What is it?
The Benchmark Effect is all about creating a standard set of parameters that your buyers can use to understand how to choose the right solution for their needs.
Why does it work?
It works because it puts the buyer in control and allows them to better understand the decisions they have to make and options they have to choose from. Providing a benchmark allows your offering to be easily compared to another (not just on price) and focuses on what the buyer needs to achieve their objective.
How can you use it?
There are two ways you can approach this.
The first is to research and find an industry benchmark that buyers can use to make the right buying decision for themselves. Such benchmarks might come from your industry body (if you have one) or from consumer groups or online communities and awards.
If such a benchmark doesn’t exist, or even if it does, you can consider which elements matter most to your buyer when making a decision and use this to create a benchmark that they can score you and your competitors against.
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