What is Time to Market (TTM)?
Time to market (TTM) refers to the period it takes from a product being conceived until its being available for sale. In the context of
business, TTM is a critical metric that can determine the success or failure of a product. It involves various stages including
product development, testing, and
launch.
Market research and understanding customer needs.
Efficiency of the
development team and their processes.
Complexity of the product and the technology used.
Availability of
resources and
budget.
Regulatory requirements in different markets.
Case Study: Successful TTM
Consider the example of
Apple and its launch of the iPhone. Apple’s efficient TTM allowed them to capture a significant portion of the smartphone market quickly. Their streamlined processes, effective
project management, and strong focus on
innovation helped them achieve a competitive edge.
Conclusion
Time to market is a crucial factor in the
business landscape. Companies that optimize their TTM can not only gain a competitive edge but also meet customer demands more effectively. By understanding the importance, calculation, influencing factors, risks, and methods for improvement, businesses can better strategize their product launches for success.