Why You Should NEVER Skip Product Evaluation and Assessment
As a product developer, you understand the excitement and potential rewards of bringing a new product to market—but you’re probably also aware of the many risks that come with the territory. Without a careful and strategic approach to the evaluation of new product development, your device could smash into any number of product development roadblocks.
In our last post, we broke down the 5 steps of product evaluation in our trademarked Design Driven Development process. Today, we’re going to delve into the importance of product evaluation and assessment by highlighting some examples of what COULD go wrong if you choose to skip this crucial step. Let’s begin.
WHAT COULD GO WRONG IF YOU SKIP PRODUCT EVALUATION AND ASSESSMENT?
We cannot overstate the importance of a thorough evaluation of new product development. While bypassing this stage of development may at first seem like a simple and obvious way to fast-track a project, doing so could come with some unforeseen and VERY SERIOUS pitfalls. For example, you could:
1. Solve a problem—but not the RIGHT problem
Without this step, you may spend valuable resources developing a product that doesn’t address the problem(s) your customers are facing. This could lead to the launch of an unnecessary product with a total lack of demand—and revenue! Assessment and evaluation can help you determine whether your product truly meets the needs of your entire target market. You can use this time to discover valuable insights related to potential users, allowing you to make any necessary changes BEFORE the product launch.
2. Completely underestimate the competition
Skipping the product evaluation stage is one of the best ways to produce an inferior device and give your competitors the upper hand for YEARS to come. By evaluating your product against the competition, you can identify areas where you can further improve and differentiate your product from others on the market. If you’re unsure what determinations need to be made to discover those “white areas” of opportunity, check out our competitive assessment checklist.
3. Hit regulatory roadblock after regulatory roadblock
Without proper product assessment and evaluation, you may not even be aware of all the regulatory requirements your device MUST meet. This could result in preventable delays to your product launch, recalls, or costly legal issues down the line. Want to know how to make the FDA happy? If you’re developing a device for the healthcare industry, we encourage you to check out our 7 MedTech device design pro tips.
4. NOT receive reimbursement
There’s no worse scenario than discovering your medical device doesn’t fit the model for insurance reimbursement, right before or after your product launch. That’s why, if your device is intended for the healthcare industry in particular, proper product assessment and evaluation can help ensure it meets ALL necessary reimbursement requirements, meaning you get the reimbursement you need to successfully bring your product to market. Easier said than done though, right? Not exactly. Watch as Kablooe CEO & President Tom KraMer explains how simple it is to design your device so it always gets reimbursed.
PRODUCT EVALUATION AND ASSESSMENT WITH KABLOOE
As you can see, the product evaluation phase is a critical step in any product development process. By investing the necessary time and resources for evaluation, you can ensure that your product meets the needs of your target market, differentiates itself from the competition, and complies with all regulatory requirements—setting yourself up for success as your product moves toward launch.
Speaking of success, did you know that over 80% of new product development efforts crash and burn? Perhaps it’s time to let Design take the wheel. Download our FREE eBook today to learn how.
