Marketing91

  • Home
  • Discounts and Coupons
    • Marketing Tools Discounts
    • Financial Tools Discounts
  • Brands Analysis
    • Competitors
    • Top Brands Lists
    • SWOT of Brands
    • Brand Ownership
Home » Marketing » What is Time to Market? Definition, Importance, & Best Ways to Reduce TTM?

What is Time to Market? Definition, Importance, & Best Ways to Reduce TTM?

July 10, 2023 | By Hitesh Bhasin | Filed Under: Marketing

Definition: Time to Market (TTM) is the total length of time required to develop a product from its conception to its actual availability in the market. It is a critical measure of success for New Product Development (NPD) and New Product Innovation (NPI) initiatives, as achieving faster TTM can give a company a competitive advantage and position them as a first mover in the market.

Table of Contents

  • What is Time to Market (TTM)?
  • Why is TTM Important?
  • Types of TTM
  • How to Measure Your Time to Market?
  • Why Reduce TTM?
  • How to Reduce Time to Market?
    • Using technology
    • Using a minimum viable product (MVP)
    • Measuring and evaluating your results
    • Refining processes
    • Use automation where possible
    • Use agile working
    • Be flexible
    • Using proactive risk management
    • Outsourcing
    • Using lean methods
    • Streamline the development process
    • Use modular design
    • Improve communication and collaboration
  • How TTMs Across Companies or Industries Vary?
  • Tools and Technologies
  • What are the Advantages of Reducing TTM?
    • Conclusion!
    • FAQs:

What is Time to Market (TTM)?

The time to market refers to the total length of time it takes for a product, marketing campaign, or operation to move from the initial concept to the finished product. A few common examples of time to market are Coca-Cola launching a new beverage or an automobile manufacturer rolling out its latest car model.

Time to market has become increasingly important in today’s fast-paced world. Companies that can launch their products faster than competitors have a distinct advantage, as they can capture more market share and bring in more revenue.

It is the amount of time that passes from when a company conceives a new product idea until that product is available for purchase by consumers. This timeline involves both the company’s product development process and also the market process. The initial idea must be designed, prototyped, tested, produced, and distributed to the market before consumers can purchase it.

To shorten the time to market, companies must be agile and efficient in their product development process. This can involve streamlining communication between departments, investing in technology to automate processes, and incorporating customer feedback into the product development cycle. Additionally, a company must be able to quickly and accurately predict customer demand and have efficient operations in place to meet that demand.

Why is TTM Important?

A shorter time to market can give a company several advantages. For one, it allows the company to be the first mover in its industry, which can often lead to a first-mover advantage. In addition, it allows the company to take advantage of any windows of opportunity that may exist in the market.

A shorter time to market can also give a company a competitive advantage over its rivals. This is because a company that can bring its product to market faster can respond more quickly to changes in customer demand and trends in the marketplace.

Also Read  Understanding the Product Hierarchy and Examples

Let’s now have a look at some of the reasons why is time to market important for businesses:

  • Revenue increase: The faster you launch your product, the sooner you can start generating revenues from it.
  • Competitive advantage: As we mentioned earlier, a shorter time to market can give you a competitive advantage over your rivals.
  • Improved customer satisfaction: A faster time to market can meet customer expectations levels as customers are often keen to get their hands on the latest products and services as soon as possible.
  • Cost savings: A shorter time to market can also lead to cost savings as a company can avoid the costs associated with maintaining an inventory of outdated products.
  • Enhanced brand image: Finally, a faster time to market can also help to enhance your brand image as it can show that your company is innovative and agile.

Types of TTM

Types of TTM

SpeedTime to market can be classified according to the speed with which a product is brought to market. A fast time to market means that a product is brought to market quickly, whereas a slow time to market means that a product takes longer to reach the market.
Flexibility to make changesTime to market can also be classified according to the flexibility that a company has to make changes to its product. A flexible time to market means that a company can make changes to its product without incurring significant delays, whereas an inflexible time to market means that a company would have to incur significant delays if it wanted to make changes to its product.
AgilityAgile time to market means that a company can rapidly respond to changes in the market and make changes to its product accordingly. A non-agile time to market means that a company takes longer to respond to changes in the market and is less able to make changes to its product.
PredictabilityPredictable time to market means that a company can accurately forecast the amount of time it will take to bring a product to market. An unpredictable time to market means that a company is less able to accurately forecast the amount of time it will take to bring a product to market.

How to Measure Your Time to Market?

Various methods can be used to measure time to market. The most common method is to use calendar days, weeks, months, or years.

Another method is to use the number of steps in the development process. This method is often used by companies that have a very long and complex development process.

Finally, time to market can also be measured in terms of the amount of time that elapses between the decision to develop a product and the actual launch of the product.

Also Read  What is Market Architecture? Concept, Importand and Needs

The choice of measurement method will depend on the specific circumstances of each company.

Why Reduce TTM?

Reducing time to market can have a positive impact on a company’s bottom line. It can help to reduce costs, improve product quality, enhance brand reputation, and potentially pull ahead of the competition. Additionally, reducing time to market can also help to ensure that products are launched in a timely manner.

Reducing TTM involves optimizing the entire product development. This means ensuring that all stages of the process, from product design and engineering to manufacturing and testing, are as efficient as possible. Additionally, it involves making sure that the development team is properly organized and well-coordinated.

By reducing their time to market, companies can ensure that they remain competitive in the current market and can better respond to changes in customer needs. Therefore, companies need to have a well-defined strategy for reducing time to market. This can involve streamlining processes and procedures, investing in new technologies, and building strong relationships with suppliers.

How to Reduce Time to Market?

Reduce Time to Market

There are several ways in which companies can accelerate their time to market.

Using technology

One way of improving time to market is to use technology such as computer-aided design (CAD) and computer-aided manufacturing (CAM) to speed up product development.

Using a minimum viable product (MVP)

Another way to speed up the process is to use a minimum viable product (MVP). An MVP is a version of a product that has the minimum number of features required to be able to test it with customers.

Measuring and evaluating your results

It is important to measure and evaluate the results of your efforts to accelerate TTM. This will help you to identify areas where you can make further improvements.

Refining processes

You should regularly review your processes and refine them where necessary in order to further improve your time to market.

Use automation where possible

Where possible, you should use automation to speed up processes and reduce the need for manual intervention.

Use agile working

Agile working is a method of working that places emphasis on flexibility and collaboration. It can be used to accelerate TTM by making it easier to make changes to products and processes.

Be flexible

You should be flexible in your approach to TTM and be willing to make changes where necessary.

Using proactive risk management

You should proactively manage risks associated with TTM to avoid delays.

Outsourcing

Outsourcing can be used to speed up the process by using external resources to complete tasks that would otherwise be done internally.

Using lean methods

Lean methods such as lean manufacturing and lean six sigma can be used to improve TTM by reducing waste and improving efficiency.

Also Read  What is Sales Commission? Types, Role and Advantages of Sales Commission

Streamline the development process

By streamlining the process of developing a product, you can reduce TTM effectively. This can be done by simplifying the product development cycle and reducing the number of steps involved.

Use modular design

You can also reduce TTM by using a modular design. Modular design allows different parts of a product to be developed independently and then assembled quickly.

Improve communication and collaboration

Another way to reduce TTM is to improve communication and collaboration. This can be done by using tools such as project management software or chat platforms.

How TTMs Across Companies or Industries Vary?

What are typical TTMs across companies

The typical TTM for a company will vary depending on the size and complexity of the products or services being developed, as well as the industry in which the company operates.

Some industries, such as the automotive industry, have long lead times due to the need to design and test prototypes before mass production can begin. In contrast, other industries, such as the software industry, have shorter lead times as products can be developed and released much more quickly.

As a result, there is no one-size-fits-all answer to the question of what is a typical TTM for a company. However, some general trends can be observed.

In general, larger companies tend to have longer TTMs than smaller companies. This is because they often have more complex products or services and a greater need to coordinate the efforts of multiple departments.

Let’s have a look at the TTM vs Industry table to get a better idea of the time it takes for companies in different industries to bring their products or services to market –

IndustryTTM Range in Years
Consumer Goods1 to 5
Semiconductor1 to 5
Automobile3 to 5
Industrials3 to 7
Healthcare and Pharma9 to 19
Aerospace and Defense3 to 22
Energy7 to 23

Hence, it can be said that the TTM varies greatly depending on the size and complexity of a product, as well as the industry in which it operates. To reduce TTM, companies should focus on streamlining the approval process, responding promptly to market changes, and ensuring product quality. This would help improve brand reputation while allowing the development team to pull ahead of the competition.

Here is a video by Marketing91 on Time to Market.

Tools and Technologies

  • Project management software: Project management software can help to automate the product development process and track the progress of each task.
  • aPaaS solutions: aPaaS solutions can help to streamline product development and reduce the time it takes to develop and release new features.
  • Risk management tools: Risk management tools can help to identify and assess risks during the development of a product.
  • Process flow software: Process flow software can help to visualize the development and identify potential bottlenecks.
Also Read  Brand Loyalty and its Importance

What are the Advantages of Reducing TTM?

The TTM Advantage

A shorter TTM can give a company several advantages, including

  • Increased market share: A shorter TTM can help a company to increase its market share. This is because a shorter TTM allows a company to get its product to market faster than its competitors.
  • Optimized customer satisfaction: A shorter TTM can also help to increase customer satisfaction. This is because a shorter TTM means that customers will receive the product sooner.
  • Enhanced revenue: A shorter TTM can also help to increase revenue. This is because a shorter TTM means that products will be sold sooner.
  • Reduced costs: A shorter TTM can also help to reduce costs. This is because a shorter TTM means that products will be developed and released faster, which can save on development and release costs.

Conclusion!

Time to market is an important metric for product or software development teams. It can vary considerably depending on the team’s focus and business goals. Product innovation and quality are important factors in reducing TTM. Business opportunities can be lost if a product is not released promptly.

It is the amount of time that passes from when an idea for a new product or service is generated to when it is finally introduced into the market. The shorter the TTM, the better, as it allows a company to get its product out before its competitors, take advantage of market demands, and optimize market opportunities.

FAQs:

How Does Agile Improve Time To Market?

Agile improves TTM by providing a flexible and adaptive approach to product development. Agile focuses on iterative and incremental delivery of value.

How Does a Product Development Strategy Cut Time to Market?

A Product Development Strategy can help to cut TTM by allowing teams to efficiently plan and execute the product development process.

How Does TTM Help with New Product Launches?

Hitting the right TTM can be critical for a successful launch. It allows businesses to take advantage of potential market opportunities before their competitors do. A shorter TTm is a key metric for product or software development teams as it has the potential to affect the success of a business.

How can you improve Time to Market?

To accelerate the time it takes to bring products to market –

  • Consider utilizing cutting-edge digital technologies like cloud-based product lifecycle management (PLM) or quality management system (QMS) software.
  • Improve your production process by communicating with your supply chain partners in real time and gaining more visibility into issues such as part shortages.
  • Reduce your ECO cycles with automated reviews and approvals.
  • Merge bills of materials, design files, quality documents, and other significant records into one central source.

Liked this post? Check out the complete series on Marketing

Related posts:

  1. How to reduce customer defection and bring down defection rate?
  2. Ways To Sell A Product – Top 10 Ways To Sell A Product
  3. What Is Market Appraisal? Importance Of Market Appraisal
  4. Mass Market – Definition of Mass market and explanation
  5. Definition of Market Aggregation – What Is Market Aggregation?
  6. 19 Great Ways to Market Yourself in 2025 (With Examples)
  7. Target market vs Strategic market
  8. How to segment a Business Market? Steps in Segmenting a business market.
  9. How to choose a Market segment? 5 approaches to Choosing a market segment.
  10. What Is Market Allocation? Benefits Of Market Allocation

About Hitesh Bhasin

Hitesh Bhasin is the Founder of Marketing91 and has over a decade of experience in the marketing field. He is an accomplished author of thousands of insightful articles, including in-depth analyses of brands and companies. Holding an MBA in Marketing, Hitesh manages several offline ventures, where he applies all the concepts of Marketing that he writes about.

All Knowledge Banks (Hub Pages)

  1. Marketing Hub
  2. Management Hub
  3. Marketing Strategy
  4. Advertising Hub
  5. Branding Hub
  6. Market Research
  7. Small Business Marketing
  8. Sales and Selling
  9. Marketing Careers
  1. Internet Marketing
  2. Business Model of Brands
  3. Marketing Mix of Brands
  4. Brand Competitors
  5. Strategy of Brands
  6. SWOT of Brands
  7. Customer Management
  8. Top 10 Lists
Not found what you are looking for? Search this website.
Advertisement
Recent Posts:
  • How Often Should You Get a 409A Valuation?
  • SellerAmp 22% Off Coupon Code on Annual Plans
  • Top 6 Tools for Creating Videos With AI in 2025
  • 5 Ways a VPN Can Protect Your Online Business
  • Best Tools For Amazon Sellers in 2025
Advertisement

Marketing91

ABOUT THIS WEBSITE:

  • About Marketing91
  • Marketing91 Team
  • Sitemap
  • Contact us
  • Advertise with us
 

LEGAL NOTICES:

  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Editorial Policy
  • Terms of Use
Marketing91 - Discounts and Coupon Codes on Best Online Tools

Copyright © 2009 - 2025 Marketing91 All Rights Reserved