A product comparison template allows you to compare product features or the product’s capabilities with multiple products in an effective way. It helps you to determine if your product has more or unique or better features than your competitors.
Basically, product comparison is a way to compare two or more products against some criteria. In this way, you can identify their worthiness, market value, and viability. You may also like the Production Schedule Template.
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How to conduct a product comparison?
Here are some steps on how to conduct a product comparison;
At first, make a list of competing products. You have to identify the products which directly compete in the same marketplace as your product. Before commencing a detailed analysis you should provide a precise summary of each of these products. Moreover, the summary must contain a general product description, its purpose, and functionality.
The next step requires research. As the basis of your research, you can use relevant materials such as marketing collateral and the web. In addition, you can also buy or subscribe to the products that you are comparing. Hence, in this way, you can experience a product as a customer. By using the product, you can test the product features and identify that the features are useful or not. You should also keep a record of the use of the product.
After that, make a product comparison table. Following are the different types of product comparison tables that you can use to compare one product from another;
- Qualitative product comparison table: This table is used to compare products in an introductory way. The features of each product are listed and compared. However, the product that has the best feature receives a score of 1 while other products receive a score of 0. The product manager assigns the score to each product.
- Quantitative product comparison table: This table has more depth than a quantitative product comparison table. At the feature level, each product assigns scores from 1 to 10.
- Product comparison checklist: The product comparison checklist states each feature and identifies which product has this feature.
In the end, after doing the above steps, you have to draw a conclusion. In this step, you have to identify that your product would require additional features or not. Most importantly, consider product features in light of your customers’ needs. You should also check the Case Study Template.
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What are the benefits of product comparison?
The first and foremost benefit of product comparison is price justification. By comparison, you can know what you need to make your product more effective. It enables you to feature a particular product level. Furthermore, with a help of a template, you can compare the products at a glance and it is easy to compare. You may also see Equipment Register Template.
In conclusion, a product comparison template is a powerful tool that is used in a lot of businesses. A product comparison also informs you that what features you may require making your product better than the competitor’s product. Moreover, templates help you to compare the products in a more organized way.