Having full visibility into how your company’s products and/or services compare to those of your key competitors is absolutely mission critical. To aid in this endeavor, LeadingEdge can help you compile a Feature Comparison Matrix (FCM). Think of an FCM as an Excel spreadsheet with up to 75 rows. Each row is a comparison data point, such as a feature, product attribute, service attribute, or company attribute. The first column depicts your company’s responses. Subsequent columns depict responses for your competitors.
LeadingEdge customizes the FCM template for each product and/or service category. Then after you’ve populated your column for your company (which helps to give your consultant a frame of reference for the type of response you’re looking for), your consultant will populate as many competitor cells as possible using publicly available information, such as product brochures, white papers, webinar recordings, and third-party information. Typically, 20% of the competitor cells remain blank. Then your consultant will source subject matter experts (SMEs) and interview them, while compensating the SMEs for their time. At no time will your LeadingEdge consultant divulge the name of their client to SMEs who they interview.
Once you’ve reviewed and approved your finished FCM, you’ll be able to leverage it in the following ways:
- Ensure that your competitive sales tools, such as competitor battlecards and competitive white papers, are completely accurate.
- Ensure that your competitive sales training materials are completely accurate.
- Perform a gap analysis against your competitors, helping to influence your company’s product roadmap(s).
Your FCM is a “living record of truth.” It’s important to keep your FCM up to date as your company and your competitors add new product functionality and/or service capabilities. Thus, LeadingEdge offers an optional annual subscription where your FCM (and competitor battlecards, if applicable) is updated once per quarter, as necessary.
There are many vendors out there who offer competitive intelligence services. What makes LeadingEdge different? We’re glad you asked.