Written by Bill Finger, Executive Vice President & Managing Director, Kineticos
With the culmination of a product created through open innovation, optimized resources, and customer-centric production, the challenges of a traditional product launch are somewhat mitigated. By coordinating the entire new product development phase around customer needs, a finished product should be ready to fully address the needs of the market, and satisfy individual consumers. However, it’s crucial to have key performance indicators in place to measure launch successes, and identify opportunities for course correction.
While great groundwork and strategy will significantly improve any launch, being ready to address divergence from original projections is critical. Taking a metrics-driven approach to any customer-facing launch helps with:
- Identifying any performance gaps in the product
- Defining origin(s) of success(es)
- Determining improvement steps
- Implementing new initiatives as feedback indicates
For the life science industry in particular, it’s important to take a holistic view on performance metrics regarding individual products. Metrics should exist across multiple dimensions, including internal processes, financials, as well as the ongoing customer experience of the product itself. Choose the right metrics for each of these areas:
- Process Metrics (Internal Controls and Policies): Ensure protocols and quality control are followed. Leverage partners/stakeholders if possible/applicable.
- Project Metrics (Financials): Understand key risks along with how to mitigate those risks and know how a product is contributing to the overall bottom line. The goal here is to monitor the program’s bottom-line impact, maintain the program’s momentum and reestablish performance targets when necessary.
- Product Metrics (Customer Experience and Marketing): Include sales volume, customer satisfaction, service levels, quality measures, complaints, and margin and contribution analysis.
Many companies include KPIs in their dashboard. But are the metrics actionable and measuring things that are important to the organization? Even if they are not, when companies use metrics to measure performance, they are far more likely to have successful launches than those who do not measure KPIs. Simply put, having holistic, easily quantifiable metrics is not an option for a successful launch of a new product: it’s a requirement.
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Bill Finger, Executive Vice President & Managing Director of Kineticos’ Diagnostics Practice, brings 20 years of diagnostics and laboratory experience to the team. His team is focused on helping diagnostic companies maximize their commercial potential at the corporate and product levels while ensuring companies operate in an efficient manner.