Product benchmark: why you should you use it for your digital adoption strategy
What is a product benchmark?
Defining the product benchmark
Product benchmarking is defined as the methodical process of comparing a product or service with its main competitors in a given market.
To carry out this benchmarking exercise, all the features of the product under scrutiny are studied in depth, from functionality and ergonomics to technical performance and value for money.
The objective? Precisely identify the competitive gaps that need to be closed to match or even exceed market standards.
Main objectives
Evaluating a product's overall performance
Above all, product benchmarking enables us to accurately assess an offer's performance on all its key characteristics, by direct comparison with competing market references.
This comparative analysis provides a revealing snapshot of the relative strengths and weaknesses of the solution analyzed. The result is an objective overview of industry standards, and a pertinent reflection of the product's competitiveness.
Identify priority areas for improvement
But the main benefit of product benchmarking lies in the precise identification of the levers on which to act to enhance the attractiveness of the offering under review.
By highlighting the gaps in relation to market best practice, this diagnosis enables us to target priority projects to close the gaps and match the competition.
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Current methodology
Step 1: Select products for comparison
The first step is to put together a relevant panel of competing products to compare, representative of the benchmark solutions in the target market.
Selection is generally based on criteria such as market share, positioning (entry-level, mid-range, premium), or even the intended usertarget.
The challenge is to choose offers that are sufficiently comparable to obtain significant results.
Step 2: Definition of evaluation criteria
Once the panel has been defined, we need to determine the list of criteria on which the various products will be analyzed and rated.
Step 3: Data collection and analysis
The third step is to collect tangible data on each of the selected products, for all the criteria.
This data is collected using a variety of methods: product testing, customer surveys, specification analyses, market research, public data from publishers, etc.
This raw data is then analyzed to obtain numerical scores for each criterion.
Why benchmark products for digital adoption?
Informed decision-making
By pinpointing customer expectations and the gaps that need to be closed in relation to market benchmarks, this competitive diagnosis tool helps rationalize strategic choices:
- Understand the real criteria for user adoption of a solution.
- Identify the functionalities to be developed as a priority to increase the attractiveness of the offer.
- Identify the technological and UX levers that generate value for the customer.
- Allocate resources to the most promising business areas.
Continuous product improvement
Moreover, by providing an objective barometer over time through regular waves of comparative analysis, the product benchmark ensures continuous monitoring of the competitiveness of solutions. It thus becomes a powerful catalyst for incremental innovation, enabling :
- Continuously monitor best practices in your sector
- Quickly integrate the latest advances and cutting-edge functionalities
- Testing promising new technologies
- Staying abreast of the state of the art in a constantly evolving market
Process optimization
In addition, the lessons learned from the benchmark can trigger a rethink of internal product development processes, typically leading to :
- Streamline design methods by drawing on best practices
- Accelerate innovation cycles by adopting agile principles
- Streamline collaboration between sales, marketing and technical teams
In this way, digital transformation feeds on the value delivered to the end customer.
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Strategic alignment
Finally, product benchmarking provides an objective framework for challenging the strategic vision behind digital products, and their relevance to the company's business imperatives in the marketplace.
It fosters team alignment by fueling discussions with factual data and a shared diagnosis of the strengths and weaknesses of our offerings in relation to the competition.
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Conclusion
So, by objectively dissecting the positioning of your offerings in the competitive maelstrom, product benchmarking arms you with valuable insights to set the course for value innovation and operational excellence. Admittedly, this comparative analysis exercise requires methodology and objectivity. But the competitive dividends are well worth the effort. At a time when digital disruption is mercilessly invalidating established models, benchmarking against the best in class is more important than ever.