Why Is Product Benchmarking So Important?
First and foremost, product benchmarking informs your company of the true performance and position of your product in your market segment. By gathering blind, unbiased consumer research, you can quickly identify strengths as well as urgently address weaknesses that are holding your products back.
But it’s not just about your products. The feedback will also expose the strengths and weaknesses of your nearest competitors. Regular product benchmarking will also alert you to competitor activity such as product reformulation as well as the potential threats posed by new entrants to your market.
Internal benchmarking can also highlight issues that would negatively impact the launch of an existing product with a new recipe or formulation process, giving you the chance to rectify any concerns before launching to the public.
Finally, if your product betters the competition during product benchmarking, you can approach new and existing customers to demonstrate that your product outperforms competitors. If appropriate, you could even use the results in marketing campaigns to end consumers.