Product benchmarking is part of market research that includes product testing, consumer testing, product analysis, taste testing, consumer paneling, etc. It’s a company’s strategy to improve its product development process. To know more about product benchmarking, let’s see the definition, aspects, and how to benchmark your products.
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Shoppers & field agents
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Product benchmarking is the practice of comparing your products with the best in the industry to determine which areas need improvement. It may sound like competitor research but it’s different. Product benchmarking mainly focuses on your products that lie within the market.
Product benchmarking requires a lookout into the industry and the practices used by other companies, to see both the negatives and positives of particular products. The process of product benchmarking involves four steps, including:
Product benchmarking helps to improve a certain product’s performance. It requires an identification of the best practices and the implementation of the practices learned in your operations and sales.
The main goal of benchmarking is to collect examples of best performance and to understand the process and practices that drive the performance. After understanding the process, companies improve their performance by tailoring these best practices into their own operations. It’s not necessarily imitating the practice, but making innovations out of it.
Product benchmarking is basically an organization’s strategy to improve their productivity by identifying and implementing best practices into their own operations. It is important to determine which product benchmarking you want to conduct by comparing the benefits and the challenges of each aspect.
Click through to see what each one covers.
Internal benchmarking is the process of comparing a certain business operation process within an organization to another organization with a similar process. Compared to other types of benchmarking, internal benchmarking is the easiest in terms of the research and the implementation. It typically improves productivity by about 10 percent.
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Build an overall understanding of the current best practices within the industry.
Study how your products are created and developed.
Set your products and practices against other companies’ in the industry.
Tailor the best practices learned into your own operations and track the change.
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No. It may sound like competitor research, but product benchmarking mainly focuses on your own products within the market, comparing them with the best in the industry to find what needs improvement.
Tell us what you want to measure and we'll design the right programme for your brand.
