What is the time to market

The time to market is the time it takes for a product to go from design to commercialization.

In practice, it indicates how new products are introduced into the market.

Therefore, it is the process of: ideation, design, and production of a new product.

The goal of this process is to expedite the launch of products on the market before competitors.

Attention!

An excessive reduction in time to market can shorten the product life cycle and compromise its quality.

How to Reduce Time to Market

Reducing time to market means accelerating the process of launching a product into the market.

To reduce time to market, it is important to follow key points:

• Use collaborative management: It is important to have internal communication, to encourage collaboration and proper team functioning. With collaborative management, you ensure that information is spread more widely and effectively;
• Optimize resources: it is necessary to reduce costs, also limiting waiting times between product release phases;
• Automate and distribute tasks: it is possible to make sure that all tasks are understood and assigned clearly, thus saving a lot of time;
• Adapt quickly: the company must be flexible in order to react to changes in the economy, gathering information to take advantage of them;
• Customer loyalty: if the time-to-market is reduced, it is likely that the product will rank first compared to competitors;
• Finding platforms where customers are present: it is important to find the right sales outlets for your product and your customers.

Some information management tools can help in market research and comparison with competitors.

Advantages of time to market

We can also define time to market as a management of preparing the launch of a product.

It can bring several advantages to the company, which include:

• An increase in productivity;
• An improvement in quality by reducing errors and saving time;
• Better data reliability;
• Greater responsiveness in the market.

Moreover, the more the company is able to translate customer needs into products, the greater its competitive advantage over the competition will be.