If Accelerated Growth is Critical to Your Business, You Need the Right Fuel
In business, as in life, timing counts. It’s not always the business that has the best product that wins out in the end. You could have the best product idea on the market. It won’t mean a thing if another company gets there first.
In this post, we’ll look at the concept of speed to market and how you can improve your performance here.
What is the concept of speed to market?
The most basic definition is how long it takes a company to get its product to market. We mostly use the term relating to new product launches, but it can also refer to the restocking of your products at suppliers.
Why Time to Market Is Important
You can see the value in this when it comes to a new product. Today’s market is all about being innovative. If you want the market to recognize you as an innovator, you have to be the first one to the post. Being second makes you look like a copycat instead.
If you have a brand-new product to launch, this article from Forbes will deal with some of the myths surrounding speed to market.
When it comes to keeping your products on shelves, you might wonder what we’re making a fuss. After all, if you’ve already got an established user base, won’t clients be willing to t a little for shelves to be restocked.
The sad truth is that unless you have a truly unique product that no one else can match, no. Convenience is likely to trump brand loyalty every time. Let’s use an example to illustrate this point.
You need bleach at home. You’re looking for your favourite brand, but the store is out of stock. There’s a full shelf of the competitor’s brand. What do you do? Do you decide to come back later or drive to another store to get your favourite brand? Of course not. You buy what’s there.
When it comes to getting your product to market, you can’t afford to be second. You’re losing out on sales, but you also risk losing clients. What if they decide that they prefer your competitor’s brand?
Whether you’re launching a new product or restocking an existing one, it’s essential to get this flow right.
What is speed to value?
So, we’ve established that speed is essential. Now it’s time to put a value on that speed. As detailed in the study from Deloitte, getting to market first can be logistically challenging to achieve. An accelerated launch can be expensive to achieve.
For example, you can arrange overnight delivery to your buyers, but that’s going to work out costly for the company. Either you or the client is going to have to pay those costs. Will the client see enough value to pay a higher rate? It’s a problem, and there’s no simple solution.
How do you accelerate product development?
You can accelerate development by partnering with a provider who already has the logistics in place. You can speed up the process by using an end-to-fulfilment service such as the one offered by Brant InStore.
You deliver the product to their warehouse, and they take care of the rest. It’s a cost-effective alternative to setting up your own logistics network and getting beaten to the post.