Why Speed to Market is So Important

Posted by cbx software on April 29th, 2019

The concept of speed to market is not new. What is new are the multiple ways the concept can be mastered. Here is why speed to market is so important and why you should focus on it at all costs.

Competitive Advantage

The old adage is that the early bird gets the work and the same applies to business. If you have mastered your speed to market processes, your entrance into a market early will help you secure market share before your competition can get in on the opportunity. Conversely, if your speed to market processes are in development or need work, you can lose that competitive advantage even before you start to saturate your target audience.

Your Product Sets the Standard

This ties in with the point above. A product that gets into the market first, sets the standard. It is the trendsetter and that sticks with customers, regardless of the quality of the product. Over time, that might even itself out, but for the short-term, being first even if you have to iron out a few bugs is worth it because it will set your product up as the “go-to” standard for your customers.

It Makes Your Reputation as a Leader

Companies that get into a market first become known as the leaders in the industry in question. Those that lag get the reputation of being followers. In practical terms, that can help with future products as well as help solidify a market position without doing too much extra work.

Customer Development

A new idea that meets a customer need captivates attention. If you are the first to put that idea to practical use, you show your customers you are on the cutting edge. Your product will be fresh in their minds and as long as you do not overdue exposure, it will not get stale.

Market Responsiveness

Let’s say you identify a need within the commercial cleaning industry. If it takes you a decade to build the prototype, test it and go into production, it is highly unlikely you will set the pace for the market. By using speed to market to its fullest potential, you make it easy to see market needs and meet them before your competitors. Better, if your reputation is one of quick turn around from idea to product, the customer will look to you to address their needs.

Speed to market can help you enter, set and dominate a market. Ensuring that your processes are as efficient and fast as possible ensures you will be able to get your products in front of customers first!