5 Criteria for Success in New Product Development
Bringing a new product to market has a lot in common with constructing a new house. Building a home requires high levels of planning and coordination between general contractors and experienced framers, plumbers, painters, electricians, interior designers, and so forth. So too does new product development require high levels of planning and coordination between top management and their product design, development, manufacturing, distribution, and supply chain partners.
At Pivot International, our global single-source services ensure a highly collaborative and end-to-end integrative product development process for companies worldwide. With 47 years of experience, we’ve crafted a working blueprint of what it takes to create award-winning innovations. Here’s a brief overview of some of the key success criteria required for launching a new product.
Executive Team Support
No matter how brilliantly conceived a new product design may be, it will never get off the ground without the support of top management. Without exception, successful products are backed by an executive team that conducts due diligence in selecting a proven product development partner, allocates sufficient budget resources to the project, deploys leading talent, and stays actively involved throughout the duration of the process.
Formal Communication Protocols
Before any tangible action is undertaken in developing a new product, clear communication (and documentation of such) must be established. Though challenges in the product development process are normal and to be expected, the kind of problems that result in derailment can most often be attributed to breakdowns in human communication. For this reason, formal protocols that ensure transparent communication and ongoing collaboration throughout each stage of the product development process are imperative.
A Strategic Action Plan
A sound action plan for bringing a new product to market is based on a clearly defined goal. A robust business case must inform this goal, as well as the user experience it intends to deliver. Furthermore, the action plan must map a strategic path to achieving this goal, along with metrics for determining success and making strategic course-corrections. At Pivot, we agree with world-renowned management guru, Peter Drucker, who famously said, “You can’t manage what you can’t measure.” This insight is why we build metrics into critical points along the entire product development process.
Advanced Cost-Saving Technology
By definition, a premier product development partner will have the resources to invest in and deploy leading-edge, cost-saving technologies. Surface Mount Technology (SMT) represents the newest, most effective, and efficient electronics manufacturing solution to date. SMT has a broad application and ensures highly accurate execution of high-volume production.
Pivot has recently installed two mirrored Samsung high-speed SMT lines in its US-based Omaha, NE facilities, as well as in its South Asia, Philippines-based Manila facilities. This bi-continental technology delivers a significant competitive advantage to Pivot’s partners. By enabling them to manufacture their product close to its shipping destination, and to flexibly shift production between Omaha and Manila (if needed), they save significant time and money on global distribution costs.
First-to-Market Advantage
A company’s ability to quickly bring a product to market is a primary competitive advantage. Reaching consumers first is a significant factor in successfully positioning your product, differentiating your brand, and establishing brand loyalty.
At Pivot, we utilize FDA registered and ISO:9001 and ISO:13485 certified facilities. This allows us to deliver the industry’s highest quality control and manufacturing standards, thus accelerating our clients’ product-to-market timeline. What’s more, our advanced change-order system allows for rapid updates to products without introducing gaps in inventory.
Pivot has helped hundreds of companies worldwide launch successful products and scale for the future. If you’re in the process of bringing a new product to market and would like to learn what a partnership with Pivot can mean for your business, contact us today. We look forward to hearing from you!
3 Indispensable Practices for New Product Development
Successfully launching a new product requires a design, development, and production partner with a proven track record, systematic methods, and a seamless end-to-end process. This includes everything from proof-of-concept to regulatory compliance to prototyping to production to distribution. At Pivot International, we know this firsthand, as we’re behind multiple award-winning consumer and industrial products. As a global single-source partner, we help businesses create successful products and effectively scale in the Age of Industry 4.0.
With nearly half a century of experience, we’ve become masters at understanding what it takes to successfully bring a product to market. Here are three practices that are indispensable to achieving that goal.
Construct a Clear Roadmap
Product development is highly complex and composed of multiple “moving parts.” To ensure successful development, extensive planning and high levels of coordination are required between the various stages of development and the teams responsible for executing them. This involves the construction of a clear roadmap or detailed action plan leading to a well-defined goal or destination.
Because the product development process is a complex chain of interdependent activities, a breakdown or error at any point in the chain can compromise and derail the entire process. An experienced product development partner will be acutely attuned to where potential breakdowns are likely to occur and will rely on detailed action plans and constant monitoring to prevent them.
Breakdowns in the product development process are more likely to be caused by inadequate planning, poorly defined goals, and a lack of transparent communication than by functional or mechanical issues. Though any experienced and reputable product development partner will implement sound planning protocols, a single-source partner adds another layer of protection. This is due to a single-source partner conducting all aspects and stages of product development under a single umbrella. This guarantees complete transparency and oversight throughout the entire product development process.
Establish Proof of Concept
Proof-of-concept is a series of steps that are undertaken to determine whether a product idea is viable by testing the assumption behind it. Pivot’s proof-of-concept services ensure a potential product is not only conceptually sound but also scalable (able to be manufactured at the right volume at the right price) to ensure market success.
Concept testing is conducted early in the product development process and is enhanced by close collaboration between the author(s) of the concept and their product development partner. During proof-of-concept, participants work together to challenge and refine a proposed concept. By applying industry best practices, while remaining open to opportunities for innovation, the concept is refined, revised, and eventually validated.
Connected to proof-of-concept is certification. For many products, establishing proof-of-concept is only half the battle as certifying a new product tends to be a complicated process. At Pivot, we make the process simple and use certified ISO:9001 and ISO:13485 systems to assure the confirmation of each Pivot product. Our background working with TUV, UL, ETL, CE, FCC, and others gives us the experience necessary to assure low certification costs and properly executed lead-times.
Create a Working Prototype
While proof-of-concept validates that it’s possible and reasonable for a product to be developed, prototyping takes this one step further to determine how it will be developed. Prototyping entails the creation of an actual model that product designers, developers, and other participants can handle, interact with, and actively test.
Prototyping is a dynamic process that unfolds over multiple phases, often beginning with a digital or virtual model that is then physically rendered through 3D printing or other mediums. Prototyping, by definition, is iterative. This means that each successive model provides new learning and insight that is then applied to the subsequent version, allowing for ongoing improvement in product design and functionality.
Prototyping can be approached in many different ways, and dozens of techniques exist for creating a working model depending on the size, type, quality, and scale of prototype required. Rapid prototyping and parallel prototyping are included in these techniques and are among the best practices that Pivot employs to take a product from design to production.
At Pivot, we deliver advanced, end-to-end product design, development, production, and supply chain management services. If you’re in the process of bringing a new product to market and are looking for a proven partner with industry-leading experience, contact us today. Working together, we’ll position your product for success to help you grow your business and scale for the future.
New Advances Expand Industrial Touch Screen Opportunities
Touch screens are exhibiting higher levels of performance and reliability at a lower cost. One reason for this is that indium tin oxide (ITO) is beginning to be replaced by newer materials.
What is indium tin oxide?
The compound element indium tin oxide can be a ceramic or alloy, depending on the oxygen content. Phone and tablet touch screens have been made out of ITO for a long time. Now, however, we are seeing the replacement of ITO with increasing frequency.
Why replace ITO?
One reason this change is occurring is due to the trend of integrating touch into the LCD panel, rather than manufacturing a clear touch screen overlay. This results in a thinner, lighter touch screen, with optical benefits as well.
What are the other materials?
Copper microwires, silver metal mesh, and silver nanowires are being used in touch screen production. Though not yet commercially available, graphene is in its early stages of development.
How does this development affect pricing?
When masks, lasers, chemicals, etching, and other tooling are needed for touch screen production, costs go up. Writing directly onto a substrate material without a mask saves time and money. Copper microwires, for example, are one of the sources mentioned above that can be written directly onto the substrate.
Another requirement that can affect cost is the number of layers needed. Because copper microwires can be insulated, they can form a single layer. Silver nanowires and metal mesh typically require two or more layers.
Touch Screen Resistance
Touch screen resistance determines sensitivity to touch as well as signal-to-noise ratio (SNR). When working with higher resistance materials, the amount of current flowing through conductors is restricted, making the touch screen difficult to use.
Compared to ITO, silver nanowires have better resistance, roughly 30 to 500 per square on a PET film substrate. Silver metal mesh possesses a resistance of 15 to 300 per square, rendering it an apt choice for touch screens up to 65 inches. At 50 per square or less, copper microwires are an excellent choice for larger touch screens that exceed 100 inches.
The Availability and Longevity of ITO Substitutes
Copper microwire touch sensors have been used in the industry for 20 years. Over time, this material has proven to work well in large touch screen technology.
Silver metal mesh and nanowire-based touch technologies are relatively new to the scene. Time will tell how durable they are.
New products are continually emerging in today’s evolving market, making the need for an agile production partner with advanced expertise and state-of-the-art capabilities essential to achieving long-term success.
At Pivot International, we’re a single-source collaborative design, development and manufacturing firm with facilities worldwide. Pivot has over 47 years of experience in helping businesses profitably realize their product’s potential. Interested in learning what a partnership with Pivot might mean to you and your product? Reach out to us today and consult with one of our design professionals for free.
How a Product Development Company Can Speed Up Your Time to Market
A company’s ability to quickly bring a product to market is a primary competitive advantage. Reaching consumers first is a significant factor in successfully positioning your product, differentiating your brand, and establishing brand loyalty. At Pivot International, we bring an impressive track record of helping businesses design, develop, and manufacture products effectively and efficiently. Here are some of the proven approaches we take for expediting this process.
1. Project Management
Project management is a cornerstone of product development. Establishing project goals and deliverables, determining process outputs, and setting project constraints can all be facilitated by a trusted partner. A product development company can also help ensure your product is designed and documented to FDA, ISO, UL, and CE standards. When your project is systematically managed, it’s easier to control for variables that might otherwise delay your time to market.
2. Streamlined Manufacturing
At Pivot, our experience in design and manufacturing ranges from working with small, complex prototype runs to high-volume electrical manufacturing assemblies. When your partner uses FDA registered and ISO:9001 and ISO:13485 certified facilities, you are setting yourself up for an accelerated product-to-market timeline. Moreover, a firm’s quality control inspectors can help guarantee your product meets the highest manufacturing standards. At Pivot, our advanced change order system allows for rapid updates to your product without introducing gaps in your inventory.
3. Supply Chain Management
Monitoring transportation can be an overwhelming part of the manufacturing process. Pivot is skilled in real-time monitoring of your materials as well as fast-tracking products through safety buffers and weather projection systems. Supervision of this kind is critical to bringing products to market swiftly.
4. Product Testing
Before officially launching the product, your product development partner can orchestrate opportunities for consumers to engage with your product to test its market appeal, performance, and economic viability.
5. Swift Post-Testing Analysis
A product development company can help you sift through the customer feedback gathered during testing in a timely manner. From there, you can determine if any changes need to be made and quickly undertake them.
6. Product Launch
A highly-successful product launch requires a great deal of planning. In addition to satisfying the steps you’ll find on this checklist, your partner can offer guidance on arranging launch events, conducting interviews with key people in your organization, and other means of generating press to get the word out.
New products are continually emerging, so accelerating time-to-market gives your business a head start on the competition. Working with a highly experienced product development partner with advanced processes and technologies can make this an achievable goal.
Pivot International is a single-source collaborative design, development, and manufacturing firm with facilities worldwide. Pivot brings more than 46 years of experience in helping businesses profitably realize their product’s potential. Are you interested in learning what a partnership with Pivot can do for you and your product? Reach out to us today and consult with one of our design professionals for free.
6 Common Questions About Working with a Product Development Company — Answered!
Let’s say you’re trying to figure out if you should work with a product development company. Chances are, you have a few questions, especially if it’s your first time bringing a new product to market.
At Pivot International, we’ve been helping companies design, develop, and manufacture products for over 46 years. We’re familiar with what our prospective partners (especially those who are new to the product development process) want to know.
Here are the 6 questions we most commonly receive, along with answers that can better help you understand who we are, what we offer, why we’re a superior solution, and how we can help your business successfully bring a product to market.
1. What is your experience, and what is your background?
Businesses want to work with firms that are qualified and experienced. At Pivot, we have accumulated more than a dozen areas of specialization over the years. Our portfolio includes biometric security products, wearable and touch screen technology, medical devices, wireless and electronic components, agricultural and building operations, and much more. If we haven’t made your exact product before, we have likely worked on something similar. Our vast experience has also taught us how to be innovative, agile, and to leverage a culture of ongoing learning and improvement. At Pivot, we never stand still and are committed to constantly exceeding our own standards.
2. What services do you offer?
This is an essential question to ask at the beginning of your search for a product development partner. Naturally, any responsible company wants to know exactly what specialties and services we offer, as it applies specifically to their industry and the development of their particular product. At Pivot, we offer industrial design, mechanical engineering, electrical engineering, software development, project management, contract manufacturing, prototyping, electronic manufacturing services (EMS), global manufacturing, supply chain management, product data management, business development, and regulatory compliance.
3. What kind of technology do you use?
It should go without saying that firms using the latest technology have a competitive edge. Not only does the acquisition of the latest technology signal a firm is current on their industry, but it also signals its business acumen and financial stability. Pivot’s recent investment in Surface Mount Technology (SMT) allows us to produce the most effective and efficient electronics (even at high-volumes) and represents a major advantage over our competitors.
4. What other companies have you worked with?
A product development firm is only as good as the company they keep. Because of this, companies who are investigating us want to know if we’ve worked with businesses or products similar to their own or with names they might know and trust. This is also where a discussion about client retention rates may arise. We are always happy to answer these questions, provide references, and are proud to share our numerous client testimonials. We understand that trust must be earned, and we’ve spent nearly half a century establishing an impeccable track record with our customers.
5. Do you incorporate product testing?
Not every product development company understands that their job isn’t finished when the production phase is complete. Pivot International believes in testing every single component of a product, not just after production, but throughout the product development process. We bring an eye for catching problems early and apply systematic and stringent quality control measures to ensure the product is without defects or imperfections of any kind.
6. What about regulatory compliance?
This is a crucial question for any business to investigate since deviations of this sort can sabotage an otherwise sound product development process. At Pivot, we adhere tightly to the laws, regulations, guidelines, and specifications governing each industry. We understand this adherence plays as big a role in a product’s success as does business acumen, strategic planning, technological know-how, quality control, or any other of the multiple factors that go into profitably bringing a product to market.
Pivot International is the leader in single-source solutions for helping businesses of all sizes develop and manufacture successful products that put their company on the map. We welcome the crucial questions your company must ask in order to determine whether a product development firm is right for your product and business. Contact us today to get started.
7 Ways a Product Development Company Can Help You Develop Your Industrial Touchscreen, from Concept to Distribution
You have an idea for a new and improved product—say, an industrial touchscreen. How do you turn your concept into a profitable reality?
Pivot International possesses the experience and wherewithal to take your product from concept to distribution, and, as a result, grow your business. The following are seven ways an upstanding product development company will champion your idea.
1. Planning
During the planning phase, a product development company can help you zero in on the current marketplace needs. You and the company you decide to work with can discuss your target audience and how to effectively engage them. Examining customer reviews, surveys, spending reports, and other forms of feedback will help you and the development company clarify the unique needs of your customers. While planning, the company can also research existing industrial touchscreens. From there, you can see how your idea differs from and builds on current available industrial touchscreens.
2. Developing
This is where the touchscreen manufacturing begins. Your partner will break down the production process into actionable steps. Companies with international manufacturing services are a plus. An established firm will commit to making any necessary modifications on your industrial touchscreen prototypes.
3. Testing
Before launching your industrial touchscreen, your partner can organize opportunities for your consumers to test your product in real-time. The testing process allows you and the development firm to ensure that ultimately, your new product is economically viable.
4. Post-testing Analysis
A business specializing in product development can assist you in sorting through the customer feedback gathered during testing. From there, you can determine if any changes need to be made to your industrial touchscreen, and how you will go about launching the product. After testing and making alterations to the touchscreen, your collaborator can guide you through the initial product launch.
5. Launching
This is the moment you’ve been working towards: launching your industrial touchscreen. Your partnering company will offer you guidance on arranging product launch events, interviews with key people in your organization, and other creative avenues to get the word out.
6. Assessing
Following the initial product launch, you and your partner can conduct an early analysis of how your industrial touchscreen is performing. In addition to assessing the sales data, you can also examine the success and ROI of your advertising and marketing efforts.
7. Prototyping and Iterating
Finally, you and the product development firm can discuss what elements of the industrial touchscreen should be retained and which ones should be altered or discontinued.
New products are continually emerging in today’s market. Working with a skilled and experienced product development company can help you and your product stand out and achieve long-term success.
At Pivot International, we’re a single-source collaborative design, development and manufacturing firm with facilities worldwide. Pivot has over 46 years of experience in helping businesses profitably realize their product’s potential. Interested in learning what a partnership with Pivot might mean to you and your product? Reach out to us today and consult with one of our design professionals for free.
5 Cutting Edge Developments in Wearable Tech
Wearable technology is a thriving industry. According to CCS Insight, the smart wearables market will double by 2022, becoming a “$27 billion+ market with 233 million unit sales.” As a product design, development, and manufacturing firm, Pivot is behind some of the most innovative product solutions on the market for consumers and suppliers alike. These five cutting-edge developments in wearable tech are a big part of what’s helping the market grow.
Medical Wearables
According to Juniper Research, wearables are on their way to becoming “must-haves“ for patients around the world. Affordable and convenient, medical wearables are making healthcare and treatment easier to come by. The latest devices are able to accumulate relevant health data and relay it to one’s doctor. The physician is then able to monitor their patient’s progress and intervene when necessary. CloudDX and the hi-tech iTBra are just two examples of where medical wearables are headed. These devices are not only becoming more advanced but more inclusive in terms of both types of illness and gender.
Smartwatches
Smartwatches are gaining popularity due to their ease of use and multi-faceted capabilities. They can help one find their other devices, receive calls, texts, and social media notifications. This year has brought us the Apple Watch Series 4, which now includes an ECG. Other popular models from Fitbit and Samsung are also garnering attention from consumers. Overall, smartwatches are providing users with the desired balance of connectivity and productivity.
Smart rings
Smart rings can keep consumers connected while offering discretion without distraction. These devices are making day-to-day tasks easier. For instance, some smart rings are able to make payments. The Blinq smart ring, NFC Opn, and McLEAR are a few popular rings this year.
Assault protection and prevention wearables
UC3M4Safety is the “Multidisciplinary Team to Detect, Prevent and Combat Violence Against Women.” This team is made up of six research groups, “five from the Carlos III University of Madrid and one from the Polytechnic University of Madrid.” UC3M4Safety is currently developing an “innovative alarm system“ that connects a bracelet and a pendant to one’s smartphone, which can alert a “circle of trust chosen by the user in question.” This technology will also have GPS, recording capabilities, and a panic button.
Fitness trackers
Fitness trackers have grown extremely popular over the last several years. Recent advancements allow these devices to track one’s sleeping habits, offering users and their physicians greater insight into their health. Fitness trackers of today can also function similarly to smartwatches by providing users with real-time notifications, such as incoming calls and texts. The PolarOHI is a fitness tracker that can be used individually or paired with other smart devices.
Wearable technology is becoming more useful and ubiquitous every day. What new ideas and insights can your business provide to this growing field?
For businesses seeking a single-source firm for custom-designed enterprise-efficiency solutions, Pivot ranks first in customer satisfaction. If you’d like to learn more about how Pivot can give your business a greater competitive edge, reach out today for a free, no-obligation consultation.
Here’s How to Overcome 5 of the Most Common Product Development Challenges
Product development always has its share of challenges. However, with the right preparation and the right strategies in place, your business can overcome them. Here are five of the most common product development challenges and their solutions.
1. Identifying your customer’s pain points
Determining the pain points of your customers should be at the core of your product development process from the very beginning. Based on your customers’ needs, you should be able to formulate clear goals for your product that directly reflect those needs.
While this may seem obvious, many companies operate in the opposite way: conducting consumer research after a product has launched. As you might expect, this becomes an extremely retrogressive, expensive, and time-consuming approach.
Product testing should happen early and often throughout development. Periodic and thorough testing will help you hone in on what your customers really want from your company and your product.
2. Assembling the right team
Product development is a team effort. That’s why assembling the ideal product development team is so important. While this group can be formed internally, some businesses benefit from working with an external team of experts.
Whether your company decides to go the internal or external route, having well-defined plans for marketing, sales, and product launch is vital for successful product development and project management.
3. Balancing short-term needs with long-term goals
With product development, it can be difficult to figure out how much you should allocate towards your short-term needs, versus how much should go toward your long-term goals.
While the upfront costs that come with prototyping, research, and more can seem intimidating, it’s crucial to think about the big picture. Cutting corners during product development will cause your company more harm in the long run.
4. Legal and regulatory matters
When you are so focused on developing a product that meets the needs of both your consumer and business, it can be easy to overlook government regulations. As Alan Cohen writes in Prototype to Product: A Practical Guide for Getting to Market, this kind of neglect can result in “finding out that US Customs is holding up shipments to Europe because our product doesn’t meet relevant EU requirements, or merely because [the] CE mark labeling isn’t being displayed correctly.”
To avoid these mistakes, be proactive and aware of all the regulations that are in place, especially lesser-known ones.
5. Widening distribution
Companies that want greater success are always looking for new ways to expand their markets. However, this transition takes time and planning. Having a strong domestic track record, making the necessary product alterations, and being in the right financial position is a must.
Partnering with a global manufacturing and distribution firm makes this process a whole lot easier. A partnership gives your company greater access to global manufacturing resources and puts you in touch with real experts with a great deal of experience.
Product development challenges need not throw your company off course. With a rigorous plan and well-equipped team at your disposal, your business is bound to thrive.
At Pivot International, we’re a single-source collaborative design, development, and manufacturing firm with over 50 years of experience in helping businesses profitably realize their product’s potential. Interested in learning what a partnership with Pivot might mean to you and your product? Reach out to us today and consult with one of our design professionals for free.
Top 3 Product Development Mistakes to Avoid
Companies looking to outsource new product development can make the process slower, more costly, or even completely unsuccessful if they don’t avoid these 3 mistakes.
1. Failing to prototype early and iteratively.
It can be tempting for businesses and outsourcing firms alike to delay prototyping until later in the design process. The reasoning behind this is often well-intentioned and twofold: First, that most of the “kinks” of a design can be adequately worked out “on paper,” making physical prototyping unnecessary except as a “last step” prior to actual production. Second, that delaying of the prototyping will expedite the design process, reduce labor and material costs, and therefore result in significant savings.
The truth is, failing to prototype early and iteratively throughout the design process makes it far more likely that design flaws will go undetected at stages when they can be corrected without considerable cost. Without the benefit of multiple prototypes to test throughout the process to iteratively inform subsequent versions of the product, flaws become evident only after significant time and labor have already been invested. Far from being a cost-saving strategy, later-stage prototyping more often than not complicates, extends, and can even bankrupt a design process. In short, designs that look perfect on paper rarely perform perfectly in real life, and the earlier this gap can be detected and closed, the better.
2. Tracking costs too infrequently.
Losing track of the multiple interconnected costs that inhere in the design process can lead to skyrocketing expenses and can even derail production completely. What may seem like small, inconsequential cost increases that accrue over the course of product development can quickly spiral out of control without vigilant oversight throughout the design process.
A common scenario is that projects begin with well-defined scope, clear targets, a robust mission, and actionable goals. Months pass and the project manager reviews the budget and finds the projected amount of the bill of materials dwarfs the target cost. What went wrong?
When cost considerations aren’t continually recalibrated in relation to technical decisions, “sticker shock” is the likely outcome. To avoid this problem, numbers need to be reviewed as frequently as every two weeks, and disparities between projected costs and actual project expenses must be identified and addressed immediately. It’s not unusual or necessarily problematic for numbers to vary as a project progresses, but that these numbers require constant monitoring. Regular review provides the team with the information to make the disciplined tradeoffs between specific design aspirations and cost constraints that preserve investment integrity and market viability.
3. Outsourcing to multiple different companies.
In a quest for maximum cost-savings, businesses often find themselves in a position of outsourcing their product development to multiple companies. While this strategy can sometimes make sense, it more often than not comes with hidden costs. These hidden costs have nothing to do with unscrupulous business practices. Rather, they have to do with the disconnects, delays, and miscommunications that are nearly inevitable when product components are developed by companies that have nothing to do with each other and therefore no way to effectively coordinate their work.
For most businesses, especially those seeking to develop more complex products with multiple components, a single-source product development firm is a far more cost-effective option. The benefits of a single-source firm include seamless coordination, enhanced efficiency, increased accountability, ease of communication, and access to integrated teams of interdisciplinary experts. With all aspects of product development conducted under one umbrella, a single-source firm is the natural cost-saving solution to companies most pressing design challenges.
At Pivot International, we’re a single-source collaborative design, development and manufacturing firm with over 46 years of experience in helping businesses profitably realize their product’s potential. Interested in learning what a partnership with Pivot might mean to you and your product? Reach out to us today and consult with one of our design professionals for free.
A Quick Guide to Understanding the Product Development Cycle
Companies that remain relevant in today’s changing world have a common denominator: a product development cycle that keeps pace with customers and their evolving needs. Since the product development cycle is the backbone of any thriving enterprise, it’s important to have a grasp of how it works and the results it drives.
The product development cycle encompasses the following phases: planning, development, evaluation, launch, and assessment. The cycle then concludes with the decision to further iterate or move forward with a working prototype.
Planning
During the planning phase, companies determine the need for a product and how to best strategize by asking the following:
- Who is this product for?
- Is there existing feedback (customer reviews, surveys, spending reports) that corroborates the need for this product?
- What, if any, existing products are similar to our proposed product? How do we differ from our competitors?
Development
This is where you start to get into the nitty-gritty of building your product. Product specialist Yoav Farbey recommends breaking the product down into features, “with specification and user stories for each feature.” After this is achieved, Farbey advises ranking features by “difficulty and priority.”
Normally, this initial product will differ from the final product in terms of features. By focusing on the basics during the develop stage, you can easily add additional features at a later stage.
Evaluation
Here is where you get a sense, early on, how your product is doing.
The following are established key metrics by which to evaluate your product:
- Cost of Acquisition
- Revenue
- Rate of Revenue Growth
- AARRR Metrics
- Acquisition
- Activation
- Retention
- Referral
- Revenue
Launch
After you evaluate, you’re ready to introduce your product to your target audience. Farbey remarks that this initial launch can take place through interviews with key people involved in your product, product launch events, and any other creative venues and avenues you can think of.
Assessment
Assessment involves looking to metrics and conducting early analysis on your product’s performance thus far. Farbey writes “A/B testing, challenging how to improve a return on investment, and testing what makes a returning customer” are some ways to start your assessment.
As you assess, be sure to take a close look at each individual product feature. From there, you can determine which features should be iterated and which features should be excised.
This stage in the product development cycle also involves examining your approach to advertising and marketing. Is your target audience engaging with your social media as often as you would like? Are emails garnering more attention than videos? Ask how your advertising is complementing your unique product.
Further iterate or prototype
The final stage of the product development cycle involves deciding what you should retain and what you should discontinue. In addition to iterating the features that are proving successful, think about how you can upgrade them and if you’re ready to move forward with a working prototype.
If you’re in the process of bringing a product to market, we’re here to help. With over 46 years of experience helping businesses achieve their potential, Pivot International continues to assist with design, development, and manufacturing for some of the most successful products on the market. Connect with us today for a free, no-obligation consultation with one of our experts. We can’t wait to hear from you.
