excited to announce the general availability of Value Map charts to help product portfolio managers take advantage of the market conditions and position their products for success. Using Value Maps, as a product manager, you can compare your products against competitors in terms of value and price to devise the best strategy to enter or adjust the position of your products in the market.
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- The Value Map, a product managers ally in assessing products position in the market
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Gocious Value Maps
The days where you had to build new one-off spreadsheets and shuffle and move data around to plot a value map is over. You now have one integrated space that allows you to capture your competition's product data and use that for various analytics including value maps. Any changes to products will be reflected automatically in your chart.
With the Gocious platform, you can now leverage your competitive analysis space to create value maps. Using this feature, you can capture market share for each product and see how competitive products and your product are stacked against the line of indifference. The Gocious platform will calculate and display the line of indifference for you whenever you select the benchmark product.
With this new capability, you can gain insight into your product value and pricing. For example, you can see if your product is overpriced and whether you need to add more value or reduce the price.
You can also use value maps to decide at what price to introduce your product in the market to gain rapid market share. By tracking value maps over time, you can also see shifts in the overall market.
Summary
Value maps provide product managers and product line managers an effective tool to position their products in the market. With this feature, you can now build on your competitive analysis, product scoring, and pricing to get a view of your market in one powerful chart.
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