If you want to develop a new product, you'll need to benchmark its performance against similar products. This process of collecting data and comparing performance is known as benchmarking. Understanding how your product performs against others can identify areas where improvement is needed.
Benchmarking is an essential part of developing any new product. Without it, you won't be able to assess your progress or identify areas for improvement. So if you're thinking about creating a new product, make sure you have an excellent benchmarking strategy. Otherwise, you could end up with a lacklustre product that doesn't match the competition.