Competitive intelligence is an essential tool that sets great sales and marketing teams apart. Gathering, analyzing, and applying knowledge about your competitors, their products and their customers is an important pillar of short and long term strategy. In B2B sales, competitive matrices can be pivotal tools that guide campaign strategy and sales tactics.
A competitive matrix is a strategic tool for comparing your company against major competitors across various criteria. It is essentially a grid or table that visualizes strengths and weaknesses, product features, market presence, or any other factors that can impact sales success in a B2B context. It allows sales teams to quickly assess where they stand, find their competitive advantage, and highlight gaps in the market that they can exploit.
For B2B sales teams, where the leads cycle is often long and complex, a comprehensive understanding of the competitive landscape is non-negotiable. A fully developed competitive matrix can illuminate various insights: where competitors have an edge, which product features are not being offered by anyone in the market, or why a rival may be winning over more customers.
Armed with this insight from a competitive matrix, sales representatives can better articulate the unique selling points of their own offering and handle objections related to competitors. They can also strategize on which accounts to target based on competitor vulnerabilities and align their pitch more closely with customer pain points that are currently underserved.
Feature Comparison Matrix: Craft a matrix outlining product features across the X-axis and competitors down the Y-axis. Utilize color-coding or symbols to denote which competitor has which feature, and to what extent (e.g., fully implemented, partial functionality, not present).
Price Comparison Matrix: Detail the pricing tiers, discounts, or bundle options of competitors in a matrix format to analyze how your offerings compare. This helps in understanding if you're positioned as a premium offering or an economy choice.
SWOT Analysis Matrix: Lay out the internal strengths and weaknesses versus the external opportunities and threats. This time-tested framework remains powerful in juxtaposing your organization against competitors on strategic thresholds.
Perceptual (Positioning) Map: Use a two-axis grid to plot competitors based on customers' perceptions, typically using two variables deemed most important to the target audience (e.g., price vs. quality).
MadTech Matrix: A specialized matrix for those in the marketing and advertising technology ecosystems; this charts the capabilities and integrations across the evolving landscape of marketing technology solutions.
A structured approach to creating a competitive matrix involves several steps:
Define the Scope: Decide on the dimensions that are most critical to your sales process. It could be anything from product features, market segmentation, customer service, or technological infrastructure.
Gather Data: Collect up-to-date and accurate information about your competitors. This might come from public records, product demos, customer forums, or commissioned reports.
Analyze the Data: With the data in hand, create your matrix and look for patterns. Where are the overlaps? Where are the gaps? Importantly, where does your company shine?
Develop Insights: Use your matrix to craft strategic insights. How can your sales pitch emphasize the uncovered gaps? Which unique product benefits should be highlighted based on the competition?
Implement Findings: Translate insights into action. Enhance sales training, develop new marketing collateral, or adjust product development priorities based on the competitive matrix outcomes.
Tools like Aomni can facilitate the creation and ongoing maintenance of competitive matrices by streamlining data collection and analysis with AI-driven capabilities. This enables real-time competitor tracking and actionable insights that would be impractical, if not impossible, to realize manually.
Effective competitive matrices are among the most useful tools for B2B sales professionals seeking to win customers in competitive markets. By synthesizing data points about products and pricing models into coherent strategic guidelines, these matrices empower sales teams to capture and communicate competitive advantages with clarity.
Competitive matrices assimilate the competitive landscape into actionable sales insights, crucial for any modern B2B sales organization. Especially in today's market, leveraging solutions like Aomni to maintain current, insightful competitive matrices could be the decisive factor for outmaneuvering competition and achieving sales supremacy.