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Competitive Matrix

Opinions expressed by Entrepreneur contributors are their own.

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.