Posted in Marketing & Strategy Articles, Total Reads: 4968
, Published on 24 July 2012
Time is an import factor for any industry. Time to market has today been recognized as an important factor affecting profits especially for service providers. From meeting deadlines of customers to launching new products, time taken plays a crucial factor.
There was a mobile sms that went saying – to know the value of one second, ask a person who was just saved from a road accident, to know the value of a fraction of a second, ask an athlete who lost the bronze medal, to know the value of a minute, ask a person who missed the train and so on. Similarly to understand the value of time in marketing ask a florist who was not able to sell off his inventory, or a milk products company whose inventory perished due to poor marketing or timely sale of products or a person who lost a customer because the competitor could come up with the product before him.
Timely delivery of products with certain measure of quality and efficiency is essential to survive in the market today.Road maps and business plans do serve their purpose. But sitting on top of them with little implementation taking place on the developing side is like inviting catastrophe. It has to be remembered that competitors too are using that time to draw up plans and go in for execution. Hence sitting with many ideas and lots of plans and waiting for the best may not always yield the best result. The market space would by then have been captured by your competitor.
In this era of internet marketing where marketing information and advertisements reach the target audience in seconds the time taken for development and the timing of the launch determines the winner.Time to market is even more crucial for service providers and e-commerce and online infomediary service companies, as putting up a product (website) don’t take much time. The time taken by you to deliver matters a lot in this era of internet marketing where information and online services reach the other corner of the world in the split of a second. The survey conducted by Amdocs in 2011 said that 70% of the polled opined that Time to Market is important, up from the 59% in 2008.
Sixty-eight percent of service providers cited speed of a new product creation as a key business differentiator with 95 percent stating that time to market has a positive impact on revenue. In addition, 95 percent reported time to market as impacting brand image and 94 percent on achieving customer loyalty. Service providers failing to improve time to market therefore risk customer churn and missed revenue opportunities.
The inhibitors that slow down Time to Market like technological or environment complexities and uncertainties, inflexibility of existing systems, operational support systems investment etc. need to creatively and boldly tackled. Existing resources should be put to the most efficient use in order to gain maximum benefits at lower costs.
Time is important to one and all, not just corporates. The Indian government too needs to take some lessons in time management. It’s high time the Indian government too recognized this fact. The tiger that was roaring during the last decade seems to have gone to sleep now, not realizing that it’s past time to wake up now. The inaction by the government could prove to be a chance to others to occupy the place India has had till now. Already FDI and FII inflows have decreased and economy has stagnated or even slowed down. The time going unutilized by the Indian government to fix up the economy could prove to be gain to competitor countries. The ‘I’ in BRIC may even go replaced by Indonesia, as some people see.
The old adage ‘Time and Tide waits for no man’ gains even more importance in marketing, operations and execution in today internet space. Every second/minute lost is going to be opportunity lost. The Time to Market is going to affect the bottom-line and determine the market winner.
This article has been authored by Gitanjali Maria by Loyola Institute of Business Administration (LIBA), Chennai.