In the competitive Australian marketplace, simply being 'good' isn't enough. You need to know exactly how your products or services stack up against the business down the road or the major national franchises to win over savvy customers.
A Competitive Feature Comparison Matrix is a powerful tool that helps you visualise your strengths, identify gaps in your offering, and refine your marketing message so you can stop competing on price alone and start competing on value.
Prerequisites
Before you start, ensure you have the following:- A Spreadsheet Tool: Microsoft Excel or Google Sheets works best.
- A List of 3-5 Competitors: Choose businesses that your customers actually mention or those that appear next to you in Google search results.
- Your Product/Service List: A clear breakdown of what you offer.
- Access to the Internet: To research competitor websites and social media profiles.
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Step 1: Identify Your Primary Competitors
Don’t try to compare yourself to everyone at once. Focus on 3 to 5 key competitors. Include at least one 'market leader' (the big player in Brisbane or Australia) and two 'direct competitors' (businesses of a similar size and location to yours). What you should see: A list of business names written across the top row of your spreadsheet, starting from the second column (leave the first column for features).Step 2: List Your Core Features
In the first column, list every feature, service, or benefit your business provides. Don't just think about the product itself; include service elements like 'Free Shipping,' '24/7 Support,' 'Australian Owned,' or 'ABN Registered.'Pro Tip: Think about the 'invisible' features that matter to Aussies, such as local Brisbane-based support or compliance with Australian Standards.
Step 3: Categorise Your Features
To make the matrix readable, group your features into categories such as 'Product Specs,' 'Pricing/Contracts,' 'Customer Experience,' and 'Trust Signals.' This helps you see which area of your business is strongest.Step 4: Audit Competitor Websites
Visit each competitor's website. Look at their 'Features' page, 'Pricing' page, and 'FAQ' section. Note down whether they offer the same features you listed in Step 2. What you should see: You are looking for clear indicators of what they do and don't provide. If a competitor doesn't mention a feature, don't assume they have it—usually, if they have it, they flaunt it.Step 5: Define Your Rating System
Instead of just using 'Yes' or 'No,' use a more nuanced rating system to add depth to your analytics:- Yes/No: For binary features (e.g., 'Free Delivery').
- 1-5 Scale: For quality-based features (e.g., 'Website Load Speed').
- Harvey Balls: Circular icons that show 'Partial' support.
Step 6: Fill in the Data
Start populating your matrix. Be honest. If a competitor’s booking system is smoother than yours, mark it as such. This isn't a marketing brochure; it's an internal analytical tool to help you improve.Step 7: Identify 'Parity' and 'Differentiation'
Once the grid is full, look for patterns:- Parity: Features that everyone has. These are 'table stakes'—you need them just to stay in the game.
Step 8: Price Comparison Analysis
Add a row for pricing. Don't just list the price; list the value. For example, instead of '$100,' write '$100 (includes setup).' This helps you see if you are overcharging for the value provided or if you are undercutting yourself unnecessarily.Step 9: Check for the 'Gaps'
Look for 'White Space' in your matrix. Are there features that no one in your local Brisbane market is offering? This represents a massive opportunity for you to innovate and capture the market before others catch on.Step 10: Verify with Customer Reviews
Go to Google Maps or ProductReview.com.au. Read what customers say about your competitors. If a competitor claims they have 'Fast Support' but their Google Reviews say otherwise, note that discrepancy in your matrix. Real-world performance often differs from marketing claims.Step 11: Visualise for Stakeholders
If you need to show this to a business partner or team, use conditional formatting in Excel. Set 'Yes' to green and 'No' to red. This makes the strengths and weaknesses pop immediately. What you should see: A vibrant, easy-to-read heat map where your business (hopefully) shows a lot of green in key areas.Step 12: Create an Action Plan
Based on the matrix, list 3 things you will change. This might be adding a new service, updating your website copy to highlight a feature your competitors lack, or improving a service where you are currently lagging.---
Common Mistakes to Avoid
- Being Biased: It's tempting to mark yourself as '5 stars' for everything. Be brutally honest, or the data will be useless.
- Comparing Too Many People: Stick to 5 competitors max. Any more and the matrix becomes a 'wall of text' that is hard to analyse.
- Ignoring the 'Boring' Stuff: Things like 'Security Protocols' or 'Payment Options' (like Afterpay or Zip) can often be the deciding factor for a customer.
Troubleshooting
- "I can't find their pricing": Many B2B companies hide pricing. In this case, look for 'Starting From' indicators or check industry forums. If it's totally hidden, mark it as 'Quote Required.'
- "The matrix is too big": If you have 50+ features, create two matrices: one for 'Core Product' and one for 'Customer Service/Support.'
Next Steps
Now that you know where you stand, it's time to use this data to win more customers.- Update your website copy: Highlight the features where you beat the competition.
- Train your sales team: Give them the matrix so they can confidently handle objections when a customer mentions a competitor.
- Review quarterly: The Brisbane market moves fast. Set a calendar reminder to update your matrix every 3 to 6 months.
Need help turning these insights into a high-converting digital strategy? Contact the team at Local Marketing Group for a professional audit of your competitive landscape.