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.
Benefits of Product Benchmarking
Product Benchmarking can play a helpful role in analysing business performance.
Frequently Asked Questions
What is benchmarking in research?
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.
Are there different types of benchmarking research?
There are four primary types of benchmarking. These are internal benchmarking, competitive benchmarking, functional benchmarking and generic benchmarking.
How can I use benchmarking for my business?
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.