There is no beating around the bush: product development is no easy feat. It is a process fraught with challenges and obstacles. Though it is incredibly rewarding, it can be incredibly challenging and frustrating—and that is completely normal. If the going gets too tough, however, it can be advantageous to bring in an expert so you can mitigate the risk of lost time, labor, and resources.
Do you need a product development expert?
How do you know when you are in over your head? If you are struggling with any of the four following situations, it is probably time to call in a product development expert.
You’re having trouble facilitating communication between teams
Successful product development means facilitating collaboration and communication between the numerous different teams involved in the product development process, including designers, engineers, marketers, etc. Tension or conflict between these teams is a red flag. If you can’t resolve things yourself, you will need to bring in a project management expert with meditation experience.
You’re having trouble managing costs
Staying within budget is just as important as producing an innovative product. If you can’t stay within budget during the development process, you put your ROI in jeopardy and you could end up putting your entire business in the red. Of course, staying on budget is much easier said than done, especially if you don’t have a background in budgets or accounting. If your development costs are skyrocketing and you don’t understand why, or lack any clear ideas on how to trim things back, it is probably a wise idea to call an expert.
You’re developing a product for a foreign market
Developing a product for a foreign market is a whole different kind of ball game. If you lack the language skills or cultural knowledge required for success in your target market, you’re going to need to bring in a product development expert (ideally one who has experience and expertise in your target geographical area). Remember, foreign market product development presents a number of logistical challenges. The bottom line is that the development process requires in-depth knowledge of local consumers, for both developing and marketing purposes. If you don’t know the culture of your target consumer, bring in someone who does.
You don’t understand your industry’s regulatory standards
In many industries, such as the medical or pharmaceutical industries, for example, there are legal and regulatory standards that a product must meet before it goes on the market. If you don’t understand your industry’s standards you need to call in someone who does. Otherwise, you run the risk of developing and manufacturing a product that will never be approved by your industry’s regulating bodies, and that certainly isn’t a risk you should want to take. After all, what is the point of pouring all of that time, money, and effort into product development if at the end of it all you can’t sell your product because it doesn’t adequately meet industry criteria?
Pivot International is a product design, development, and manufacturing firm with extensive experience in the medtech industry. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.