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Time to Market Explained

        posted by , June 02, 2013

What Is It?

Time to market is the time it takes you to get new products into the hands of your customers. In other words, your concept-to-launch time.

So What?

A fast time to market can be a significant source of competitive advantage. Potential advantages include:

  1. First to market - grab an early market lead position.

  2. Innovation - new ideas don't stay new for long. Time to market is a requirement for innovation.

  3. Price skimming - when you are first to market with an innovative product you have the option of price skimming.

  4. Reputation - establish a reputation as a market leader.

  5. Reduced risk - betting the company on a product that takes 3 years to develop is higher risk than releasing a new product every 2 weeks.

Time To Market Strategies

The following strategies are known to improve time to market.

  1. Fail fast - fail fast, cheap and safe rather than big, expensive and dangerous.

  2. Rapid prototyping - get prototypes in front of customers as fast as possible. Use cardboard if you have to.

  3. Launch small - forget about big bang launches. Get improvements out the door on a regular basis.

  4. Big cheap pipeline - innovate by sponsoring a large number of mini projects.

  5. Flexible product development - focus on your processes first. When your research & development processes are agile your products will fly out.

  6. Innovation culture - reduce the barriers to change in your culture.

  7. Follow the sun - develop continuous research & development capabilities that span the globe.

  8. Forget perfection - 80% of value comes with the first 20% of effort.

  9. Pilots - launch a pilot as early as possible.

Next: 20+ Innovation Techniques ยป

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