Using the Kompyte Competitive Advantage Framework to Prepare a Product Analysis That Provides an Advantage

Using the Kompyte Competitive Advantage Framework to Prepare a Product Analysis That Provides an Advantage

 

An essential part of strategic planning is running a product feature analysis. The purpose of this exercise is to compare the main features of a product or service to assess your competitive advantage while identifying any gaps. Closely studying the results can help refine your messaging and positioning. Most importantly, you’ll be able to shape your product roadmap by adding meaningful features that will benefit your customers. More often than not, success is created by delivering unique value through meaningful features.

 

How to perform a product feature analysis

To get started, determine which competitors you wish to include in your analysis. We suggest starting with your direct competitors. These are the companies you compete with constantly. They typically exist in the same category as you and offer very similar products and services. You’ll want to put together a concise overview of these products. Map out which core features you wish to analyze (the features analyzed will vary depending on your product and industry). Use a table to visualize and organize your findings on specific features. Use the columns to track the competing product or service and the rows for features. Pro tip: Add contrast between each column to clearly indicate the product or service. For example, let’s imagine you are in the CRM space. Features might include: Workflow, Contact Management, Opportunity Tracking, Win/Loss Tracking, Reporting & Dashboards, Mobile Capabilities and Integrations.

 

Conduct research

Analyze competitor websites, marketing collateral, and third-party review sites to identify your competitors’ feature set. If possible, sign up for a free trial or purchase/subscribe to the products included in your analysis. Be sure to take note of how the product works, what features are available, the benefit/value of each feature, and if it costs extra. It is also helpful to include a notes column to capture whether a competitor’s feature provides a specific benefit that is missing from yours or vice versa.

 

Analyze & organize results

Once you’ve completed this exercise and have a comprehensive view of features across competitors, review core questions. Which features do you have that your competitors don’t? Which features do your competitors have that you don’t? Which of the missing features would create a unique value for customers? Is there an opportunity to better highlight your unique value across your go-to-market team, customers, and prospects? Now that you have had a chance to analyze this information, you’ll need to organize and share these valuable insights across stakeholders — typically product, marketing, and sales enablement roles.

 

Download the Kompyte Product Analysis Template

 
Product-Analysis-cheat-sheet

 

Don’t just share — start inspiring action

Sharing and inspiring other teams within your organization is the most critical and challenging aspect of a competitive analyst’s role. It is extremely important to make sure that every stakeholder not only has access to your intel, but that those insights are tailored to their specific role in the organization.

For example, any product gaps or missing features should be presented to your product team so they can consider developing these features moving forward. In many cases, they will bring a unique perspective to your analysis and know exactly how to one-up the competition. This will ultimately help create additional benefits for your customers. Examples of insight your product team might find help are:

  • Feature enhancements by competitor, those that give added benefits.
  • Integrations with other technologies that may give a competitor an advantage.
  • Acquisitions and mergers within an industry that may give a competitor new intellectual property.

Additionally, your marketers should have a unique view into your analysis. They have the ability to focus more on how your competitors take their products & features to market. Competitor messaging across the web, social media, and other platforms will give you insight into what resonates best in today’s market, as well as how you can stand out and steal market share.
 

  • Key differentiators and the benefit of the problems you solve.
  • What messaging is most relevant and engaging with your buyers.
  • Trending topics online where your competitors are present and you are not.

 
Finally, your sellers also need to stay tuned in to the competitive landscape. Your sales team needs to know how to identify a competitor based on feature/benefit, quickly counter competitive claims, and demonstrate value in a seconds notice. Quick, concise cheat sheets are best for these fast-moving competitive deals.

 

Download the Kompyte Battle Card Template

 

Measure success

Depending on who uses your intel, the KPIs for measuring success will vary. But it is always a best practice to set goals around each area up front and in agreement with the leadership team. Sample KPIs might be centered around product usage and adoption of new features. For example, identify popular features and what impact they have on increasing product usage, retention, cross-sells and win rates, as well as how they increase overall company revenue.

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