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What are the benefits of competitive benchmarking for product innovation?

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Competitive benchmarking is a method of comparing your product features, performance, and customer satisfaction with those of your direct or indirect competitors. It can help you identify your strengths and weaknesses, as well as opportunities and threats, in the market. Competitive benchmarking can also inspire you to innovate and improve your product value proposition, differentiation, and positioning. In this article, you will learn about the benefits of competitive benchmarking for product innovation, and how to conduct it effectively.

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1 What is product innovation?

Product innovation is the process of creating new or improved products that meet the needs and expectations of your target customers. Product innovation can involve developing new features, functionalities, designs, or benefits for your existing products, or creating entirely new products that solve a problem or create a value for your customers. Product innovation can help you gain a competitive edge, increase customer loyalty, and grow your market share.

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Rekha Venkatakrishnan

Product @Chime
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While Product Innovation can be new or improvising an existing product or service to continue to meet your customer needs it could also be about simplification(e.g. sunsetting a product or even reducing) for right reasons . The goal must be to ensure it is useful and offers unique value to your customers.

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Seda Solmaz ??

F&B Innovation Catalyst ?? | CoCreation Expert?? | Gulfood Awarded Marketeer ?? | 20+ Years in F&B ?? | Strategic Advisor Food People | Speaker at Events ?? | Conference MC | Advocate for Health & Wellness and Food Waste
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Product innovation is the longevity of your company, your brand... To stay relevant in the market, we see successful brands innovating both in short term but also long term. Consumer needs evolve with time, and product innovation helps you to stay ahead. It gives you leverage in the marketplace.

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2 Why is competitive benchmarking important for product innovation?

Competitive benchmarking can help you understand how your product compares to your competitors' products in terms of quality, functionality, usability, and customer satisfaction. By analyzing the gaps and overlaps between your product and your competitors' products, you can identify areas where you can improve your product performance, functionality, or design. You can also discover unmet customer needs, pain points, or preferences that your competitors are not addressing, and use them as opportunities for product innovation. Competitive benchmarking can also help you learn from your competitors' best practices, successes, and failures, and avoid making the same mistakes or reinventing the wheel.

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Seda Solmaz ??

F&B Innovation Catalyst ?? | CoCreation Expert?? | Gulfood Awarded Marketeer ?? | 20+ Years in F&B ?? | Strategic Advisor Food People | Speaker at Events ?? | Conference MC | Advocate for Health & Wellness and Food Waste
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I believe it's one of the tools we can use when we innovate. Understanding who is in the market, their features, their benefits this is all much needed to understand how you position yourself and your future offerings. It is not the only tool however, because the current landscape can limit your thinking in terms of where to go, how to innovate. I like to use this as guidance only, but then I bring in the trends, category reports, other stimulus to expand the thinking. Differentiation is the most critical attribute while innovating, so to get there, I believe we must use multitude of tools. Especially for disruptive innovation, competitive benchmarking certainly will not give you the answers!!

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3 How to conduct competitive benchmarking for product innovation?

The first step of competitive benchmarking is to define your objectives and scope. What are the goals of your product innovation project? What are the key features, functions, or benefits that you want to compare with your competitors? Who are your direct and indirect competitors, and how do they differ from you in terms of market segment, customer base, or value proposition? The second step is to collect and analyze data. You can use various sources of data, such as online reviews, ratings, surveys, feedback, testimonials, social media, websites, blogs, podcasts, or reports, to evaluate your competitors' products. You can also use tools, such as SWOT analysis, feature matrix, or customer journey map, to organize and visualize your data. The third step is to interpret and apply the results. You can use the insights from your data analysis to identify your product strengths and weaknesses, as well as opportunities and threats, in relation to your competitors. You can also use the insights to generate ideas for product innovation, such as adding new features, improving existing features, enhancing user experience, or creating a unique value proposition.

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Stephen Wang

Director of Product | Product-Market Fit and Growth for Startups | Marketplace | E-commerce | Economic Empowerment | Sustainability
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Great overview of competitive benchmarking for product innovation. To add to this, categorizing product features into three key types during the benchmarking process is particularly effective: 1) Table Stake Features, 2) Foundational Features, and 3) Unique Identifiers. It's essential for our products to at least match competitors on Table Stakes and Foundational features, as these are baseline expectations of our customers. However, the real game-changer lies in excelling with Unique Identifier features. These are what truly set our product apart and appeal directly to our target customers. Excelling in this area is what can elevate our product from being just another option in the market to being the preferred choice.

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Seda Solmaz ??

F&B Innovation Catalyst ?? | CoCreation Expert?? | Gulfood Awarded Marketeer ?? | 20+ Years in F&B ?? | Strategic Advisor Food People | Speaker at Events ?? | Conference MC | Advocate for Health & Wellness and Food Waste
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I like to map current products in the market based on need states, features, benefits, size, package, price etc. This is very helpful as it gives you something visual to look at. Gaps become so easy to spot looking at competitive benchmarking like this.

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4 What are the benefits of competitive benchmarking for product innovation?

Competitive benchmarking can provide a range of benefits for product innovation, such as helping you to understand customer needs and tailor your product, as well as identify and prioritize features that differentiate you from competitors. It can also reveal new opportunities for product innovation, such as addressing unmet customer needs or creating a new market niche. Additionally, it can help you improve product quality, functionality, usability, and design, while monitoring and measuring your product performance over time. Ultimately, competitive benchmarking can help to increase customer satisfaction and loyalty.

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Jasper Melchers

Global Innovation Manager at The HEINEKEN Company
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Looking at successful competitor products is a great way to take a different approach in ultimately understanding your consumer/customer needs. Rather than starting from your own products and beliefs, it can be refreshing to start with a competitor product, decomposing its success all the way down to understand why it is successfully differentiating and adding value to consumers/customers. Try out different approaches, keeps you sharp.

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Seda Solmaz ??

F&B Innovation Catalyst ?? | CoCreation Expert?? | Gulfood Awarded Marketeer ?? | 20+ Years in F&B ?? | Strategic Advisor Food People | Speaker at Events ?? | Conference MC | Advocate for Health & Wellness and Food Waste
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Competitive benchmarking gives you an indication of your competitors' current position in the market along with yours. Once you identify where it is you want to go, you can see how that move will change the dynamics. You can hone into the attributes under-served yet highly appreciated by consumers which would give you a true differentiation if you can deliver that. It's like a board game, once you see where everyone is, and where you want to go, then it's pure strategy getting there.

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5 What are the challenges and limitations of competitive benchmarking for product innovation?

Competitive benchmarking can be time-consuming, costly, and complex, depending on the data available and tools used. It can also be biased, inaccurate, or outdated if the data sources are unreliable or the analysis is not objective. Additionally, relying too much on competitors' products can be risky and counterproductive if you lose your own identity or neglect your product vision. Therefore, it is important to use competitive benchmarking as a guide rather than a rule for product innovation. It should be balanced with other sources of information such as customer feedback, market trends, or industry best practices. Moreover, always keep in mind your own product value proposition, differentiation, and positioning to deliver the best value to your customers.

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Seda Solmaz ??

F&B Innovation Catalyst ?? | CoCreation Expert?? | Gulfood Awarded Marketeer ?? | 20+ Years in F&B ?? | Strategic Advisor Food People | Speaker at Events ?? | Conference MC | Advocate for Health & Wellness and Food Waste
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Biggest limitation of competitive benchmarking is it does not deliver against disruption. It is a great tool to use for incremental innovation for sure, but still should not be the only tool used. It's always a great idea mixing different stimulus when you are innovating.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the benefits of competitive benchmarking for product innovation?

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6

1 What is product innovation?

2 Why is competitive benchmarking important for product innovation?

3 How to conduct competitive benchmarking for product innovation?

4 What are the benefits of competitive benchmarking for product innovation?

5 What are the challenges and limitations of competitive benchmarking for product innovation?

6 Here’s what else to consider

Product Innovation

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What are the benefits of competitive benchmarking for product innovation?

1

2

3

4

5

6

1 What is product innovation?

2 Why is competitive benchmarking important for product innovation?

3 How to conduct competitive benchmarking for product innovation?

4 What are the benefits of competitive benchmarking for product innovation?

5 What are the challenges and limitations of competitive benchmarking for product innovation?

6 Here’s what else to consider

Product Innovation

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