Feature Analysis
Label: Market Research, Product Management
Outline a detailed comparison of features for competing products.
It allows you to conduct a quick assessment of products so you and your team can discuss strategic marketing plans.
You may also use this tool to evaluate new ideas using this board, comparing current strategy to competitors.
Steps:
STEP 1
Add competitor products as well as their core features.
STEP 2
You will use a 1 to 5 scale to evaluate each feature.
Where: 1 = Bad implementation and design 5 = Great usability, design and implementation.
STEP 3
Is this aligned with your strategy and value proposition?
Discuss your current strategy, product goals and your value proposition.
How are your competitors different? Is your value proposition aligned with your current features? How would your current features position your product and brand? Are you leading the market? Where are you positioned? How easy would it be for a new company to build a product similar to your product? How are you unique? What is your promise and warranty to your users?
STEP 4
What are your next priorities?
What should you improve or add? What should you remove?
STEP 5
Ask yourself the following questions:
- What features are basic?
- What features will mean losing paying users if you remove them or modify them?
- What features will mean that users will look for alternatives if you remove them or modify them?
- What features are keeping users from using your competitor’s product?
- What feature could potentially help you increase retention and growth but needs to be improved?
How would you use this information to better target your buyer? How would you use this information to find them? What channels will you use?
Get access to this tool for free inside @Nova.
Nova is a collaboration and productivity platform that leverages intelligent technology to help teams work together while coordinating the work for you – so teams can share their knowledge and get things done efficiently. Unlike other platforms – Nova helps organize work by goals, people and deadlines and includes tools like whiteboards, tasks and documents to get things done in the same space.
Nova was Co-founded by Ro Fernandez so includes all our tools.
Here is an overview. Nova includes a collaborative space, a template, a video/voice call, a trackable step-by-step process, an intelligent report, and more.