Challenges in Commercialization of Products and Services
Of seven product ideas, only one will yield a successful product. Products and services fail for several reasons. Top on the list is the lack of understanding of the voice of the customer. Customer wanted Product A. Company built Product B. Next on the list is the lack of understanding of design requirements needed to develop a product that will consistently address customer needs. And finally, products do not get commercialized because the product was late to market or the funds ran out.
Failure rates of new products is likely between 35 and 50%. This is where we come in. In our 20 years of experience, we have seen the issues that product development projects face. We have learnt from them and have developed a product development strategy that will help you successfully over come challenges that both new and seasoned entrepreneurs face during product development.
Our product development process makes use of understanding the voice of the customer, understanding key design requirements, identifying key performance indicators to monitor during the product development process, developing a fail fast risk management profile, and incorporating visual program management techniques.
We believe in a vision of a world where healthcare and environment are continuously improving. If you share the same vision, allow us to partner with you so that together we can sow the seeds for a better future tomorrow.
Contact us today to find out how we can help your company successfully commercialize products and services