Are you planning to launch a new SaaS product and looking for ways to speed up the time to market as the development process is about to finish? Well, faster time to market can have a significant impact on your product success. But do you know what exactly TTM (Time to market is and how SaaS MVP is beneficial? Let’s dive in.
TTM (Time to Market)-
TTM means the amount of time your product takes from idea conception to final launch so that it can reach the targeted audience. The entire team including, project managers, business analysts, developers, testers, and stakeholders hold an impact on the TTM gained. Well, this concept is applied to new services or products, or completely new features of the existing systems. This term is also used by marketing campaigns that are about to launch in this highly competitive world. TTM (Time to Market) is also referred to as STM (Speed to Market).
Why is TTM Important in SaaS Product Development?
In this fast-paced and competitive SaaS business world, you need to accelerate your overall development process to achieve a first-mover advantage. This not only provides great brand credibility but also product loyalty before your competitor enters the market with the same product as yours. Due to slow TTM, you may not cover the market and reach your targeted users faster. Even your competitors may already dominate the industry or market when you enter with your final product. In short, slow TTM can cause lower profits for your SaaS products.
So what are the simple and proven ways to increase time to market and gain huge benefits?
Well, there are several ways you can accelerate your time to market. One of the common ways is to outsource the SaaS product development team from industry-leading companies in the world. Hiring a qualified and experienced team can help identify the bottlenecks throughout the SaaS product development lifecycle and reduce the rework and code redundancy. Apart from this, you can consider the other options listed below-
- MVP (Minimum Viable Product):
SaaS MVP is now used by more businesses to enter the market faster with a product that supports their targeted customers. It offers a great competitive advantage along with first-mover status.
- Consider Automation:
Businesses can easily refine their product and accelerate their time to market. Automating the major business processes and workflows can lead to refining the product before launch. As automation can reduce common human errors, thus it can reduce the SaaS product development time.
- Measure and Assess the Results:
One of the best ways to speed up your TTM is to measure and evaluate your results. Check out the problems and areas of improvement. The entire team can work on the project manager’s tools and engage in this activity.
- Adopt Agile Methodology:
Most companies debate about Agile vs. Waterfall, but Agile is the best approach for SaaS product development and project management. This process involves shorter Sprints with iterative development. This helps in increasing the time to market.
- Proactive Risk Management:
Not having a well-implemented risk management strategy can impact your TTM. Identifying risks proactively can help mitigate them earlier before they affect the entire SaaS product development process and delay TTM.
The Final Thought
TTM is the determining phase of your SaaS product development. In this phase, you can improve the strategy, establish a project manager, and generate further ideas for refinement. If you lack project management skills and have an inefficient team, then there can be considerable risk of delayed TTM. However, SaaS MVP development is the best option to verify the product viability and get advantage over competitors.
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