Product Benefits Analysis

Step by Step Guide

1. Establish a list of the products/services you wish to assess.

2. Brainstorm and select the factors/benefits that you think are relevant to your business. It is best if the factors/benefits can apply to all of your products. For example if the industry was 'Consulting' the factors could include, reputation, price, track record and regular contact. You can select as many factors/criteria as you like but we suggest no more than ten.

3. Having chosen your factors list them down the left column under the heading 'Factors/Benefit' as shown in the example below. Next look at the factors you have chosen and weight them individually according to their importance. The results of all scores must total 100.

4. With the weighting in place you can now go ahead and score each of the selection factors against each option. Remember that your score for each option cannot exceed the weighting you have allocated to the selection factor.

In In the example what score did each get? What score is the target score for each product/service. Is there a minimum score that your products must get to stay in your portfolio? How could you improve your score?

4. Review your scores. The score should indicate which products are performing well and those that are struggling.

5. So from our example above you can now identify two great products. (Consulting and Training) The real benefit from the Product Benefits Analysis is what comes next.

If we assume that every product must have 50 points, what changes would be required? Generate action plans to justify the new points. Target scores that will ensure that all products do well.

6. Every product and service in your portfolio can be a contributor to your organisation. Imagine if every product scored above 50 points. What difference would it make to your competitive position? What impact would it have on your sales and profit.

7. It is recommended that you review your products and services at least every six months. The scoring process generates strategy and action plans. It is a professional approach to a common problem.

If you would like assistance in using this business improvement tool contact  one of our Newcastle Business Consultants