Maybe you have been playing a game with your loved ones and you have to look around in order to suss out the competition?
Whether a person currently own or even you’ re planning to start your own business, you need to do the same thing.
A competing analysis will help you identify your competitors and study their products, sales, and marketing strategies. In this way, you’ ll find out your place in the market, methods to differentiate yourself out of your competition, and how to improve on their processes.
Below, let’ s learn what a competitive matrix is, and review some themes and examples.
Before you dive into the world of competitive matrices, it’ s important to understand that there are different types that you can use to compare your organization to your competitors:
- Features and benefits analysis
- SWOT analysis
- Competitive strategic overview
- Content marketing methods
- Review tracking
Essentially, you can use a competitive matrix to compare any characteristics of your company using a competitor.
Sometimes these matrices could be more visual in character (a plotted graph), but sometimes it’ s just a good excel doc using the information listed in content.
The goal of the competitive matrix shall be able to see quickly the competitive scenery and your position available on the market. This will help you see spaces in the marketplace and hone in on your special value proposition.
Perhaps, after taking a look at a competitive matrix, you brainstorm new product ideas, or new tools or features that you hadn’ big t considered before. Or perhaps you come out of it with a ton of ideas on how to improve your content marketing strategy.
Regardless, you can use a competitive matrix for many reasons. You can use this to develop new ideas, or you can use it to coach sales staff approach differentiate your company from your competition.
After figuring out what you’ re going to do with the information, make sure you write down your ideas, develop KPIs, and regularly conduct this analysis so you can stay up to date with your strategy.
Now that you know what the competitive matrix is and how to use one particular, let’s review a few templates that you can use for your own personel strategy.
Competitive Matrix Web templates
1 . Two-Feature Competitive Landscape Chart
One type of competing matrix you can do is really a simple comparison of features. You can use this information to storyline where your company can be compared to competitors.
The features could be something like price or customization potential. Then, you’ d place the logos of each corporation (including yours) over the graph depending on exactly how well a company completes a certain feature. The purpose of this matrix would be to visualize who does exactly what better, so you can find what you have to work on and how to differentiate yourself against the competition.
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2 . Content Marketing and advertising Analysis Template
As a content internet marketer, this is my favorite design template. With this template, you can compare social media fans, blog strategy, email strategy, SEO, etc . This will help you decide where you need to focus your articles strategy — should you place an focus on Twitter, rather than Facebook? If you download this particular template, it also features a graph and more strategies to analyze.
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3. SWOT Analysis Template
A basic aggressive matrix is the SWOT analysis. Conducting a SWOT analysis can help you identify areas where you can improve. You should perform a SWOT analysis for yourself, but also for your competitors. Knowing what weaknesses your competitors has will help your own sales reps and help you make improvements in those areas.
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4. Review System
A review tracker matrix will help you find at a glance the types of reviews you get vs your competitors. It’ s important not to overlook reviews because they can have a big impact on a company. With this template, you may also use a scoring system to normalize the particular averages.
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After reviewing those templates, it’ s time to see what a aggressive matrix looks like for. Let’ s notice some examples below.
Competitive Matrix Illustrations
1 . HubSpot
This is a open public HubSpot competitive matrix comparing the overall prices of our CRM versus Salesforce. This is a standard matrix that’s designed to help people see the distinction between the CRMs quickly.
2 . SugarSync
This is a great sort of what a feature matrix might look like. SugarSync compares its feature offerings against the competition in an easy-to-understand creation.
In this example, 360iResearch reports on survey management software. This is a plotted graph showing which companies have the best product satisfaction and business strategy.
Competing matrices are great tools to help you uncover how you’ re distinctive from your competitors. You can learn your specific value proposition plus identify areas regarding improvement.