Gabriel Dan on Mind the Product:
It’s a KPI—used mostly by the business—to measure the time required to move a product or service from conception to market (until it is available to be purchased). The process is the combined efforts of all stakeholders, product management, marketing, and so on. It includes workflow steps and strategies involved throughout the process. It’s usually calculated in days/weeks/months/years but it can be met in other forms too depending on how the different organizations will want to implement this.
This is simply amazing and important especially when you are constantly trying to beat your competition to get out in the market to capture your audience.
The shorter the time to market is, the quicker the return on investment (ROI) can be realized, therefore you can imagine why it’s important for businesses.
The quicker the product gets on the market, the bigger market share the company will get especially in an unaddressed segment facing less competition and thus enjoys better profit margins. Getting fresh and relevant products to market quickly attracts customers.
Exactly. It is very common to get into the phase of doing more before releasing to the market. The TTM metric forces you to be frugal about your MVP.
Gabriel Dan does a great job setting the premise and goes on the explain how the TTM should be calculated. Highly recommended.