5. Innovation and Product Development
The FMCG industry is highly reliant on innovation. From new product launches to packaging improvements, staying ahead in innovation can make a big difference. Competitive benchmarking in FMCG should include analyzing how your competitors are innovating within their product lines. For example, if Kraft Heinz introduces a new, healthier version of a popular sauce, you should benchmark its performance against your own product offerings.
Innovations don’t always have to be product-based; they can be in the form of improved sustainability practices, better customer service, or technological advancements. Analyzing your competitors’ innovation strategies will allow you to capitalize on unmet consumer needs.
6. Customer Feedback and Experience
Customer satisfaction is a powerful benchmarking tool. Use customer feedback, online reviews, and social media sentiment to gauge how well your brand is performing compared to competitors. Look at how brands like Starbucks or McDonald’s continuously monitor and respond to customer reviews to improve their offerings. Consider using sentiment analysis tools to gather insights on how consumers feel about your brand and compare that to your competition.
7. Leveraging Data and Technology for Better Benchmarking
In today’s digital age, data analytics and technology have made competition benchmarking in FMCG even more effective. Brands can now use AI-driven tools to track competitors’ sales performance, online activity, pricing trends, and consumer behaviors. Tools like SEMrush, SpyFu, and Brandwatch allow brands to track and compare real-time data, enabling more accurate benchmarking.
For example, a company like General Mills could track how their cereals perform in comparison to Kellogg’s by analyzing online sales data, social media discussions, and product reviews.
continue for P&G vs Unilever Case…
