Product benchmarking - leveraging industry best practices to identify improvement areas and amplify product salability
In its widest definition, product benchmarking implies the identification of best practices within specific industries with a view to compare a brand's products with the competition, and establish product positioning in the global market. Product benchmarking will help you analyze and define areas for improvisation in keeping with the current market requirements.
Product benchmarking is a tiered process that involves benchmarking your brand vis-a-vis the competition, and assessing the positive and negative factors of your products against competitor offerings. This also includes a calculated study of the practices followed internally, and mapping these with the best-of-breed methodologies standardized by the industry. The product benchmarking process typically follows these simple steps:
- Clear understanding and mapping of industry standard best practices with your brand value proposition
- Deep analysis of the product strategy and development process
- Comparison of your products and best practices with those of other leading companies in your industry
- Implementation of the standard best practices adopted by the industry in your product development operations
The above process calls for extensive market and industry research expertise, and requires a trusted partner who can not only help identify industry standard practices but also help organizations incorporate these best practices in their product development processes. Fact.MR's product benchmarking services leverage our extended experience in studying the various processes governing diverse industries to offer useful recommendations to organizations with respect to enhancing their product positioning in the global market.
How does Fact.MR add value to your product development process?
Analysts at Fact.MR come with relevant expertise spanning multiple industries and sub-domains to provide deep intelligence on the various standards currently in vogue. By studying the product strategies of competitor brands, we help businesses improve their internal product development processes by suggesting new development strategies, novel organizational product manufacturing approaches, innovative business processes, and augmented technology best practices for creating a better and improved product line. We assist you in identifying what industry best practices need to be adopted and the strategic business direction (time-to-market, cost optimization, innovation, and flexibility to changes in market demand) that needs to be taken - in the context of what your competition is doing in this regard. We help you pinpoint the gaps in your current market standing, and where you need to reach in terms of new product development strategies, thereby helping you set priorities for facilitating the necessary improvements.
We help you align your brand in the global market to gain a strategic competitive advantage
To compete among a plethora of products being launched on a regular basis, and to stay consistently successful amid the fierce competition, brands need to sustain across certain key parameters that dictate competitive advantage. Fact.MR helps you achieve global brand alignment by narrowing down organizational focus on the following product development dimensions:
- Time-to-market for both, existing and new products
- Optimized product development costs
- High value products that meet changing consumer demands
- Enhanced product innovation and performance
- Agility, scalability, reliability, ease of use, and serviceability
The Fact.MR four-pronged approach to superior product benchmarking
At Fact.MR, we follow a systematic process to help organizations beef up their product development strategies. Our product benchmarking services comprise the following:
- Strategy Benchmarking: Our experienced analysts identify the different ways brands can adopt to compete in the global market. We present an analysis of some of the best industry methodologies, and study your existing processes to facilitate course correction in existing product development strategies that may have become obsolete or irrelevant.
- Competition Benchmarking: We compare your products with that of your close competitors, and identify improvement areas, thereby helping you fill gaps in product development by deploying robust processes.
- Functional / Operational Benchmarking: We help you improve your internal functions and other operational processes, in the process facilitating heightened innovation in product development.
- Internal Strategy Benchmarking: This involves a detailed study of the products and processes within the organizational framework, especially in the case of organizations with a multi-geography brand presence. Fact.MR helps companies benchmark their internal product development processes, and suggests strategies for improvement to succeed in the global marketplace.