What Is Speed to Market?
Speed to market is the time it takes to move a new product from concept to launch.
Consumers expect new products and features at a faster pace than before. Businesses need to stay ahead of the product development life cycle to survive. Innovation requires quicker and smarter product development. More efficient manufacturing processes and seamless launches also drive sales.
Consumers want what they want when they want it. And they expect a variety of options. By increasing your speed to market, customer satisfaction increases. Loyal customers look forward to new products. They count down the days until they can buy the new release. Video games, smartphones, shoes, and cars are prime examples.
Increasing your speed to market will drive profits and longevity. Some companies make a fortune by releasing new models every year. Customers value updated versions as early adopters. By being first to the market, you gain a competitive advantage. Speed to market can build brand leadership, loyalty, and market share.
Look at each area within your product development process. Where are the bottlenecks? What is your current state and where do you need to go?
Your company can’t achieve its speed-to-market goals without a map to get there. The process starts with secondary research and primary research. Understand the user’s pain points and current conditions in the market. Create a defined problem statement. This will give your team direction as you ideate your new product or feature.
Design & Development Process
A tried-and-true process for product development improves speed to market. After research, start sketching, ranking, and developing top ideas. Your team can build on these ideas with renderings and prototypes before testing. After vetting the best ideas, engineering and manufacturing processes can begin. Collect user input through every stage to increase the potential for success.
In the early stages of NPD, fail-fast prototyping can enhance speed to market. Quickly build, test, and gather feedback. Stakeholders can make faster decisions with lower costs and risks. Incorporate and improve changes. Innovative iterations build upon each other. Rapid prototypes may be made from paper or cardboard. They could be storyboards or digital wireframes. Other options include 3D prints, mock-ups, sketches, or renderings.
Effective connection moves a product from concept to market with efficiency. Regular meetings build accountability, unity, and momentum. Be transparent. Relay changes throughout to reduce the risk of delays and surprises.
Cross-functional teams push ideas forward with speed and quality. The right blend of skills, knowledge, experience, and function will improve innovation and speed. Seasoned leadership is your friend. An effective team leader motivates and guides the team through each stage of the process.
DISHER’s Advanced Product Development team brings new product ideas to life. Our Whiteboard Events and Innovation Workshops help clients brainstorm and vet concepts. We can augment your team with industrial designers, engineers, and project managers. DISHER can support you with the skilled talent you need through the fuzzy-front end.
Manufacturing technology solutions can reduce your time to market. Our experienced team is equipped to improve your processes. New or refreshed machine designs can drive higher throughput and quality. Productivity assessments can determine areas of waste. We can develop custom solutions that fit your unique needs.
Our capital project management services save time. We optimize tasks like project scheduling, procurement, planning, employment, and closeout. We can restructure systems, assembly lines, and processes to save time and money.
Move ideas faster with our world-class electronic design and development team. We test features, remove bugs, and improve UX to minimize roadblocks. Do you need a system interface, software or hardware development, or an automation solution? Our cross-functional system design shortens the development process.
Speed to Market Matters
At DISHER, we care about your deadlines. Our goal is to complete projects ahead of time, so you can rest at night. We partner with you to meet your go-to-market goals. We treat your projects as if they were our own.
Take advantage of the opportunity to improve your speed to market with DISHER. The innovative thinking of our collective team increases your time to market without sacrificing product quality. Contact us to streamline your product design and development process. We are eager to help you succeed in the marketplace.