GoodFirms, the globally recognized research, ratings, and reviews platform, announced its new “GoodFirms Leaders Matrix” Program, a facility that evaluates organizations on a diverse set of high-quality parameters and competencies.

GoodFirms has been ranking and rating companies based on the client reviews, services offered, and market leadership. Through this newly created Leaders Matrix program, the company aims to elevate its evaluation methodology with pre-defined algorithms to deliver differentiated analysis about the participating companies.

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A Peek into the Leaders Matrix Program

GoodFirms’ Leaders Matrix is aimed to power the entire B2B ecosystem now and in the future with its value-based, algorithm-driven evaluation of companies and their performance. The main purpose of this program is to highlight the ability of a company to deliver its offerings, and to help them take control of their leadership in the market. The performance evaluation is based on two components – Core Competencies and 360-Performance View. Each component consists of several factors that are considered to foster each other and evaluate the legitimacy of competencies.

The core competencies cover the company’s prime service offerings that are holding its position in the market. This evaluation is carried out using two metrics: Specialization/Service Focus, and Portfolios. The companies can obtain scores for Core Competencies from 100% Points considering Specialization/ Service Focus for 70% and Portfolio for 30%.

On the other hand, the 360-Performance view component is used to analyze the company’s overall market presence. This evaluation is carried out focusing on three parameters: Client Reviews; Market Presence -based on Industry Focus, Client Focus, Market Experience, Reputation, Social Media Presence, and Geographic Presence; and GoodFirms Score – which again is based on Awards & Certifications, and confidential assessment. The companies can obtain scores for 360-Performance View Competencies from 100% Points considering Client Review for 40%, Market Presence for 30%, GoodFirms Score for 30%.

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Based on the above mentioned assessment process, the companies are categorized as one of the four different quadrants: Industry Contenders, Industry Leaders, Upcoming Achievers, and Market Influencers. Leaders are those that score the best ranking, and are best in the industry; Contenders are those who excel, but have low focus in comparison to the leaders; Upcoming achievers as the name indicates are those who are new to the industry, but have the scope; and Market influencers are those who are moderately focused but have a good market share.

By using the above-mentioned performance evaluation algorithm, GoodFirms plots the entire findings in an X-Y bubble chart graph. The core competencies component is plotted on X-axis, and the 360 performance view component is plotted on the Y-axis. The leader matrix graph consists of 100% in both axes. It starts from 30%-130%. Total interval between total boxes is 12.

GoodFirms’ research, review, and rating processes are ongoing, and it invites B2B companies to register to get listed for a chance to be featured and for an opportunity to participate in the Leaders Matrix program.