Time to market is the amount of time a business takes from developing a product idea to launching the product to its customer base.
Time to market is an important metric that measures the length of time it takes a business to go from product idea to product launch. That process involves developing the product, conducting competitive analyses, identifying market segments, and creating a launch strategy.
Time to market is critical because any time that a product isn’t on the market is time that costs the business money and doesn’t generate sales. A speedy time to market, therefore, can keep a business competitive and help it earn more revenue.
If a business launches a product too soon without ensuring the quality of the product or its launch strategy, however, it could lose money. That’s why businesses should balance speed and quality.
Each market and product category has a different benchmark for what’s considered a strong time to market. Products that require navigating robust regulations, for example, tend to take longer than others.