Competitive Matrix Guide for Beginners [Includes Templates]

In the early days of my business, I had a basic understanding of marketing and sales. But what I didn’t realize was the depth of my competitive business landscape. This knowledge gap proved costly as competitors quickly outpaced me.

If you’re reading this post, you likely want to surpass your competition. One effective method to achieve this is by creating a competitive matrix through competitive analysis and templates.

Discovering the Competitive Matrix

Types of Competitive Matrices

There are several types of competitive matrices, including Competitive Advantage Matrix, SWOT Analysis, Competitive Profile Matrix, Sales Matrix, Product Feature, and Benefit Matrix, and Price Matrix.

Competitive Advantage Matrix

The Competitive Advantage Matrix assesses a company’s competitive advantage based on volume production and differentiation. It helps in identifying market positioning and profit potential.

Utilizing this matrix, businesses can segment industries into categories like Stalemate, Volume, Fragmented, and Specialized industries, depending on differentiation opportunities and revenue impact.

SWOT Analysis

A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis evaluates internal and external factors affecting a business’s potential. It aids in capitalizing on strengths, improving weaknesses, and seizing opportunities.

Key questions for SWOT analysis include strengths, weaknesses, opportunities, and threats related to the business and its competitors.

Competitive Profile Matrix

The Competitive Profile Matrix compares a company’s strengths and weaknesses with industry competitors. By weighing critical success factors, ratings, and scores, businesses can assess their competitive position.

Sales Matrix

A Sales Matrix evaluates sales opportunities’ urgency and viability, aiding in targeting potential customers effectively. It categorizes prospects based on interest and fit for services.

Product Feature and Benefit Matrix

The Product Feature and Benefit Matrix assesses how a company’s offering aligns with customer needs. Features are categorized as Irrelevant, Overinvested, Key Liabilities, or Key Differentiators to optimize product offerings.

The Benefits of Competitive Matrices

Competitive matrices offer insights to compare company characteristics with competitors, aiding in identifying market positioning and unique value propositions. They can inspire new service ideas, improve content marketing strategies, and facilitate ongoing strategic analysis.

How to Find Competitor Data

Competitor data can be gathered from various online sources like Google, competitor websites, social media accounts, financial reports, and industry resources. Conducting thorough research allows businesses to gain a competitive edge.

How to Present Competitive Analysis Data

When presenting competitive analysis data, tailor the information to the target audience, utilize quality graphics and competitor logos, and maintain consistency between data and outcomes. By delivering actionable insights, businesses can enhance their competitive strategy.

Competitive Matrix Templates

Choosing from templates like Two-Feature Competitive Landscape Chart, Content Marketing Analysis Template, SWOT Analysis Template, and Review Tracker can streamline the process of creating competitive matrices for effective analysis and decision-making.

Competitive Matrix Examples

Exemplary competitive matrices like those from HubSpot, SugarSync, and 360iResearch showcase the visual representation of company comparisons, feature offerings, and business strategies. Studying these examples can inspire efficient competitor analysis practices.

No Competition, No Progress

Competitive matrices provide valuable insights to uncover strengths, weaknesses, and growth opportunities. By leveraging competitive analysis tools and strategies, businesses can stay ahead of competitors and drive continuous improvement.

Editor’s note: This post was originally published in January 2021 and has been updated for comprehensiveness.