Definition: A chart that compares your product or service to your competitor(s)
A competitive matrix is an analysis tool that helps you
establish your company's competitive advantage. It provides an
easy-to-read portrait of your competitive landscape and your
position in the marketplace. The matrix can be just a simple chart.
In the left column, you list the main features and benefits of your
product or service. On the top row, you list your company and the
names of your competitors. Then fill in the chart with the
appropriate information for each company. For example, if you own a
dry cleaning service, you might list the different services you
offer or the quick turnaround you provide on items (24 hours), and
then note how your competitors fail at these features.
The matrix can be shared with customers as a sales tool, or you
can develop the matrix solely for in-house purposes to keep abreast
of the competition.