Role of Scorecard in Prioritizing Feature Set & Positioning our Product among Competitors!

Vmoksha is going to launch a comprehensive Food Hygiene & Safety Management System to assist Food Manufacturers and Processors in maintaining their food safety and quality. We named it Ionhaccp to convey users that our product ensures HACCP compliance, which is a fundamental requisite for food businesses.

We thoroughly understood the requirements from the global food market and designed ionhaccp with advanced features to compete with the current key market players. Considering future trends in food safety, we also integrated IoT technology to our product, which can capture Critical Control Points to prevent food safety hazard. IoT not only simplifies the task of capturing critical data but also gives valuable infographics and sends alerts to user’s mobile devices if anything goes beyond the predefined limits.

Prior to designing our product we have analyzed different feature sets available in the market. During the process of analysis, we have given scores to each and every feature based on the feature significance and availability, which helped us in understanding the weightage and priority of the features.

Let’s see how Scorecard has helped us in prioritizing ionhaccp features & competitively positioning of our Product.

Before we start, let’s know the basics –

What is a Scorecard?

Scorecards have scores (Weights) given for each product features on the basis of their priority. The scoring method helps to rank your features and understand which features are crucial to include in your product. While there are many inputs that ultimately go into a product decision, a scoring model can help the team have an objective conversation.

Why to calculate weightage and scoring?

To have a comprehensive view of major competitors’ products, their feature set, and to identify the potential gap. Arrive at an optimum feature set to gain market share.

What is our approach to achieving that?

  • Identify the key players
  • Identify the key features
  • Comparative analysis of features
  • Develop scorecard

How we Prioritize our Product Features?

Our team has conducted a thorough research online and offline and came up with all possible set of parameters (Features) and top market leaders (Competitors). Next, we have created a table with Competitors Products and listed all features available from all the competitor products.

Scorecard

As shown in the table above, we categorized the features into different heads. Narrowing the features was based on factors that impact Operational Efficiency. Following are the factors that determine the success of an effective product.

  • Functional
  • Technical
  • Architecture
  • Support
  • Licensing & Documentation
  • User Experience
  • Pricing
  • Security
  • Market Share

 Scorecard

Figure 1 – Feature & Competitors Representation

Next Step in the competitive analysis is to figure out the list of features available or missing in all the products. Then, we have to identify the list of important features and give them scores. Scores are weightage given to each feature listed based on its operational efficiency or significance.

First, we need to give maximum values to the score column; here we have given value 5 for the features that are inevitable. This means, for any feature which is given a score of 5 is considered of high priority (5 being the maximum score). If a product feature seems of least significance, we gave it a weight of 1 (1 being the lowest score). Based on the maximum values given in the Score column, we gave weights for our competitor’s products as well as our own product for each feature listed under the head. It must be noted that a product expert team after detailed analysis of competitors should give the weightages.

Once all features are given weight on 1-5, our Scorecard table was looking like this. (The data represented in the picture are completely based on our analysis and not taken from any outside sources)

 Scorecard

After allocating the proper scores, it’s time to see the total scores obtained for each product listed. Summing up all the scores vertically gave us the total scores obtained by each product. Once it’s done, we were able to find out which player has obtained the maximum scores and see the ranks obtained by each player. This is how our scorecard total looks like after summing up.

Scorecard

Now based on the total scores obtained, we could easily determine the ranks for each product. Hence, we were capable of finding our product’s rank & thereby where our product stands among the competition. Representing scorecard details graphically or tabular format is much easier to understand. Let’s see how we showcased our scorecard details.

Scorecard

Scorecard

Scorecard  

Based on our competitive analysis and the scoring, ionhaccp will be able to offer the must-have features as identified in the scorecard and will become one of the top 3 key players in this segment.

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