Time-to-market

Time-to-market

It’s the time between product creation and market introduction. But it’s also the time of substantial investment in an unknown future. This is a time in which your target market keeps changing and where the competition is attacking your market share. Are you getting nervous yet?

Insight

The sooner the better

The sooner your product goes to market, the sooner it generates revenue so you can get a return on investment (ROI). Also, the sooner your product is bought and used, the sooner it generates valuable input and feedback. This allows for earlier development of your product’s next generation. More importantly, the more likely it is that the market needs still exist and that you can be the first to launch an improved version.. 

How to reduce time-to-market? First of all, we encourage our clients to be efficient in their decision making process. To prevent getting stuck in unnecessary and unproductive process loops, make sure all relevant stakeholders are involved when you need them.

"Run, but don´t rush. The product must be well-tested and as flawless as you can get it. There is one thing worse than hitting the market late: hitting the market with a failing product."Michel van Schie

Moreover, run a smart development process. Attack the key design challenges first. Don't fear bold decisions, like entirely skipping less vital features of the product. Test early, this will later save you a lot of time troubleshooting.

Pedal to the metal

Obviously, increasing the size of the project team and working in parallel helps. More people, simultaneously working towards completion does create a faster result. However, to some extent this might decrease efficiency.

Managing a project where activities need to be executed concurrently can pose a real challenge: on both our, as well as our client’s side. To make sure we successfully manage our projects, we’ve adopted lean and agile methods. This ensures our comprehensive team can work as efficiently as possible and time-to-market is significantly reduced.

 

Three reasons for TTM

  • Pure speed: bring the product to market as quickly as possible. This is valuable in fast-moving industries, but it is not necessarily the best objective in every market.
  • More predictable schedules: Rather than reaching the market as soon as possible, delivering on schedule can be more valuable, for example to have the new product available for a trade show,
  • The flexibility to make changes: Product innovation is intimately tied to change, and often the need for change appears midstream of a project. Consequently, the ability to make changes during development without being too disruptive can be valuable. For example, one’s goal could be to satisfy customers, which could be achieved by adjusting product requirements during development, in response to customer feedback.

Source: Wikipedia