Time to Market
Time to market (TTM) is a period it takes from a product being conceived until its availability for sale. It encompasses the entire development process. It includes ideation, design, development, testing, and launch. TTM is a critical metric that affects a company's ability to capitalize on market opportunities, respond to competition, and meet customer demands.
What are the important parts of Time to Market?
-
Conceptualization
The basic stage where the product idea is developed and brainstormed.
-
Design and Prototype Development:
Product designs and product prototypes are built in this stage.
-
Product Development
The actual product building happens at this point.
-
Product Testing
The product is rigorously tested to ensure that the product meets the quality standards and performs as per the expectations. A lot of various checks are performed here.
-
Manufacturing
Setting up production lines to manufacture the product and prepare it to launch.
-
Marketing and Pre-launch activities
Strategizing marketing activities while creating promotional materials and targeting the right social media channels.
-
Launch and Distribution
The last stage after which the product is released to the market from where the customers can directly purchase it.
What is the importance of TTM?
-
Competitive advantage
-
Early investors and venture capitalists get substantial investment returns.
-
Generation of revenue
-
Customer satisfaction
-
Adaptability