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Outsourcing New Product Development

Outsourcing New Product Development: Why is it the new trend and what can it do for companies?

Companies and manufacturers across all industries partake in new product development once at the least through their lifecycle of operations. If conceptualized, planned, developed, and launched strategically, the new product development process can lead to significant growth and success for the company. However, the product development process is neither easy nor short-term. Due to the amount of cost, effort, time, manpower, and skill that is required through the process, companies may outsource the process.

These outsourcing services can either handle the entire new product development process or take control of a certain part of the manufacturing process. Certain more specific activities, such as software development, or engineering skills, may not be readily procured internally, in which case, outsourcing becomes the most favorable option. For instance, in the automotive industry, some key players outsource up to 75% of the product development of a new vehicle. Outsourcing helps companies reduce costs, effort, and improve time-to-market substantially. In this article, new product development strategy experts at Infiniti discuss the types, benefits, and challenges of outsourcing.

Deciding to Outsource

The new product development process is long-drawn and requires highly efficient strategizing to be successful. Through this process, the company must ask a set of crucial questions before deciding, so they may be aware of their choices and decisions. In the case of outsourcing, the question to be asked is, “Who will lead the new product development strategy?” While companies may be equipped in terms of finance, manpower, and skill, handling multiple projects simultaneously can be detrimental to current and developing projects. At this point, choosing to outsource is the best option.

New product development is a difficult process and requires brilliant strategic planning. Speak to our experts to learn more about Infiniti’s new product development experts.

Categories of Outsourcing

Companies may choose to outsource the entire product development process or a certain set of functions. The outsourcing process can be divided into the following four categories, as per the functions that are provided:

  • Professional Outsourcing: Outsourcing functions such as legal, accounting, purchasing, and administrative jobs fall under this category.
  • IT Outsourcing: Functions relating to software or technological development are considered under IT outsourcing.
  • Manufacturing Outsourcing: This involves any part of the manufacturing process, be it the entire product, or a certain section of it.
  • Project Outsourcing: This includes the outsourcing of the entire project, such as outsourcing the whole product development process, to the point that it needs to be launched.

The Benefits of Outsourcing New Product Development

Outsourcing is used widely due to the various benefits it offers. When it comes to new product development, these benefits can be crucial to the success of the newly developed product. Five of these benefits are discussed below:

Lower Costs

Outsourcing most often results in quicker, more efficient results due to the dedicated resources and heightened focus, as compared to in-house product development. Additionally, outsourcing services save the cost of hiring temporary or permanent employees for the process of new product development. Many companies outsource to countries with substantially lower labor costs. These various factors combine to reduce costs by a large margin.

Workload Distribution

While in-house permanent employees would be ideal for producing a new product in many cases, the workload may be too high. However, in the case of outsourcing, current employees can focus on maintenance of existing products, while other professionals focus on new product development. This allows for efficiency and perfection across the board without losing quality due to quantity.

Innovation

As professionals, engineers, and other skilled employees work in the same space over time; their ability to ideate something radically different may be compromised. Outsourcing allows for the addition of other experts in the same field, to view the product, strategy, and development process in a different and unique light. Combined suggestions may lead to a product that is better than the original idea.

Expertise

In certain cases, the expertise required for a process may not be within the skill set of current employees. Guidance on engineering something different or manufacturing a new product type can help successfully deliver a product with the right expertise. With outsourcing, it is possible to acquire expert guidance through the process without investing in a new team of employees solely  to develop a new product.

Time Management

Outsourcing service providers have dedicated resources for the product that is being developed. Additionally, one team of employees attempting to maintain current products and developing new ones will increase the time to market. However, outsourcing reduces time-to-market and, in turn, leads to higher profits, faster returns, and proper maintenance of the systems already in place.

Outsourcing can be highly beneficial for many companies. Get more information to gain more comprehensive insights into the benefits of outsourcing.

Challenges of Outsourcing

Outsourcing is highly beneficial for the process of new product development. However, there are certain challenges of outsourcing. More particularly, certain details that companies must keep a note of when they choose to outsource. The following are three major challenges of outsourcing:

  • Control:

When outsourcing major functions such as manufacturing, it is crucial to ensure that quality is maintained. Clarifying the amount of control the company has over the entire process and being adequately involved in the process to ensure quality control is a major step towards avoiding losses and poor-quality products.

  • Communication:

As is the case with all business partnerships, clear communication is exceptionally crucial. Having clear project guidelines and continuous communication through the process can help reduce challenges, losses, and time-to-market.

  • Resources:

All companies must ensure that they are outsourcing to a provider who has the ideal equipment, skillset, culture, and manpower to provide the best results. As the new product development process is carried out, issues with machinery or expertise can take a toll on the entire process and the company, causing significant losses.

While it is highly beneficial, outsourcing can be a challenging step forward. Request a free proposal to strategically approach and develop the ideal new product development strategy.

market research

3 Ways Market Research can Help Build a Flawless Product Strategy

Most product failures and lack of customer adoption occur due to the lack of accurate data and research about the product, market, and the target consumers. This is a consequent effect of building a product that customers do not need or does not meet customer expectations. An effective market research strategy before product development can help businesses early in the product lifecycle to test value propositions and identify ideal customer segments, and also to hone the product’s usability and branding. A product strategy that is undertaken on the basis of adequate market research will play a key role in avoiding costly mistakes. Market research can also assist businesses in their product strategy by evaluating and identifying growth opportunities. Some of the key areas where a market research engagement can help in building an effective product strategy includes:

  • Differentiating the product from others in the market
  • Identifying how the product can solve consumer problems
  • Understanding how competitors address customer needs

In this article, experts at Infiniti provide a detailed account of how a market research study can benefit businesses to effectively formulate their product strategy.

Market research supports the creation of a definitive product strategy, helping exceed business targets. Request a free proposal to know more about how our market research solutions can help your business.

How market research can help in building a product strategy

market researchUnderstand consumer needs

An ideal product strategy must lay an increased emphasis on the needs of customers in the target market. Market research plays an instrumental role in identifying and analyzing these needs. This knowledge allows understanding the underlying customer preferences and the impact of the product strategy on the business. Products can then be customized to accurately meet the customers’ needs.

Identify market entry opportunities

Market research in product strategy can be used to evaluate the market entry prospects of a business. Whether a business is interested in markets with high growth rates, or a mature market that needs innovation to revitalize growth, research will help determine which market is a better fit. When entering a new market is vital to look beyond just market analysis and ascertain what the target consumers actually want. Market research study is one of the best ways to get solving this challenge while developing a product strategy.

Not sure on choosing the right product strategy for your business? Infiniti’s market research engagement can help. With data and analysis covering several industries in 100 countries globally, we help develop an ideal product strategy by analyzing key markets for entry, competitive analysis, surveying consumers, and identifying underlying consumer trends.

Evaluate competitors

Understanding competitor offerings is essential for businesses to differentiate their products from their rivals. The ability to grab customers’ attention as quickly as possible determines how successfully a business can compete in the market. Furthermore, effectively communicating how the business’s products are different for the better gives an added competitive advantage. Using market research brands can understand their top competitors in different product categories and also gain comprehensive insights on how concentrated the market is.

Learn more about Infiniti’s market research solutions.

new product launch

Attaining New Product Launch Success in the Pharma Industry

A new product launch is one of the biggest expenses incurred by pharma companies worldwide. The right product launch strategy can help ensure that the product is recognized and accepted by physicians, KOL, and patients alike. Pharma companies invest considerable time and money into drug development and clinical trials. In case a new product launch plan does not give the desired results, the burden becomes too heavy on pharmaceutical companies. While the level of clinical differentiation plays an important role in guaranteeing a drug’s success, there are many examples of successful drugs that were not considered a major clinical breakthrough during the product launch. Here are some tried and tested strategies for companies in the pharma industry to improve a new product launch.

A new product launch strategy in the pharma industry today requires greater coordination across the entire organization, including market access, patient services, medical affairs, regulatory, marketing, and sales. Request a free proposal to know how our solutions can help you ensure a successful and smooth new product launch.

New Product Launch Strategies for Pharma Companies

new product launchGo beyond clinical trial results

Today, new product launches in the pharma industry face unprecedented intensity in terms of competition. The average window of time in which a drug remains in the market before competitor products arrive has dropped down from approximately eight years to less than five years. This onslaught of new drugs makes it highly challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug in front of physicians, health insurers, and regulators. Companies can ensure success in the case of a new product launch only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.

Focus on timing

Timing is critical to the success of any new product launch. Pharma companies need to plan and be prepared months ahead of the actual new product launch date. As the launch date gets closer, companies can initiate discussions on social media platforms and forums on the disease that is being targeted. Even after the new product launch, provide actionable content using those exact same channels. Provide scientifically accurate information on how your new product aids in combating the targeted disease and enhancing patient outcomes.

Pharma companies that repeatedly outperform expectations for a new product launch develops new sources of differentiation, focus on building superior customer experiences, and treat drug launches as a micro-battle. Get in touch with our experts to know how our solutions can help you get there.

Build customer advocacy

Physicians generally tend to consider a much wider set of clinical data before prescribing a drug. This includes clinical protocols, drug pricing, and the type of patient to whom the drug should be prescribed, and the treatment regimen involved. According to pharma industry experts at Infiniti, brand preference of most physicians are attributed to customer experience factors beyond the product.This includes factors such as how well pharma companies support physicians by providing answers to medical questions, identifying patients, and connecting physicians with peers.

Learn more about Infiniti’s solutions for companies in the pharma industry

New product launch

Infiniti’s 5 Step Guide to a Successful New Product Launch

Whether you’re launching a new product or a service, it isn’t easy as it used to be. With a multitude of new products being introduced in the market each passing day, businesses today are under the pressure to effectively build buzz for their new product, reach their target audiences, and achieve their sales target. Also, with more than 70% of new product launches failing in the market, businesses are under the pressure to overcome the challenges coming their way and plot a clear path for success. In this context, savvy companies have realized that an efficient new product launch strategy is a pre-requisite for today’s businesses. In this article, our experts have unveiled 5 steps to a successful new product launch in market.

New Product Launch: Key Steps to Follow

5 STEPS TO A NEW PRODUCT LAUNCH

Are you struggling with launching a new product in the market? If yes, our experts can help you efficiently devise new product launch strategies and create the best new product launch campaigns. Request a FREE proposal!

#1: Identify gaps in the market

Before launching a new product in today’s competitive marketplace, businesses need to evaluate how well the product will stack up against the competition. Also, it becomes imperative for companies to conduct qualitative and quantitative market research and monitor the sales potential of similar products in the market to efficiently evaluate the market potential for their new product launch.

Small and medium enterprises can conduct customer surveys to collect and analyze market data. However, conducting customer surveys cannot completely help companies gather complete market insights and identify gaps in product offerings. This requires the support of the right intelligence partner.

#2: Price products competitively

Once the gaps in the market are identified, the next step to a successful new product launch involves efficiently pricing the new product. There are several factors to consider while setting the price for a new product. The factors include manufacturing cost, overhead expenses, raw material prices, and workforce investment. Also, product pricing strategies differ from one product to the other. Hence, businesses must choose the right product pricing strategy to achieve maximum profit margins. Here are some of the major product pricing strategies you can consider during a new product launch.

  • Penetration pricing strategy
  • Economy pricing
  • Price skimming
  • Promotional pricing
  • Value pricing

#3: Target the right audience

According to our market research experts, “Major brands run out of money as they waste time, resource, and effort on targeting the wrong audience.” Therefore, the third step to a successful new product launch is to identify the ideal customer group. Understanding lucrative customer segments can help businesses better position new product in the market and differentiate their product offerings to meet customers’ needs and demands.

So, are you wondering how to efficiently focus on lucrative customer segments and save millions of dollars in the marketing budget? Our customer segmentation analysis can help you tackle this challenge. CONTACT US today!

#4: Devise a product marketing plan

The next step is to devise effective new product launch campaigns to promote your product or service offerings. However, this step requires identifying channels and tactics to promote products, constantly measuring the marketing results, and making changes in marketing initiatives when required. Also, constantly reviewing competitors’ strategies and marketing plans can support businesses in devising efficient new product launch campaigns.

#5: Constantly review the result

The final step is to measure the results obtained and review the success rate after the new product launch. This step is very crucial for a new product launch process as businesses need to make changes in product marketing strategies and plans by constantly by monitoring competitors’ strategies and actions.

Looking to learn more about a new product launch strategy? Request for more info!

new product launch strategy

Infiniti’s New Product Launch Strategy Helped a Pharmaceutical Company to Successfully Launch their New Oncology Drug in a Highly Competitive Market

Business Challenge 

Pharmaceutical companies have long relied on successfully launching new drugs to drive growth. Recent studies show that about two-thirds of the new product launches don’t meet sales expectations. And at the same time, product launches are becoming extremely competitive. Given this changing landscape, pharmaceutical companies have been struggling to make the most of new product launches. Hence, the companies are looking to leverage new product launch strategy.

A multinational pharmaceutical company was about to launch two new high-profile oncology drugs. The client’s previous product launch failed since they were targeting the wrong market, chose the wrong timeframe, and incorrect pricing. This failure proved to be costly for the company. To overcome the odds, the client approached Infiniti Research to help launch their new drugs in the market. With Infiniti’s new product launch strategy, the client wanted to prevent catastrophes and plot a clear path for profits.

Request a FREE brochure to learn more about our new product launch strategy and uncover tips for successful product launches in the pharma industry.

Solutions Offered and Value Delivered 

Our experts adopted a comprehensive four-phase approach to help the client tackle various industry challenges. The phases involved determining market potential, securing approvals, developing product lifecycle stages, and product tracking.

The new product launch strategy helped the client understand the current competition in the market and anticipate future competitors. The new product launch strategy further helped the client to understand how well their new oncology drug will stack up against other players in the market. Also, with the aid of Infiniti’s new product launch strategy, the client was able to draw the best sales returns. Additionally, by examining the reasons behind the failure of their previous drug launch, the experts at Infiniti Research helped the client take advantage of credible metrics for product success.

Infiniti’s new product launch strategy helped the client launch their new oncology drugs successfully, ensuring its commercial success. The newly launched drugs significantly exceeded their revenue expectations. Also, with the aid of Infiniti’s new product launch strategy, the client was able to achieve a 20% increase in sales volume.

Learn how our new product launch strategy solutions can help you succeed. Request a FREE proposal.

How to Launch a New Product?

Launching a new product or service isn’t as easy as it used to be. The market is oversaturated with products, promises, and innovations. Hence, having a creative approach to creating attention around product launches is, therefore, a key component of successful marketing campaigns. With such a slim chance of success, a well-organized new product launch strategy could make the difference between success and failure in the market.

Businesses often make the mistake of presenting new products to consumers without adequate research or strategic planning. Today’s savvy consumers demand products that satisfy them on many levels including quality, price, status, and function. Hence, with a new product launch strategy, businesses can better make business decisions and market their products.

CONTACT US to learn more about our services and their importance for your business.

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