Time to market (TTM) refers to the time it takes for a product to go from conception to market launch. It includes the entire product development lifecycle, from ideation to testing and launch.
Time to market is also synonymous with speed to market (or STM). A company’s time to market can determine the success of its product or service and whether it will be competitive in its industry or market.
The definition of time to market varies depending on the company’s goals. For many companies, speed to market defines the entire development process of their product or service, including concept generation, product design and creation, and product launch.
However, this definition is slightly different for global companies seeking expansion. International time to market refers to how long it takes a business to establish its presence in a new market.
Importance of time to market for new products and startups
Time to market is considered an effective business strategy and a marker of success. Superior speed to market can provide significant advantages in today's fast-paced business environment, particularly for companies entering new markets or launching offerings on a global scale. Global companies that can get in-country quickly and efficiently with a solid team are well-positioned to compete abroad and gain new customers.
There are several benefits associated with time to market that ultimately increase a company’s competitive advantage, customer base, and position as an industry leader:
Competitive advantage
Entering a foreign market quickly and efficiently places businesses in a better position to gain a competitive advantage. The faster a company’s speed to market, the less likely it will be to face competition early on. According to Bain & Company, being first to market provides a significant competitive advantage.
Many businesses expand globally to test their product or services with a new consumer base. These new customers may be experiencing a product for the first time, and being the first to introduce them to an offering allows a company to capture market share and establish itself as a leader in the industry.
Additionally, businesses can attract a large customer base and establish loyalty early with faster time to market. This tactic pays off in long-term gains when new competitors enter the market and another company is already the preferred brand.
Positive business reputation
Increased speed to market allows companies to partner with local experts more quickly, build brand awareness, and establish a reputation in the marketplace.
Conversely, companies with an extended time to market may lose credibility. Late market entry can cause businesses to be seen as followers rather than industry leaders.
Established market dominance
Learn from past examples of successful companies in emerging markets to gain insight into strategic options and the feasibility of establishing market dominance.
Visiting a target country and assessing the competitive landscape is essential before committing to the market, especially when it comes to speed to market. Determine if there’s a need for a product or service and if there’s tough competition already well established.
After a thorough assessment, companies can make decisions based on the likelihood of success in the current competitive landscape.
Reduced costs and revenue generation
Streamlined time to market can result in significant cost savings for a company and more revenue generation in the long run.
Efficient product development that doesn’t waste time and resources reduces overall costs. These savings can then go toward other expenses associated with entering a foreign market, including hiring and payroll.
Entering a market quickly also means faster revenue generation. The sooner a company establishes a presence in the market, the sooner it can bring in revenue and earn returns on investment.
Adaptability to market changes
Quick speed to market allows organizations to respond quickly to evolving consumer preferences, market trends, or competitive changes. Flexible and agile companies are well-positioned to make decisions quickly and pivot according to current market conditions to attract and retain customers.
For example, Target demonstrated the importance of adapting quickly to market changes during economic downturns. By investing in growth and expansion, including new products, Target achieved double-digit growth in sales and profits during challenging economic periods.
Innovation leadership
A company’s time to market can help establish its reputation as an innovator and industry leader. IMIT's Center for Information Systems Research also shows that increased speed to market is often correlated with superior innovation—a recipe for outstanding growth relative to industry peers.
For startups and established businesses alike, swiftly and efficiently bringing products to market can be a key driver of long-term success. A fast speed to market increases your chances above the competition, improves your global fluency, and shows you are at the forefront of innovation.
Customer satisfaction
Entering a market quickly also helps build brand loyalty with customers. When you deliver quality services quickly that fit consumer demand and meet expectations, you increase your customer base and develop a strong association with your brand.
Reduced time to market enhances the customer experience and increases your chances of growing a loyal following. Amazon Prime offers a great example of how speed to market can enhance customer experience. By continuously expanding its offerings, Amazon has built a loyal customer base and set new standards for e-commerce.
Attracting investors and partnerships
An efficient time to market attracts investors and potential business partnerships.
Demonstrating your ability to develop a well-thought-out plan, execute quickly, and successfully enter new markets is a strong case for potential investors and partners that can help you continue to grow and expand globally.
Time to market key steps
The following are key steps organizations must follow to hit and surpass time-to-market goals:
Step 1: Research and define the product concept
Establish a clear vision from the beginning and create a detailed speed-to-market strategy and roadmap for success. Understand the the target market by visiting the country and engaging with locals and talent whom services may directly impact.
Following a defined plan will help companies make focused decisions, avoid risks and roadblocks, and achieve goals.
Step 2: Assemble a team
Gathering talent that can efficiently meet project goals is key. When assembling the team, it's essential to consider diverse skills, experiences, and perspectives that align with the project's specific needs—diversity is a growth lever.
A study of Mattel's Barbie brand showed that implementing an inclusion strategy across product design, distribution, and commercial activities led to significant growth, with Barbie revenues increasing 63% from 2015 to 2022.
Step 3: Develop an MVP
Develop minimum viable products (MVPs) and release prototypes before a final product. Testing concepts early in the development process allows companies to gather feedback from potential investors and customers, troubleshoot potential issues, and make adjustments and improvements.
Step 4: Optimize the final product development process
Common methods companies use to streamline the development process include:
- Automation. Use technology and automation tools that help with project management, collaboration, and testing. These tools are especially critical for international teams working across various time zones and schedules. For technical products, Generative AI may significantly accelerate software product time to market.
- Overlap tasks. Organizations should always consider which tasks, if any, can overlap, such as manufacturing and marketing. By identifying and executing parallel processes, companies can compress timelines and achieve faster product development cycles.
- Cross-functional teams. Forming teams with diverse skill sets can improve communication, reduce handoffs, and enable faster decision-making throughout development. Individuals from different departments—such as engineering, design, marketing, and customer support—will lend a holistic approach to product development, ensuring that a range of perspectives are considered from the outset.
Step 5: Identify potential risks and secure resources
Anticipate potential challenges with the project and create mitigation strategies that optimize speed to market. Proactively addressing potential risks ensures a seamless and efficient development process and can help prevent issues later on.
Companies must secure reliable supply chain resources. It’s essential to consider suppliers with consistent production times and the ability to meet anticipated demand. Additionally, businesses should evaluate potential suppliers based on their flexibility, quality standards, and ability to scale production as needed.
Step 6: Test product prototype
Through the development process, companies must regularly test and prototype products. Allocating time for refinement results in a much higher quality output.
Some companies involve beta testers to collect customer feedback that will inform product redesign choices. Beta programs can be powerful tools for engaging customers 3-6 months before launch, building interest, and gathering valuable feedback.
Step 7: Review regulatory and compliance needs
An organization should always address regulatory and compliance needs as early as possible.
Reviewing relevant industry-specific approvals, as well as legal and safety requirements, is a must. Ignoring these requirements often results in delays to product development or launches.
For companies expanding internationally, it's crucial to understand and comply with local labor laws, tax regulations, and employment regulations in each country of operation. Relevant considerations include correctly classifying workers, obtaining necessary work visas or permits, and providing statutory benefits.
Step 8: Create a GTM strategy and adjust as needed
Companies need a go-to-market (GTM) strategy to prepare consumers, paving the way for a smoother launch and optimized revenue. Bain & Company emphasizes the importance of creating an adaptive go-to-market system that can quickly respond to changing market conditions and customer needs.
A company must monitor performance and adjust timelines and goals if hurdles arise. It’s important to remain adaptable. Embrace changes, identify areas for better efficiency, and be ready to make adjustments as needed. The speed-to-market process is full of changes and requires a collaborative team with the expertise and drive to make decisions quickly and pivot or modify plans as needed.
Step 9: Review performance
Key performance indicators (KPIs) are key to monitor operational progress toward goals and intended results. Regularly evaluating performance metrics helps companies identify areas for improvement and reduce time to market.
Businesses should continuously assess the overall performance of the new offering (e.g., revenue and costs, customer and peer landscape, distribution). Periodic risk assessments and controls are also necessary.
Once the launch is finished, an organization should review its strategy and gather feedback to optimize for the following product launch. Post-launch management is an essential part of the product lifecycle.
Strategies to optimize time to market
There’s no one-size-fits-all formula to improve time to market, but the following strategies can help companies optimize for speed:
Use an agile framework
An agile development workflow is one of the best ways for businesses to get an edge on their competition and even start to expand internationally. This type of workflow is broken out into iterative sprints, allowing quicker refinement.
When entering a new global market, using an employer of record (EOR) as an alternative to establishing a foreign subsidiary can better support an agile methodology.
Establishing an entity is costly and time-consuming, but an EOR allows companies to enter a desired international market quickly and easily without the need for entity establishment.
An EOR partner acts as a legal entity that handles employment responsibilities such as onboarding, payroll, benefits administration, risk mitigation, and ongoing HR support for an international workforce on a company’s behalf.
Learn more: What Is an Employer of Record (EOR)?
Encourage cross-functional collaboration
Frequent collaboration across teams helps employees more easily manage setbacks. A company should encourage communication across all departments to eliminate bottlenecks and improve decision-making.
Cross-functional collaboration can also foster innovation by bringing diverse perspectives to problem-solving. This approach helps teams identify potential issues earlier in the development process, reducing the risk of delays. Additionally, strong cross-functional collaboration can lead to more efficient resource allocation and a shared sense of ownership across the organization.
Outsource low-priority tasks
Non-core processes like manufacturing tests or specialized testing can be outsourced to speed up processes. A Deloitte survey revealed that 65% of companies perceive that outsourcing enables teams to focus on core functions, making it the most common perceived benefit,
Outsourcing provides access to specialized skills and technologies that may not be available in-house, improving the quality and efficiency of these processes.
Increase headcount
Though this solution is only short-term, adding more hands to a project often helps push products out the door faster. Companies should take care with this tactic though, as increased headcount can create new obstacles that slow projects down.
Effective execution and project management are critical when trying to achieve things faster and better. Agile frameworks, which focus on faster decision-making processes and improved team communication, can help manage increased headcount effectively. Additionally, agile organizations tend to use next-generation enabling technologies, including real-time communication and work management tools that support more efficient operations.
Automate testing and prototyping
Automated testing and prototyping enable development teams to quickly identify and resolve product problems. By implementing automated processes, companies can maintain consistent quality standards while accelerating their time to market.
A recent example of a rapid time-to-market strategy was the swift development of COVID-19 ventilators. Accelerated testing and prototyping were crucial in delivering a life-saving product in record time.
Common challenges in reducing time to market
Reducing time to market is a critical priority for organizations aiming to stay competitive on a global scale. Still, achieving this goal can require navigating a range of challenges capable of slowing progress and straining resources.
The following are typical challenges organizations face when trying to increase speed to market:
- Unforeseen compliance issues. Unexpected regulatory issues can arise at any stage of development, delaying timelines and increasing costs. For companies operating across borders, labor laws, tax codes, and industry-specific regulations add another layer of complexity that requires careful planning and expertise.
- Difficult development processes. Even strong development teams run into technical challenges or bottlenecks that slow progress. These hurdles may stem from unclear project requirements, misaligned priorities, or the need to integrate new technologies into existing workflows.
- Lack of resources. Limited access to skilled talent, constrained budgets, or outdated technology can significantly hinder efforts to meet time-to-market goals. In competitive industries, resource shortages can also lead to overworked teams that are less productive and more likely to burn out.
- Supply chain inconsistencies. Delays in receiving critical components or disruptions in manufacturing processes can derail even the best-laid plans. Global supply chain challenges—such as geopolitical tensions, natural disasters, or logistical inefficiencies—further amplify these risks and require proactive contingency planning.
- Poor cross-functional communication. Miscommunication or a lack of coordination between teams often means that minor issues escalate into major setbacks. Without clear channels for collaboration, teams may duplicate efforts or miss critical deadlines due to misaligned goals or incomplete information.
- Balancing speed and quality. Accelerating time to market often forces organizations to make trade-offs between delivering quickly and maintaining optimal quality standards. Rushed timelines can lead to overlooked defects or underdeveloped features, harming customer satisfaction and long-term brand loyalty.
- Market volatility and changing consumer preferences. Rapid shifts in market conditions or evolving consumer demands can render products irrelevant before they even launch. Companies must remain agile and continuously monitor market trends to adapt their strategies in real time.
- Technology integration challenges. Adopting new tools or platforms to streamline processes can initially create inefficiencies as teams adjust to unfamiliar systems. Without proper training and support, these transitions may slow progress rather than accelerate it.
Enter new markets with speed and compliance
As an industry-leading EOR, Velocity Global has helped over 1,000 companies quickly and compliantly enter new markets and hire global talent in more than 185 countries since 2014. Lean on us to rise above the complexities of global expansion.
Contact Velocity Global to learn how we can help you optimize time to market and achieve your global business goals.
Disclaimer: The intent of this document is solely to provide general and preliminary information for private use. Do not rely on it as an alternative to legal, financial, taxation, or accountancy advice from an appropriately qualified professional. © 2025 Velocity Global, LLC. All rights reserved.
