Fit Gap Analysis: a Practical Guide

What are the nuances of fit gap analysis? Or what’s the fit gap analysis at all? Well, you probably know that it’s a vital tool for product managers to identify and bridge the gap between the current situation and desired outcomes.

Defining Fit Gap

To start, let’s define ‘fit’ and ‘gap’. In the context of product management, a ‘fit’ refers to a situation where the existing product features align perfectly with the market needs or customer requirements. It signifies that your product is ticking all the right boxes and serving its intended purpose effectively.

On the other hand, a ‘gap’ represents a discrepancy or a shortfall. It is the difference between the current product performance and the desired or expected results. Identifying a gap implies that there is room for improvement or a need for a new feature or functionality to meet customer expectations or to outperform competitors.

Now, how do you identify these gaps? This is where the process of gap analysis comes in. It is a simple yet powerful methodology to identify and understand the ‘gap’ between the current state of your product and where you want it to be.

A fit gap analysis is a structured approach to identify, quantify, and prioritize these gaps. It helps product managers to make informed decisions about product enhancements, new features, or even new products.

The 3 Fundamental Components of a Gap Analysis

1. Current State: This is the starting point of your fit gap analysis. It involves a comprehensive understanding of your product as it stands today. This includes its features, performance, market position, and customer feedback. It’s crucial to be objective and realistic in this assessment, as an accurate understanding of the current state lays the groundwork for the entire analysis.
2. Desired State: This is your goal, the ideal situation you want your product to be in. It could be in terms of market share, product features, customer satisfaction, or any other metric that aligns with your business objectives. Defining the desired state requires a clear vision and understanding of your market, competition, and customer expectations.
3. The Gap: This is the difference between the current and desired state. Identifying the gap is the crux of the fit gap analysis. It involves a detailed comparison of the current and desired state to pinpoint the areas where your product falls short.

Once you have identified the gaps, the next step is to devise a strategy to bridge them. This could involve enhancing existing features, developing new ones, repositioning the product, or any other strategy that aligns with your business objectives.

Practical Tips for Conducting a Fit Gap Analysis

• Use Data: Base your analysis on hard data rather than assumptions. Use market research, customer feedback, and other relevant data to understand your current state and define your desired state.
• Involve Stakeholders: Involve all relevant stakeholders in the process. This includes not just the product team but also sales, marketing, customer service, and even customers themselves. This ensures a comprehensive and holistic view of the current state and desired state.
• Prioritize: Once you have identified the gaps, prioritize them based on their impact on your business objectives. Not all gaps need to be bridged immediately. Some might require immediate attention, while others can be addressed in the long term.
• Action Plan: A fit gap analysis is only as good as the action plan that follows it. Ensure that you have a clear, actionable plan to bridge the identified gaps.

To Sum Up

A fit gap analysis is a powerful tool for product managers to identify and bridge the gaps between the current and desired state of their product. It requires a clear understanding of the current state, a vision for the desired state, and a robust strategy to bridge the identified gaps. With a data-driven approach, stakeholder involvement, prioritization, and a clear action plan, you can leverage fit gap analysis to drive product success.