Every day, an innumerable number of new products enter the market and try to permanently fill some area of our lives. Due to HBR analysis, more than 75 % of consumer packaged goods and retail products fail to earn even $7.5 million during their first year.
According to the experts, this is a consequence of improper preparation of a new product launch. Many companies are very optimistic about their product outcome. They expect great success, but when the demand is higher, they have a problem with scaling the production and then to continuously deliver, accepted by the client, high- quality product. Companies should remember that testing the solution before launching on the market is crucial. They must be aware, that the product imperfections can be a cause of a large number of complaints. What in the end can affect the brand reputation or in the worst case lead to the bankruptcy. It is incredibly irresponsible if a company believes that to succeed their product need to merely leverage the fad. Maybe in individual cases, it’s going to work, but only in a short-term period. When a company came up with an idea before they will start the project they should ask themselves “is the market ready for something so innovative?” or “will my client be able to use the product properly?”. Maybe before launching the product, the company should educate their future clients.
Until now it was a general perspective. If we would like to take a closer look at specific areas, for example, implementation of pharmaceutical or medical solutions, we could find it even more demanding. Only by taking under consideration that average costs of implementation of a new pharmaceutical solution, which reach the level of around 1.5 bln USD, it is starting to be evident that each aspect of a new product has to consider many details. According to that, to develop and to launch the new product a pharmaceutical company have to be very attentive and have a long-term implementation strategy. The company has to be prepared to lead an ongoing process of proving purposefulness of a new solution and make sure that new product fulfills patient needs. Different reports and analysis show that in the nearest years, the main factor which is going to determine the product value won’t be the price or even its quality but everything which involves aspects of so-called user experience.
Passio Group (PG) focuses on developing and, in some cases, redesigning solutions which enable proper and dedicated drug administration. Our products are classified as medical products in one of 3 classes. We are aware of how many administrative and legal aspects must be considered during the development stage before our products will receive all required approvals. We bear in mind that the price of our product must be acceptable for our clients and the end-users. In the same time, we face the reality of the high costs of manufacturing which we try to lower but not at all costs. PG is aware that designing an innovative solution may be the opportunity for defining a new niche and setting up the price on a higher level. It will be possible only in the situation when the end-users will accept the product. They will evaluate the functionalities, design, and price.
Passio Innovation Way (PIW) is our internal 6-stage methodology for managing the projects. It has a versatile nature which means that despite the individual character of each project PG can deliver high-quality solutions designed according to end-user needs, market regulations, and legal aspects. PIW enables Passio Group to lead the process of development, starting from an idea and ending with a finished ready-to-be-implement product. Each out of 6 stages has own milestone which helps to decide if it is rational to continue the project. Such an attempt helps to avoid unproductive and unprofitable projects.
The Passio Innovation Way covers the project path since an early beginning when there is only an idea of what we or our client want to have, ending on existing working and functional product. During the process of development, we are making a detailed analysis of the reality of the environment in which future product will exist. We deeply analyze end-user experience to find an authentic need. We gather the information about existing solutions, their benefits, imperfections and we observe how people use them. We keep in mind that we design solutions for people who suffer from different kind of diseases, mainly chronical. That determines how their everyday life looks like. Including their relationship with family members and the whole society. Our product might make their lives much more comfortable. When we fully understand their environment, we can design proper functionalities; we can build prototypes and examine them with the help of a dedicated focus group. Presentation of conception on the early stage of the project allows us to verify if we drew the right conclusions.
We believe that by making people engage in the process of creating, designing a new product, specially dedicated to them, we gain two essential aspects. First, people get involved in the process of developing a new product when it is assigned to them. Secondly, during the time they are the first to become a brand ambassador. We try to build close relationships with future clients who during the process of development became also an educated client. This attempt helps us to lower the risk of the new solution rejection by the market.
Let’s see, in details how Passio Innovation Way looks like:
1) Inspirational Glance – this stage aims to place a new idea in a broad frame , i.e. diabetes mellitus. Basing on a different kind of analysis, we are trying to prove that the concept we made up simply makes sense. We are looking for a niche where we can place our solution. We check if there is some competition if not we ask “why?”. We try to point out all the difficulties and risks which could be connected with the subject because maybe our competitors had to face it before us and decided not to go further. In a case when there are no objections we go deeper in exploring the niche.
2) Deep Future Thinking – this is a stage of very detailed analysis of the scientific and technological state-of-the-art, market situation, present competition, business relations, current product imperfections based on the opinion of the users. As a conclusion of this stage, we put a research hypothesis which is going to be a starting point for designing stage.
3) BioDesign – the most crucial and demanding step in the whole process. The critical element is research of end-user experience (UX) and customer experience (CX). Empathizing with users helps to determine their real need which designed product should meet. With the help of future users, we test the model and collect feedback. In the meanwhile, we do IP monitoring and sales reports analysis of the competitor’s product. It helps the Passio Group to plan a strategy of implementation.
4) Product Engineering – in this phase, a prototype is armed with all needed technology which secures its proper functioning. The only things that can change the final design of the product are difficulties in the manufacturing of individual elements. It is crucial to maintaining all designed functionalities that end-user expects from the solution. At this stage, we select not only technology by itself but also a supplier of materials, components. We search for assembly plants, plan logistics supply chain, and if there is such a will of the client, we get engaged in promotional activities of the new solution.
5) Production Engineering – in this step we enlarge the scale of the final product manufacturing process. We develop a product quality control procedure, evaluate the operation of its packaging and distribution. We help to receive all needed certification. The stage ends with the launch of the finished product on the market.
6) Product Impact – this stage aims to collect feedback information about how did market react after implementation of our product, including the opinion of direct users. We check if there are some problems if so, we look for a way to solve them. Detailed analysis of gathered information helps us to implement some product upgrades or even inspire totally new product.
We are sure that the PIW methodology gives us the opportunity to create solutions dedicated to consumer needs. As the Passio Group, we set ourselves the goal that each product will improve the quality of life of the target recipient.
We keep life moving!
author: Waldemar Wiśniewski