How to Create a Proper Product Gap Analysis
Product gap analysis can be defined as an examination of the current performance where the goal is to identify the differences between your business current state & where you would like to be. This can improve your profitability, your product and your business efficiency.
How to Write a Product Gap Analysis
Writing a product gap analysis template is not easy. It requires you to follow some steps rightly. Once you complete this analysis, you should focus your energy & resource on the identified areas to improve them. In this article, we will explain the detailed step by step.
First of all, you have to identify your department current state. Here, you should identify your priority of the scorecard or plan. You have to keep in mind that your business current state does not have to be financial. Stick with your business current state which represents the entire department.
Secondly, you need to identify where you want to be with the department of your business. The goal can also be called as stretch goal, future target, or desired state. Here, you need to think about how you do in your business current state & where you want to be in a reasonable timeframe.
Thirdly, you should identify the gap in your business department. After you recognize where your business currently is & where you want your business to be in the future, now you have to bridge the gap. It is also very important to find the reason why there is a gap.
In this case, you have to be specific about that gap. Besides that, you also need to dig deeper & determine why the gap happened. To understand it, you may need to be able to answer “5 why questions” related to the gap that happened in your business.
The last step in writing a product gap analysis form correctly is to devise improvement to close the gap in your business department. Here, you should find the proper course of actions to close the gap. There are some guidelines to ensure the improvement. Here they are.
You have to base the improvement on the info you discovered while you identify the gap. Besides, you also need to consider the implementation cost for every solution. Then, you should identify end dates when you want to resolve the gap. With these 3 tips, you can close the gap effectively.
There are some general gaps which need to be measured from a service quality perspective. They include service quality gap, management understanding gap, service design gap, service delivery gap, and communication gap. The gaps happened in your business may be one or some of them.
To make this product gap analysis effective, you have to decide the strategy you will use. There are 3 strategies available. The first is customer focused strategy. The second is operation focused strategy. The third is product focused strategy. Hopefully this will be a useful reference in writing this analysis.
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