Conducting benefit analyses used to be a controversial endeavor. In the absence of a consistent normative framework, indicators had to be determined on a case‐by‐case basis, requiring time‐consuming stakeholder workshops. The 2030 Agenda provided the missing normative basis to enable the inclusion of benefit aspects in life cycle sustainability assessment (LCSA). However, given the 17 Sustainable Development Goals and their 169 targets, it has remained unclear which of these targets relate to products and services and should therefore be used as indicators in benefit analyses. Against this background, this paper presents a consistent and well‐defined indicator framework for product‐related benefit analyses, developed through a detailed alignment with the 2030 Agenda and comprising a set of 30 indicators. It also describes how benefit analysis can be integrated into the LCSA methodology to provide a sound, evidence‐based framework for research and policy making: First, it outlines a sustainability self‐assessment tool for corporate researchers and designers, embedded in a Stage‐Gate process as a “voice‐of‐society” perspective. Second, it discusses approaches to improve regulatory impact assessment for policy making, particularly in the area of chemicals management. An illustrative case study shows how the developed benefit indicators can address current shortcomings in socio‐economic analysis methodology, such as an unbalanced focus on the economic impacts and insufficient information on human and environmental impacts. Despite its limitations, such as the inherent focus on societal benefits and existing “blind spots” in the 2030 Agenda, the indicator set has the potential to enrich LCSA studies with previously neglected aspects.