3 ways to optimize time to market with a new product

by Chris Walter

The launch of a new product is a harrowing time for any enterprise, but launching it just right is essential to optimizing profits, improving sales and beating out the competition. For many firms, this means nailing several factors down: the time, demographic and location for an initial launch, as well as the global spread of that product after launch.

Picking the right demographic and location for a launch go hand in hand, and rely on analytics to help firms pinpoint their target audience. Optimized marketing services can help establish an advantages in these arenas while boosting overall marketing performance, which leaves the other two factors—time and spread. Spread comes naturally after analyzing demographics, as companies will be able to establish secondary and tertiary audiences to launch for following the initial release. This leaves timing as the “wildcard” factor, which many businesses struggle with.

The key to optimizing timing is time itself. By focusing on shortening time to market for any new product a business can ensure it has an ample window to launch a new product when it wants to, rather than trying to rush it or missing a prime window when a competitor releases a similar product. There are three critical factors that affect time to market, and by mastering each of them any business can optimize its new product launches and see its sales figure grow as a result.

Speed to productivity

Productivity is what drives business success, and by pinpointing speed to productivity differentiators, companies can focus on their weak points while bolstering their strengths and minimizing stress during a new product launch. The marketing advantage supplied by an outsourcer will allow companies to focus on their own productivity and mitigate the troubles of marketing, effectively optimizing internal operations. This will also promote stronger work ethics and boost time to completion of any project.

Agility

Agile work processes will be critical for optimizing time to market. The agile development trend in software engineering showcases how effective targeting strengths and setting strict goals can be to boosting performance and speed to productivity. Additionally, by focusing on agility, an enterprise will see overall improvements to its operations. The training and advocacy offered by professional marketing personnel will provide this advantage in these efforts, allowing businesses to focus on their core competencies, such as production efficiency.

Optimize best practices

Once best practices have been established, a business’ true goals has to be optimizing them. Straying from the path will complicate matters, and by focusing on this process a firm will grow stronger as a whole, streamlining operations and understanding the path to swift time to market intuitively, making future product launches that much more efficient and successful. This approach will allow a company to establish its own best practice for product release, and develop the strongest possible plan for its unique needs. However, it is also important to keep in mind that changes may occur due to the type of product, target audience and other factors, and utilizing the expertise of outsourced marketing teams can help firms adapt when the time comes.

Topic: Retail

ABOUT THE AUTHOR

Chris Walter is Vice President Strategic Enterprise Services for MarketSource. With more than 20 years of experience increasing customer value in the technology, services, and manufacturing sectors, Chris drives top-line growth and bottom-line performance for MarketSource.

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