Competitive analysis is a common practice to ensure your product is unique and competitive compared to others in the market. Once you have the breakdown of each product's differentiating features, you can perform an initial assessment on what price you could offer your product to the market using Economic Value to the Customer (EVC).
Deciding what products and features to offer to your customers requires a clear understanding of your markets. Once you identify market segments, you can propose different product configurations to meet each segment's needs. You can perform an analysis of your products side-by-side against your competition in each segment to see how the segment is being served and find opportunities for new and improved products.
Our previous article, we explained how Gocious' Weighted Product Score can help you determine how well your product meets market and business constraints. With our new release, you can now identify how specifications are impacting your overall product score. With this new feature, you can detect and address underperforming specifications to improve your overall product fit.
To meet your customers' demands as a discrete manufacturer, you need to create a product line with various products and options with many possible configurations. Designing your product line for your customers in a way that is not confusing and in the same time meets their personalization needs can be a challenge. Visualizing entire product lines is a way to ensure it is serving the market needs and is easy to understand from a customer's perspective. It is also an essential tool to strategically communicate what is being built and how it serves the market, enabling everyone inside the organization to stay aligned and informed.
There has been a recent change in the market, and you need to analyze your product line and plan a change to the current features and products immediately to address the market in 3 months.