When it comes to setting benchmarks, there’s a lot of information to know and data to sift through, but they’re a necessary part of any consumer packaged goods (CPG) manufacturer’s business. Benchmarks give you a tangible way to measure your product’s (and your business’s) success by aligning your growth goals with the market and your competitors. However, it’s important to have the right information on hand so you can set the right benchmarks that are equal parts attainable and measurable.
There are four common benchmarks all CPG manufacturers should consider:
Each of these benchmarks help manufacturers like you monitor different aspects of your CPG product’s performance and better understand what areas of your business can be optimized.
But the big question is, what benchmarks do you want to set? And more importantly, what data do you need to do so? Here’s everything you need to know to get started.