Competitive Matrix

By Entrepreneur Staff

Pencil

Competitive Matrix 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.

More from Marketing

Competition

Rivalry in business, as for customers or markets

See full definition

Competitive Analysis

Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service

See full definition

Competitive Intelligence

The process of gathering actionable information on your business's competitive environment

See full definition

Competitive Matrix

A chart that compares your product or service to your competitor(s)

See full definition

Latest Articles

Side Hustle

The Side Hustle He Started in His College Apartment Turned Into a $70,000-a-Month Income Stream — Then Earned Nearly $2 Million Last Year

Kyle Morrand and his college roommates loved playing retro video games — and the pastime would help launch his career.

Marketing

5 SEO Hacks to Help You Rank Fast

Discover the best SEO hacks you can use to rank fast and avoid waiting for months to see results.

Starting a Business

Inside the Exclusive Private Club Devoted to Food, Wine and the Arts

Barrett Wissman breaks down the passions and partnerships behind his latest venture Domus Artium Reserve.