ProductBenchmarketing - Product Benchmarking

Product Benchmarking

Know where your product stands in the marketplace and compete amongst industry leaders.

Comparing your product to the competition

One of the most powerful pieces of research clients can do, is to benchmark their product against the competition to establish superiority in terms of delivery and performance. In the South African market, we often see products that outperform market leaders, but their manufacturers seldom capitalise on this advantage. A superior product performance deserves premium pricing and packaging to ensure larger margins for the manufacturer.

All product testing research is dependent on the product category e.g. categories like chocolate and coffee need to be tested monadically (on their own) as these products can affect the taste buds and a second taste of the same category may provide meaningless results. Speak to us to design the correct survey to meet with your specific market research needs, to suit your product category.

Woman Products - Product Benchmarking

Benefits of Product Benchmarking

Product Benchmarking can play a helpful role in analysing business performance.

  • Gain an independent perspective about how well you perform compared to other companies

  • Drill down into performance gaps to identify areas for improvement

  • Develop a standardised set of processes and metrics

  • Enable a mindset and culture of continuous improvement

  • Gain strategic advantage and valuable information to inform your next move

  • Helps you to better understand what makes a company (holistically) successful

  • Set performance expectations

  • Monitor company performance and manage change

Frequently Asked Questions

Q.

What is benchmarking in research?

A.

Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.

Q.

Are there different types of benchmarking research?

A.

There are four primary types of benchmarking. These are internal benchmarking, competitive benchmarking, functional benchmarking and generic benchmarking.

Q.

How can I use benchmarking for my business?

A.

Benchmarking is used to identify what other businesses do to increase profit and productivity, and then adapting those methods to make your business become more competitive.

Turning data into insight through people-centred marketing research

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