In 2 recent conversations with entrepreneurs, I was asked how Time to Value is different from Time to Market. When I explained the difference, they both went AHA!!!
So I thought I would dive into that a bit in today's post.
If you would rather read than watch, a lightly edited transcript of the video is below.
The question about Time to Market Vs Time to Value, was based on my recent post about the 3 key principles of product management being:
Problem backwards approach
Fastest Time to Value, and
Too often I have seen product teams release features and moving on to the next feature without bothering to find if the released feature is delivering the intended value.
What you need to keep in mind is that the key reason you invest in developing a product is to facilitate a value exchange between the user and the organization making the product.
What is a value exchange you ask? 😃
In simple terms, when a user uses a product or a feature, they are getting value because it solves a valuable problem for them. And in exchange for solving their problem, they will give your organization something valuable.
This value exchange happens only if users start using the product or the feature.
There are several stages before you can get to this value exchange. Launching in the market is definitely a critical step, as are finalising the scope, completing development and testing. But all of that is leading up to the real goal of creating that value exchange.
Things to look out for?
Are users finding the new feature?
Are they trying it?
Are they using it end to end? Or, are there drop offs?
Are they getting the value they expected?
Are they giving you the value you expected?
Are there a lot of support issues?
What are the usage numbers looking like? Is this as expected?
What are some of your key users saying?
Are users using it more than once?
Based on these inputs, the BIG decision to be made is what incremental investments are required to improve discoverability, usability and adoption to drive value creation.
If you feel there is an opportunity improve the Time To Value, in your organisation ...