A software product’s time to market (TTM) is a measure of how long it takes the product team to build the product from the start to full publishing to users. It is used to determine and compare the time taken to develop a software product.
Time to market is a very important metric because it mainly determines the time needed for a product to generate revenue. Also because the longer the development, the higher the costs, time to market can reflect efficiency and initial cost.
Agile methodologies and software development best practices are always focused on reducing time to market. As one of the biggest signs of development efficiency.
In this blog, we are sharing a few tips on how to improve your product’s time to market and deliver it faster.
Use agile methodologies
Using agile methodologies can have the biggest effect on reducing a software product’s time to market. This is because they help teams break the project into smaller tasks that they focus on. So there are less or no bottlenecks during development.
You often develop features with more organization with agile methodologies. Which helps in making core features ready for release faster than while using older waterfall models.
Agile methodologies are also focused on streamlining every development process to make it more efficient, with roles maintaining this efficiency.
Set a strategy with clear goals
One of the most important ways to speed up software development and make it smoother is to have a clear strategy ahead.
Before development, list the goals you want to achieve with the final product, and the features that will fulfill their goals. Try to rule out any features that you can add later and aren’t necessary core ones.
Based on your goals, you can set the appropriate KPIs that you can follow to determine the outcomes of the project, so that you know when it is time to publish.
You can also create a visual roadmap for the project. So that every member of the team is able to understand what is next, and how much progress is made. Which will make them more motivated and want to help achieve the goals they know.
Define workflows and document them
Having defined and documented workflows can facilitate communication and work wonders at times when there is a conflict blocking the development process. It can sometimes prevent these conflicts from arising, as tasks, detailed duties, timeframes and other details are all documented.
This also encourages your team to contribute with their opinions and try to have a really positive impact on the project.
It also helps the team communicate more efficiently and work in a healthy environment. Whether they are working in-office or remotely.
Know when to buy or outsource
In many cases, there is a choice whether to develop a feature or buy an existing pre-developed solution alternatively. This can be a tricky decision at many times. Because development can cost more, but it also has its benefits.
Your desired outcomes, the available pre-developed solution and what it offers should all drive this decision. You need to take your time before you make this decision. As it can have a great impact on the product’s time to market.
You should also consider outsourcing at every stage, as it can be more effective. Even if outsourcing the entire development of a specific project to a more experienced company seems like the best decision. You should be open to it.
At B5 Digital, we employ the world’s best practices for reducing software product time to market. Feel free to request a free consultation without any obligation