Competitive markets are constantly evolving and Product Managers need to regularly evaluate the profiles of competitors in order to mitigate threats. Failure to do so could put a Product Manager in the position of having to be reactive to market movement instead of making innovative decisions proactively based on strategic goals. One of the best ways to avoid this scenario is to maintain competitive threat scorecards. By creating a scorecard specifically for measuring competitive threats, key metrics for all competitors can be easily maintained and communicated.
How to set up competitive threat scorecards
By default, product and product lines will have a default scorecard called Threat Scorecard. This scorecard's metric values can be edited in the details of each competitor and linked to the axis of your competitive matrix to show how multiple competitors compare. You can choose which metric value to plot by clicking on the label adjacent to the x or y axis and selecting from the dropdown.
If the default scorecard doesn’t fit your specific needs you can create your own custom scorecard by following these steps:
- Go into Settings > Account > Scorecards and click the plus icon beside Configure scorecards.
- Follow the steps described in our the article Create simple and advanced Scorecard formulas to create a new scorecard to measure competitors.
- Go into Settings > Account > Product or Settings > Account > Product Line (depending upon what is selected in the hierarchy) and update the selection for Scorecard for competitors to the one you created in steps 1 and 2.
Note: If you create your own scorecard, be sure to use a large point scale. We recommend at least 1-100. The matrix chart has an underlying grid system that allows the drag & drop functionality to alter scores. If your score range is too small, say 1-10 there will essentially be a 10x10 grid that the competitors will snap to when dropped which causes less flexibility on where the competitors are displayed visually. A scale of 1-100 makes the grid a 100x100 which allows much more granular control over where the competitors are arranged visually.
Note: Selecting a different scorecard in your product will instantly erase all previously entered scores from competitors in that product.