Top Strategies to Improve Time to Market

Can you imagine how many new cell phones from the most popular brands are sold yearly? Most are only new features or services added to the same product. Even though they keep selling, and companies keep growing their profits tremendously.

How is this possible?

Well, Time to Market is strategic to help companies know when they should invest more time and launch their new product. Here, we’ll show you all about it!

 

What is Time to Market?

When we are talking about Time to Market (TTM), we are referring to the time it takes to get a product into the market and make it available for purchase.

This means it is a way of measuring all production time to improve business and negotiations. Usually, counting occurs between the start of the team’s work and when the first product is sold. The concept includes the entire process, from brainstorming meetings to idea manufacturing, marketing, merchandising, distributing to sales, and getting it to the customer.

Time to market is most used for new products and services or new features of existing products set to release. This is how customers can experience so many new features and products in such a short period of time. The company maintains its growing profit by measuring each step of its manufacturing process, and the data provided by these studies helps them keep a fresh release schedule.

Plus, the term can also refer to the time for a new marketing campaign to get to market or for a new process to come into operation. The options for using TTM also depend on the type of business and the expectations you place on it.

 

Time To Market Types

There are different types of Time to Market, which vary depending on the specific element of the cycle time to be improved.

Here are three basic types of TTM:

Speed

When you put time and business in the same sentence, you should know that speed will be part of this equation.

The whole TTM thing is focused on getting to the market first, above everything else, and to do that, your team need to be fast! Speed can be particularly important in the IT consulting service, where obsolescence is always a shadow to run off.

In most IT industries, getting there first is a way of gaining a competitive advantage in a landscape full of competitors.

 

Predictability

Being predictable is another precious type of TTM.

Certain kinds of businesses rely on seasons, such as customer services.

The season for Christmas, Easter and Valentine’s Day can be a big deal for these businesses.

In these cases, early delivery is the perfect option. Of course, predictability also means that market research was done.

 

Agility

Lots of organisations focus on the ability to change or improve a product’s features more quickly.

Ensure agile development is the goal you pursue to do this without a negative impact on the product release date.

 

How do you measure Time to Market?

 

To start trying this concept, remember what you are measuring and why. The most common ways are measuring the length of time on the calendar, like in months or years, adding the person-hours involved, the cost, or any combination.

Normally, the product development TTM is simply the period – weeks or months – from the beginning of the team’s work to the first customer sale.

 Each industry has its manufacturing specifications, so TTM could be done differently. Some firms have a measurement formula that sets the clock to start once the idea is approved. Others start the measurement only when the project has resources assigned to it. Sometimes there may be a lot of time between product go-ahead and project staffing.

Two good advice for Time to Market measurements is:

The clock only starts counting when the team is available, with an initial definition.

The clock ceases when the product’s first version is sold and shipped.

 

How to improve time to market?

 

The ability to reduce Time to Market is up to each team member. Get your team involved with your ideas.

But remember that the importance of TTM cannot be overstated in the quest for a successful business. Knowing how to reduce Time to Market can be quite tactical, but fear not; achievement is not impossible.

 

That’s why we’d like to share the 6 strategies to improve Time to Market:

 

Control Product Development Processes

Being a pioneer guarantees advantages in the future of your business, and Time to Market is the perfect strategy to help you with that.

Controlling the digital product development process speeds up the delivery of your products to customers and reduces the risks and costs that the option for damage control can bring.

The pioneering advantages can only be appreciated when customers receive their products on time, without waiting.

 

Set Revenue Goals

When it comes to TTM, it’s not only about saving time but precisely saving costs.

Productivity and financial responsibility work hand in hand, so having a limited budget minimises overspending and waste. Setting revenue goals helps keep track of finances and reduces losses.

 

Outsourcing

When we hear about outsourcing probably, we associate it with risk. Well, outsourcing is a business risk, but what isn’t in this sector?

Outsourcing your project to trusted and tested experts can shorten your time to market.

Never rule out outsourcing as an option for your business; always take advantage when necessary. It helps build a reliable and accurately structured system while whisking the time-to-market process. By relying on experienced IT professionals, you are ensuring a smooth project life cycle in designing and developing while improving product innovation and user experience.

 

Develop an Efficient Tracking System

Tracking each development stage is an efficient means of monitoring quality and development productivity. Remember to involve your team members in the development process, especially project managers and software developers.

Applying an efficient tracking system makes data access easier for you and your employees, and this procedure increases productivity and encourages team integration.

Also, facilitating access to data leads to a well-structured and transparent business system, making it possible to identify potential risks and eliminate them in advance.

 

Make Shorter Approval Processes

A shorter approval process gives you enough time to make crucial decisions and make necessary corrections well in advance of the release date; to avoid the need for damage control.

The approval process is often quite a difficult task, depending on the number of stakeholders on your team. Evaluating collaborators on your team can be time-consuming, but a short approval process reduces the total time to market.

 

Adapt as You Go

Flexibility is the new word for success. Every successful company expresses its values ​​through flexibility as the key to a long and prosperous business. You should be open to sudden changes in demand and social and economic factors.

Keeping your workflow flexible is also essential to helping your team stay as flexible as they need to be. And remember that a harmonious team will always make your business stand out.

 

Key Takeaways

 How to improve Time to Market

Knowing how to reduce Time to Market can be quite tactical, and that skill is up to each team member, so get them involved with your ideas.

 

Organise Product Development Processes

Controlling the digital product development process speeds up the delivery of your products to customers and reduces the risks and costs.

 

Nearshore and Offshore business options

Outsourcing your project to trusted and tested experts can shorten your time to market.

 

Create an Efficient Tracking System

Tracking each development stage is an efficient means of monitoring quality and development productivity.

 

Make Your Approval Processes Shorter

Evaluating collaborators on your team can be time-consuming, but a short approval process reduces the total time to market.

 

Adjust as you go

Keeping your workflow flexible is essential to helping your business grow and keeping your team productive.