Finding Your Value

You found something you are passionate about and have decided to start your own business (YAY!) but how do you figure out where you fall in the market in terms of price and competitors?

Creating a Competitive Business Matrix (CBM) will help you place yourself in the market to better understand your price and quality compared to your competitors while determining your value. It will also allow you to identify differences, strengths, weaknesses, and areas of opportunity to grow your business. 

A big mistake many new businesses make is undervaluing their product or service and make little to no profit on each transaction. 

For an accurate CBM, it is important that you are thinking with facts when critically looking at your product vs. a competitor.

Here are two layouts for conducting your research:

With the use of these charts, you will be able to find your value in your product and see how your business lines up to your competitors. From there, you will be able to assess where you fit in the market and use your unique point of view to your advantage.

Questions? Contact us!