Time-to-market

Time-to-market

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

Insight

Sooner is better

The sooner your product goes to market, the sooner it generates revenue and the sooner you can reach return on investment (ROI). Also, the sooner your product is bought and used, the sooner it generates valuable input for the next generation development of your product. And even more importantly, the more likely it is that the market need still exists and that you are the first to launch this innovation. 

How to reduce time to market? First of all, we encourage our clients to be efficient in their decision making process. Make sure the relevant stakeholders are involved when you need them. Preventing unnecessary loops in the process.

"Run, but don´t rush. The product must be good, well-tested and flawless. 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 in a product. Test early, to save a lot of troubleshooting time later.

Pedal to the metal

Obviously, increasing the project team size and working in parallel helps. More people working simultaneously create results faster. To a certain extent at the cost of efficiency.

The challenge is to manage the project with its concurrently executed activities. Both on our clients side, as on our side. In managing our projects we use lean and agile methods to do that successfully. So that we can have a comprehensive team working efficiently and intensely helping to reduce time to market.

 

 

Three reasons for TTM

  • Pure speed, that is, bring the product to market as quickly as possible. This is valuable in fast-moving industries, but it is not always the best objective.
  • More predictable schedules. Rather than reaching the market as soon as possible, delivering on schedule, for example to have the new product available for a trade show, can be more valuable
  • Flexibility to make changes. Product innovation is intimately tied to change, and often the need for change appears midstream in 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