When is the best time to perform benchmarking in the product lifecycle?

Benchmarking is the process of comparing a company's products, services, or processes against those of competitors or industry standards to identify best practices and areas for improvement. Performing benchmarking throughout the entire product lifecycle is effective because it allows for continuous improvement and adaptation to changing market conditions.

Engaging in benchmarking at various stages—from the initial concept and design through market launch, growth, maturity, and even during decline—ensures that the product remains competitive and meets evolving customer needs and expectations. By benchmarking early in the design phase, teams can incorporate best practices and lessons learned from previous products. Further, by continuing this process during the product’s lifecycle, companies can gather feedback and insights that inform revisions or improvements at any stage, leading to a better overall product performance and customer satisfaction.

In contrast, performing benchmarking only at specific points—such as during market entry, at the end of the lifecycle, or solely during the design phase—limits the organization’s ability to respond dynamically to competitive pressures and market feedback throughout the product's availability. This approach may result in missed opportunities for enhancements and could hinder overall product success. Thus, continuous benchmarking across the entire product lifecycle is the most effective strategy.