How to Ensure Differentiation From Your Competition Through Product Optimization
The new product development (NPD) process can no longer be carried on the tailwinds of expert intuition, which fails to consider key information such as:
- A full view of competitive dynamics
- Ways to enhance preference
- Evidence to support which audiences to engage
However, NPD investments are being made without sufficient evidence.
Product Optimization is KJT’s solution to ensure your product development processes differentiate you from the competition.
But what is it exactly?
Quantitative research which informs strategic decision-making:
- Optimizes preference and/or revenue for a well-defined healthcare product or service
- Stakeholders’ complete choice-based conjoint exercise to simulate real-world purchase & prescribing decisions
The research includes a qualitative parameter definition phase before the quantitative phase when more data is needed to: finalize product specifications, narrow focus of the quantitative design, and/or account for differing needs of multiple stakeholder groups.
Why is Choice-based Conjoint the best methodology?
It is the most efficient way to simultaneously assess multiple product factors, especially when you need to vary the information about those factors. The output includes a powerful, Excel-based simulation tool that you and your internal stakeholders can easily use to confidently make decisions.
How can you learn more about how KJT can help you?
Product Optimization is an incredibly effective solution to ensure a return on your product development investments and dynamically assess your product in the context of the competition to illuminate what will drive value. KJT has the experience and subject matter expertise to understand the complexities of your healthcare product and create a research design that results in an easy to use and actionable model of how your key stakeholders make decisions.
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