Feature Table in Product Management
Feature Table
The feature table is a comparison chart used to assess the competitiveness of our product against our competitors’ products based on various dimensions. Before launching our product, it’s crucial to understand how it stacks up against the competition. To create a feature table, we need to consider what is important to our target customer group and conduct research to gather relevant information.
Examples of features and factors that can be included in the table are price, reliability, and other attributes relevant to our product and market.
After building our product, we can compare it with what our competitors are offering. For instance, we can compare discussion boards across various platforms for online courses to determine how well our product stands out.
To stay competitive, we must continuously monitor our competitors. There are three key events to watch out for:
- Funding: Keep track of competitors’ funding and investments, as it can impact their growth, team size, and product improvement capabilities.
- Acquisitions: Monitor if competitors acquire other companies, as this can affect their product team and overall speed of development.
- New Features or Product Launches: Stay informed about any new features or products that competitors release, as it might affect our market position.
To monitor competitors effectively, we can use tools like Crunchbase to track funding and acquisitions, Mention.com to monitor competitors’ social media accounts, and Google Alerts to get notified about any changes in their online presence or SEO performance. This information helps us make informed decisions and adapt our strategies to the evolving market landscape.
//These are the texts I took notes while researching product management.
