The competitive matrix is a graphic that highlights your unique strengths vis-a-vis other players in the space. The visual snapshot is easy for investors to parse — but it’s more than a pretty picture. As you identify your most relevant strengths and how you stack up against competitors, the process of developing a competitive matrix gives you a greater understanding of your market and your business, and a valuable marketing tool. This course will cover how to identify the most relevant strengths to plot on your graph, how to identify and evaluate competitors on the matrix, and how to position your business as a market leader.
A competitive positioning matrix is a required part of every business plan. This in-depth walk-through shows how to create your competitive positioning matrix, starting with how to identify your brand's strengths—such as price, expertise, convenience, completeness or breadth of offering, and level of customization. Next, you'll learn to pair your brand's strengths and express them in the context of the X/Y axis of the matrix. Also covered is how to choose the competitors you'll include and plotting them so that your business stands out. Both Christopher Elbow chocolatier and Tesla are used as case examples.
Develop Your Competitive Matrix Step-By-Step
The first step in the process of building your competitive matrix is determining your strengths. We will show you how to pick the optimal strengths for your business so you show your business in the best possible light.
The trick to the entire competitive matrix is to use your top two strengths over your competition. Get this right and you will have a competitive matrix that any investor will want to invest in.
Your strengths must be expressed in terms of a range (low to high, small to big, etc.).
Now you can select the competitors you want to use in your competitive matrix. Make sure you select a good variety of them (big and small).
Finally, you will evaluate each competitor and plot them inside the matrix. Remember the key is that you are positioned up and to the right!
Time to put pen to paper — or fingers to keyboard. Take a look inside the Prep Worksheet that prepares you to create a competitive positioning matrix for your business plan. The key to success is taking the time necessary to deeply understand your business and be prepared to run it — use this workshop and Prep Worksheet to do just that.
I recommend that you download this handy course guide to aid your journey through the course as well as great reference materials for the future.
- I'm not graduate from economic bachelor and English is not my mother tongue. But this course and how Mr. Ken explained the content is really easy to understand for beginner like me. Thanks to Mr. Ken for answered all of my question with a fast and easy understandable answer! ~ Diantini S
- Perfect timing and the insights till now are those that I was exactly looking for.... Excited to learn more ~ Yogen P
- Such an amazing course. You'll be able to understand and create your own business plan and you'll get a lot of valuable advices ~ A Cerimagic
- Lot’s of info in this course. Ken really takes you from A to Z . Just what I needed for my business to take off. Thanks ~ Hugo M
- I'm new to the business world and have been looking for courses with practical guidance. This course definitely provides that and so much more ~ S Slawinski
- So far so good! A lot of challenges I'm facing in my work place Ken has highlighted the root course, which I was not expecting. He is clear, very engaging and breaks down the jargon. He is straight talking, right down to business attitude. I've just completed the first chapter and he's restoring a little faith in me so quite excited to keep learning (I know, I sound like a nerd) ~ Harrie T
- This course is the right match for me as I know some about business but believe in always improving. I also want to make sure I have a solid foundation for my business so I'm positioned right for the new year, and growth ~ E Jollymore
What you'll learn
- How can I convince investors my company excels against the competition?
- Which of my company’s strengths are most important to emphasize?
- How should I select competitors to include on the matrix?
- How can I fairly rank my company and my competitors?