The competitive matrix is a visual representation that showcases your distinctive advantages in comparison to other participants in the industry. It provides investors with a clear and concise overview, but it goes beyond mere aesthetics. By recognizing your key strengths and weaknesses and comparing them to competitors, the process of creating a competitive matrix offers a deeper comprehension of your market and business model, serving as a valuable marketing asset.
This course will teach you how to identify the most relevant strengths to plot on the matrix, evaluate competitors, and position your business as a market leader.
Creating a competitive analysis matrix is an essential component of any business plan. This comprehensive guide provides step-by-step instructions on how to develop your own competitive positioning matrix. It begins by helping you identify the strengths of your brand, such as pricing, expertise, convenience, range of products/services, and customization options.
Furthermore, it explains how to align these strengths along the X/Y axis of the competitive comparison matrix. The guide also covers selecting relevant competitors and strategically plotting them to differentiate your business.
Case examples of Christopher Elbow Chocolatier and Tesla are included for illustration.
Step-by-Step Guide to Creating Your Competitive Matrix
Identify Your Key Strengths: The initial stage of developing your competitive matrix involves identifying your strengths. I will guide you in selecting the most advantageous strengths that will showcase your business in the best possible manner.
Focus on Your Top Two Strengths: The secret to a successful competitive matrix lies in leveraging your top two strengths over your competitors. Mastering this aspect will result in a compelling matrix that attracts potential investors.
Express Strengths on a Range: It is crucial to express your strengths in terms of a range, such as low to high or small to big, to provide a comprehensive perspective.
Choose a Diverse Range of Competitors: Select a diverse range of competitors, including both large and small ones, to populate your competitive matrix effectively.
Evaluate and Position Competitors: Evaluate each competitor and plot them within the competitive position matrix. Remember, the key is to position yourself higher and to the right for maximum competitive advantage.
It's time to start writing - either with pen and paper or by typing on a keyboard. Explore the Competitive Matrix Template, which helps you create a competitive positioning matrix for your business plan. The crucial factor for success is investing the necessary time to gain a deep understanding of your business and being well-prepared to manage it. Utilize this workshop and Prep Worksheet to accomplish exactly that.
I suggest downloading this useful course guide to assist you throughout the course and serve as a valuable reference for the future.
Who this course is for
- Start-Up Founders
- C-Suite Executives
- 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?