A feature table helps product managers differentiate their products with regard to the competition. It is a synthetic and easy to digest report that can be used to communicate a differentiated MVP description in line with a clear value proposition when facilitating product strategy team meetings.
It is also the de facto support material when answering the question “How do you differentiate from your competition?”. It is useful to have it in your product pitch slides.
Here is a simple process to create a feature table:
- List your direct competitors horizontally. Each competitor will have a dedicated column. Use the last column in the table for your product.
- Fill in the features, factors, and dimensions. Try to prioritize them based on your understanding of the customer needs and expectations.
- Go through each of the features and evaluate if the competitor has the feature and to what degree it meets the expectations of the customers.
The feature table tool can be applied to all types of competitors (direct, indirect, potential, substitute) that we have described here.