Three ways a custom benchmarking program can increase your market share

Three ways a custom benchmarking program can increase your market share

No matter where you are in the product development process, a custom benchmarking program for your polymer-based product can give you the data you need to improve your reputation, gain more market share, or reduce risk.
 
“A benchmarking study is a valuable way to compare key physical properties and composition characteristics of your product,” said Brad Sellers, Associate Consultant. “Benchmarking data can help you identify areas for improvement, learn what your competitors are doing, and determine your product’s strong suits.
 
“When we start this process, the first thing we do is have a conversation about your end goal,” said Sellers. “This helps us design a program around what you’re looking to achieve and how you plan to use the data.”

Your strategy and goals for a custom benchmarking program should reflect where you want to be in the product development process. 

If you are bringing a new product to market

At minimum, it is crucial to determine whether your product meets industry minimum specifications. However, measuring only against minimum criteria may not paint a clear picture of what your product can do, nor does it give you a competitive edge. The right benchmarking program will thoroughly characterize your product’s performance, highlight opportunities for improvement, and, most importantly, help you identify any weaknesses.
 
“When you’re developing a new product, one benefit of working with an experienced laboratory is our knowledge of industry trends,” said Sellers. “Not every criterion can be found in an industry specification; for some products, there are no specifications on the market. We have a working knowledge of where the market is changing in addition to what the spec asks for, so you can introduce a truly competitive product to the market.” 

If you are seeking to improve market share in your current market

A third-party laboratory can provide an independent assessment of your product’s value and performance, so you can determine objectively whether your product can compete with your closest competitors. Conducting identical tests on your own product and your competitor’s product in a controlled laboratory setting can help you pinpoint areas of underperformance or highlight where your product excels.
 
“If the material properties of your product are objectively on par with its peers, you can measure that with a custom benchmarking program,” said Sellers. “The right program will give you the technical data you need to equip your sales and marketing teams to bolster your market reputation and earn more customers.” 

If you are looking to understand other competitors

One of the most powerful resources available is a direct competitor product, especially if you have a working knowledge of its history in the marketplace. A laboratory assessment can provide objective information on how a product performs and help you understand where your product needs to be in order to compete.
 
“This is where a consultant can offer a lot of value,” said Sellers. “Our team can help you determine where to invest your research and development resources, so you know you’re focused on improvements that will truly increase your product’s value. Once you’ve got a product you’re confident about, we can benchmark it against the competitors in the lab and see if you’re matching their performance.”
 
To talk to an expert about your business goals and benchmarking needs or to start designing a program, get in touch with Brad Sellers at 330-762-7441 or bsellers@smithers.com.