What problem does your product or service solve? How much money or time does it save by solving the problem? Does it offer additional benefits beyond solving this problem? What is the estimated payback period? How does the price / return ratio compare to the competition? What drives the decision making process, cost or features?
The Decision Matrix is used to calculate the value proposition of the product or service which emerged from the Ideation process and helps determine the likelihood of its success. The best products or services solve problems in an efficient and cost effective manner. Products or services which excel at solving problems can own a market. People make Xerox copies, not xerographic copies. They ask for a Band-Aid rather than a bandage. It is more common to Google something than to search online for it.
The Decision Matrix is essentially a grid which outlines the cost associated with the problem being solved before and after adoption of the product or service. The savings can be in direct dollars, time or both. While initial savings may help generate market interest, the ability to demonstration additional benefits and long term savings, especially the Return On Investment (ROI – when the product or service pays has paid for itself and starts saving the company money in a recurring manner), will close sales.
Preparing and reviewing the Decision Matrix is a full Team project as it must include design / development, marketing, sales and customer service / support. The more detailed the Decision Matrix is in presenting a complete picture of the value proposition, the easier the buying decision will be for customers. Likewise, if you cannot demonstrate a convincing value proposition for the product or service, it is probably not worth pursuing. Create a Decision Matrix for each product or service offered then focus on the strongest and discontinue any which are difficult to justify.