Having realistic, measurable benchmarks is one of the most reliable ways you can assess the performance of your consumer packaged goods—and your company—over time. But what if you don’t have an analyst team to sift through the data and establish effective benchmarks to determine how your product is faring in comparison to your competitors? Do you make guesses, follow your competition or worse, abandon benchmarking altogether?
No. Benchmarking is too important to your growth goals and for ensuring your product’s performance is meeting your objectives.
The good news is, you can accurately set benchmarks without a team of analysts at your side. But where do you start?
This video takes you through the five key components of benchmarking on your own:
- Determine what you’re measuring against.
- Identify your metrics.
- Identify a data source you can trust.
- Identify one business outcome, create a benchmark for it and start there.
- Ask for support if you need it.
Benchmarking how your product is performing in market doesn’t have to be a daunting process and it doesn’t require a team of analysts. For more details on these five ways to benchmark on your own, watch this video. Or contact us for a demo today.
Fill out the form below to watch our video, Five Ways CPG Manufacturers Can Benchmark Without an Analyst Team, to learn more.