How to use a product matrix for decision-making (template)

Product managers face numerous decisions daily, and tools such as product matrices can assist in making informed choices by organizing complex information. A product matrix compares multiple products against various dimensions, with the two main types being the product feature matrix, which examines how features overlap or complement each other, and the product market matrix, which assesses products against market conditions to identify strategic opportunities. The Boston Consulting Group (BCG) matrix and Hofer’s product market evolution matrix are examples of market matrices that facilitate decisions on investments and market strategies. While these matrices are traditionally used for multiple products, they can also aid decisions concerning a single product by clearly delineating parameters for analysis. Utilizing resources like LogRocket can further enhance decision-making by providing insights into user experiences and helping teams align their efforts based on shared data.