As you can find on Wikipedia: “Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.”
This time Wikipedia is clear and accurate. In short, as I told you in the introduction of this article: You need to know what and how is your competence doing before you even start. It would be a true drama if you decided to develop your business improving a lot an aspect that you “guess” it’s going to be your competitive advantage, to realize after the launch that this is not an advantage or innovation at all.
Do you think this is common sense? It is. Nevertheless, there are hundreds of new projects that are delivered to the market without this essential task. Please, now that you know, don’t be another one of them. Take your time, follow this benchmarking process, and save a lot of future suffering and wasting money.