Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
Time To Market (TTM) effectively tracks how quickly an idea goes from conception to release, aiding revenue growth and providing value more rapidly.
Timing is of utmost importance; finding an apt launch date after spending so much effort conceptualizing, designing, and developing your products may mean losing customers before its debut; it could mean introducing your Outsourced Software Product Engineering product too soon and another company beating you into the Market before yours.
survey indicates that only 11% of companies can meet 100% of their launch goals. Tracking everything involved with bringing new products into the marketplace can be complicated; further complicating matters are reports revealing 45% of product launches were delayed at least one calendar month - further compounding any difficulty associated with pinpointing an exact date or time for product launchings.
Understanding your products' typical time-to-market allows for more accurate launch dates and product timelines.
It will enable your team to move more swiftly through product development while creating value faster.
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What Is Time To Market?
Time To Market (TTM) is an estimate that measures how long it takes for your team to bring an idea or concept from its inception to public access.
By visualizing how long each task in product development requires and helping imagine any necessary delays for completion. TTM helps create better business plans when so much effort goes into each step - not simply as a timing device - it assigns value to developers' time spent creating revenue-generating products quickly enough.
Reduced Time to Market is Powerful
Understanding time-to-market can simplify development for your team, reducing release cycles of products to the public and creating stronger customer relationships.
By improving TTM, you can provide more excellent value to customers while increasing revenue faster. Your organization spends valuable resources and time upfront developing products - this investment must be offset by faster product releases in the Market.
Reducing TTM also allows you to release more frequently, creating an unchanging and predictable revenue model while reminding customers about your products' true worth.
Understanding these benefits of product development will enable your team to refine its strategy for product creation. Knowing these facts allows your team to consider all options when scaling processes and workflows; plus, it maximizes resource costs to optimize investment returns.
By improving time-to-market, you can streamline and simplify workflows and processes for increased effectiveness and efficiency - helping developers experience less frustration while creating an atmosphere that fosters collaboration and engagement among your workforce.
Takeaways
- Reduced time-to-market allows businesses to more quickly test the Market and validate their concept, giving them an advantage in competition.
- An organized plan, automated routine processes, and using BaaS are effective strategies to speed up your journey to the Market.
- Minimum Value Products (MVPs) provide businesses with an effective strategy to quickly introduce essential features of their product and solicit user feedback for iterative improvements.
An expeditious time-to-market is critical if you plan on releasing a product onto the Market. The timeline for product idea creation to reach the target audience should be fast enough to leave competitors far behind in sales figures.
Acceleration may allow for an edge against them.
Nine tips will be offered on how to reduce time-to-market and win this race. conducted this research with its longstanding expertise in expediting workflows to create superior products.
Since 1998, our experts have created and optimized tailored software across industries and business sizes ranging from Fortune 500 clients to startups that became unicorns. Today, we would like to share with you our experiences along with those of three fast-growing platforms: an event app-based social network app, a shipping platform, and one that serves both.
Why Should You Care About Speed To Market?
Accenture reports that companies that leverage technology effectively are better able to decrease market entry times faster.
Technology leverage has increased from by 30-81%; as a result, industrial enterprises' timeline has been reduced from 56 weeks to 42 weeks (they aim for 29 weeks within five years). How does this put things into context?
Timing to Market must be considered: A quicker product development cycle gives your organization an edge against rivals and allows better control of manufacturing speed.
Controlling all development stages efficiently will strengthen marketing strategy; consequently, ensuring an expeditious time to Market is crucial for success.
Your team will also become better informed regarding what needs to be accomplished and when. This allows for improved performance, reduced redundancies, and focused efforts on meeting their most vital goals.
Fast and organized workflows will increase earnings margins while decreasing risks related to late releases.
Read More: Brief Explanation of Software Development Life Cycle
Different Types Of Product Development Time To Market
Let's discuss ways to accelerate development in the early stages following the identification of speed-to-market requirements.
Full-Speed Development:
Delivering digital apps or products should take little time; full-speed TTM development focuses on completing product stages as quickly as possible - startups may benefit by building an MVP prototype of their product to get user feedback and make necessary modifications rapidly.
The Agility Boost:
This method allows companies to become more agile in the development process without postponing release dates by connecting closely with their audience and making necessary modifications quickly after receiving feedback, unlike MVP, which only applies in specific sectors.
Schedules for Certain Events:
Products that need to be released soon have release dates scheduled out. Marketing campaigns planned around these specific times would benefit significantly from this plan as it helps avoid stress-inducing, last-minute decisions that might otherwise cause missteps; alternatively, you could create and strictly adhere to your schedule instead.
Resources-Centered Approaches:
Hire individual specialists with high levels of expertise. Each must complete their part before continuing to the next.
However, hiring an entire group will guarantee the completion of every step within the workflow regardless of any unforeseen obstacles; additionally, this team-oriented approach enables it to make joint decisions while concurrently finishing various tasks.
How Do You Improve The Speed Of Your Market?
How can you decrease the time your product or service takes to Market? You can employ nine simple strategies to increase Time-to-Market speed, making the delivery of your product to SaaS Product Engineering users less stressful and more focused on results.
Plan Your First Strategy:
For your business to move more swiftly, if necessary. Review your original concept, speak with team experts, and analyze it further before deciding.
Create your initial calendar and milestones and estimate TTM duration using statistics or product details.
Delays typically result from overly complex technical processes taking longer than anticipated or being delayed in development and launch as planned.
At this stage, what matters is fast results rather than ideal products; bugs or missing features usually become apparent after testing and launch.
Be Engaged. A common misstep when deviating from plans is expecting team members to complete them independently.
Do not leave production stages unchecked; keep each stage under your direct control, as this allows quick responses in times of emergency and alertness.
Establish Revenue Goals:
It stands to reason that an earlier product release will increase revenue; the key lies in realizing this sooner while keeping your costs manageable and timeline in check.
Establish clear budget limits to balance timeline constraints and spending restrictions.
Implementing and adhering to clear revenue targets through all phases of TTM can significantly speed up time to Market, allowing you to focus on core development while learning about its most vital aspects.
Be smart when investing money to avoid prematurely adding features or polishing the product too early on.
Consider prototyping or rapid iterations as a method for reaching your goals. Create an initial prototype for feedback and testing before quickly iterating improvements as soon as needed.
This approach allows rapid identification and resolution of issues at reduced costs so you can take advantage of market opportunities more rapidly while decreasing the chances that your goods won't be accepted and you lose money.
Organize Your Workflow:
For successful project management, utilize relevant services. These tools allow your team to perform better by quickly simplifying time tracking and communication while supporting interactive boards to keep everyone on the plan.
Agile development methods such as Scrum and Kanban provide one of the best development processes available today, offering continuous collaboration through feedback loops to create products tailored specifically for target audiences with maximum progress to market faster than other development methodologies.
Automate and Integrate:
Automation can speed time-to-market while technology provides relief where human error could otherwise cause issues.
Relieving employees of their burden of working on projects while solving problems quickly is possible through automation; repetitive or routine tasks may even be automated to help manage product cycles more easily.
Integrating data is another effective strategy to accelerate time to Market. Even small projects in their early development phases often contain vast quantities of ever-expanding information; creating a central hub where team members can store and integrate this data will save time and headaches.
BaaS Solutions: Give Them A Try
Implementing BaaS services can accelerate time-to-market for digital products and enable your team to focus on creativity instead of production.
Cloud-based Backend as a Service allows teams to focus on producing the highest-quality creative work while leaving development costs out of consideration.
Partnership with BaaS can be precious to businesses that frequently release new products and require an efficient tech stack to reduce time to Market (TTM).
Your staff may need more capabilities for marketing and sales campaigns for existing products - BaaS provides efficient and profitable alternatives.
Consider Outsourcing IT:
Outsourcing IT can save time and money. By taking advantage of time differences between your office and an agency offshore, the workflow may improve without communication issues arising between either side.
With an effective project coordination strategy, outsourcing any aspect of engineering or any part thereof - from front-end frameworks through backend frameworks and serverless solutions - can create a robust application architecture using expert skills for maximum scalability.
Make Sure Your Product Is Viable with MVP:
A Minimum Viable Product (MVP) can speed up product release into the Market while exploring your audience's needs and wants.
An MVP version is your software's initial build with minimal features shown to target audiences for feedback before its official release date.
Launch your MVP as quickly as possible so you can use it to test improvements or even completely revamp the product if necessary.
A low-code solution may speed up this process significantly.
Accessing Data Is Improved:
Ensuring data can be accessed quickly is essential to real-time analytics and data-driven decisions. Create a central data repository containing user feedback, insights into team performance, market research data, and industry reports in an easily understandable format that keeps everyone apprised of progress.
Assure information is regularly updated to represent reality accurately. Motivate and instruct team members in using this data when making decisions.
Consider roles and access so users only receive what information is relevant for their position or task.
Transparency not only fosters an atmosphere of comfort but can also speed up product development as all participants work efficiently together.
Participants will make more informed decisions, seeing first-hand how their actions impact a project.
Follow Your Results:
A speed-to-market strategy must include tracking results. Stakeholders can evaluate an individual development phase's progress against established Key Product Performance Indicators (KPIs).
By tracking KPIs, stakeholders can assess any bottlenecks to reduce failure risk or test hypotheses about the characteristics or functions of products that need further exploration.
Product development offers numerous KPIs, and on-time delivery is one of them. Other measures include resource use efficiency, team speed, and on-time completion rates.
You can use low scores as an opportunity to rethink and adjust workflow for your team; don't shy away from including employees familiar with processes in product development processes, as employees who already understand these can contribute a great deal of knowledge to this discussion.
Experience
Do you want to reduce SaaS costs while speeding up development timeframes? provides backend-as-a-service (BaaS), consulting on implementation while you focus on other tasks.
Our tailor-made solutions feature robust architectures that enable you to store data securely in the cloud, manage scalable databases, authenticate users, and integrate APIs. Furthermore, SAP Product Engineering geolocation and push notifications can also be configured.
Here are just a few projects we have completed so far.
Shipping Service Solution:
A shipping company approached us seeking mobile app development for truckers and brokers. Their main priority was tracking driver hours to pay them appropriately; in case any unforeseeable circumstances arose, we provided payment guarantees as well.
Optimizing our platform in just three months made it more sophisticated, scalable, and user-friendly than before, then presented it for iOS and Android platforms as our MVP application, allowing real-time geolocation tracking with real-time session speed increases of 28% while security was raised by 90% - providing real-world solutions.
App for Location-based Social Network:
A successful experiment at creating a location-based social network was developing an MVP prototype using Google Firebase; we could then focus on its business logic while keeping development time within three months of receiving this request.
Accounting Software Solution:
has designed an accounting automation SaaS solution that enables multiple tenants to utilize it simultaneously and connects various payment methods.
Customers can also personalize invoices and reports and conduct transactions using this solution. MVP development takes only five months before quickly reaching 30% conversion from the demo version into the paid version of the project success.
Six Strategies to Reduce Time To Market
Understanding your product development and lifecycle impacts team performance significantly. With six different strategies, you can shorten the time spent getting products out the door.
Streamline Your Development Process:
To improve TTM, it's critical to have an in-depth knowledge of all the moving pieces within product development processes and any necessary resources needed for completion.
With such knowledge at your fingertips, creating a system will become much simpler for your team.
Gather key stakeholders of your company together to identify areas for improvement, specifically places where frictional points or delays occur frequently during development cycles.
Consider that user testing is dragging down your process the most; this could take longer for various reasons, such as finding customers for interviews, gathering feedback, scheduling consultations, or collecting reviews from previous ones. Your first step should be identifying potential areas of contention so timelines and workflows can be adjusted as necessary if any arise.
All team members need to know their responsibilities at each step for effective teamwork - internal confusion could cause as much delay as when communicating directly with customers.
Set Achievable Goals & KPIs:
At your team's disposal are realistic goals that reflect real-world results that will allow for faster product launch time.
By setting goals that reflect accurate results, you will better see how changes affect processes and give them the path to future success.
Setting goals that help achieve tangible results requires creating goals with KPIs for each of your team members and developing a SMART goal-setting framework.
Your SMART goals must be specific, measurable, relevant, and timely plans to succeed.
Set yourself an achievable goal such as: In Quarter 3, decrease user testing time by five percent by creating target personas and reaching out to them three weeks before the active development phase ends.
Goal #3 will reduce the time needed for user testing your product or service and speed up time-to-market. After every new release, evaluate these KPIs and goals to push your team to even higher targets.
Create Specific Product Roadmaps:
Each new product requires specific resources, costs, and timelines regarding resource needs, prices, and timelines.
Therefore, it's vital that development roadmaps be created to reduce time to Market (TTM), improve planning capabilities, cut expenses, and prioritize tasks among all team members for maximum team visibility and efficiency.
Project management tools such as Jira or Trello allow teams to develop different projects quickly. You can keep an archive of previous roadmaps created, making identifying potential issues much more straightforward for all members involved in the team.
By creating a roadmap, you can also keep an eye on the progress and duration of every project. With this data, it becomes easy to spot similarities across processes as each release takes place and enhance your roadmaps accordingly.
It is also crucial that time-to-market projections be regularly evaluated; only then will your team understand your working style effectively enough to assess accurately projected timelines.
Create Well-Defined Workflows:
Your team must complete several interdependent tasks to create a successful new product, so creating well-outlined workflows helps all team members move the project along more easily by outlining exactly what needs to be done at critical moments during development.
Documenting workflows is critical to their creation and will encourage all to comprehend processes through personal experience.
Tasks, deadlines, resources, and bottlenecks must all be established so all involved parties may see them and make adjustments based on intimate knowledge.
Agile product development offers one way to reduce this data. Agile helps your team, and you better conceptualize what the work entails, with smaller units known as sprints making planning out work simpler for everyone involved.
Create a work backlog to gain insight into any remaining tasks before the product is released onto the Market.
Reduced TTM can be achieved more efficiently when accurately estimating the work and resources required to complete a project.
Agile teams adapt faster as they evaluate their progress at both ends of every sprint; it provides one of the quickest means of solving potential issues before they escalate further.
Knowing When To Build Vs. Buy:
Sometimes, bringing a product or service to the Market can be completed independently; other times, you might require third-party resources and tools for speed.
Knowing when it is better to build or buy can ensure you make informed decisions every time.
Rebuilding from scratch takes longer than purchasing pre-made solutions; for instance, SDKs or APIs make sense, depending on your team and desired goals.
Buying helps get products on the Market sooner, capturing revenue sooner while decreasing third-party integration costs.
Automation as Much As You Can:
Automating repetitive tasks and workflows enables teams to concentrate more on time-intensive and complex activities - especially helpful when resources are scarce and team size is small.
Reaching out directly to all team members to identify which tasks would most benefit from being automated can help pinpoint areas for improvement or bottlenecks in daily workflows while accurately representing the time required to perform specific tasks.
Say technical documentation needs improvement. Documentation plays a vital role in expanding team knowledge. Yet, its organization and updates may take too much of your team's productivity away.
Jupyter Notebook automates critical documentation tasks, giving your team more time for strategic projects.
Third parties like Zapier can help connect services that would otherwise remain disconnected, automating email updates to clients instead of manually sending updates via email - saving valuable time in your project and speeding up time-to-market.
Reduced Time To Market Improves Customer Satisfaction
Reducing the time required to introduce new products will add more excellent value for customers when done rapidly, creating more engaged relationships, making customers happy, and keeping them loyal for longer.
A consistent release schedule keeps your business at the forefront of customers' minds.
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Last Words
Time-to-market is of critical importance in product development. This phase provides the space to explore ideas, create the strategy, optimize workflow, and establish project management - without which, you could quickly fall behind competitors by spending too much time waiting and misdistributing resources.
You must shorten the time it takes you to market if you wish to meet deadlines, whether Product Engineering Service outsourcing services, Agile methods, BaaS models, or automating workflows.
Setting revenue targets, keeping data available, tracking intermediate results, and building an MVP can speed things along as they allow users to test your product while gathering feedback from them can make or break projects on schedule.
