According to Jonathan Becher, Chief Digital Officer at SAP, Time-To-Market (TTM) has replaced ROI as the new indicator of success. If you want to cut down your TTM, the Infobip communications platform helps you get to market faster with new features users want.
Why Time-To-Market trumps ROI
Exponentially growing your user base, pushing out new features, adding capabilities to your apps—these are the key factors that impact how well you do in today’s digital economy. The faster you do each of them, the more likely you are to succeed. You have to count on the market having changed by the time your product launches. Delaying a week or even a day can mean the difference between being the first new app of its kind and being a “me too” follower.
Unlike ROI (Return-On-Investment), Time-To-Market encourages forward movement and “good-enough” MVP (Minimum Viable Product) delivery. Launch what you need to get into the market and then update and iterate as fast as possible. Launching fast and small lets you get real-time customer feedback and actionable data to improve and optimize your product faster, based on what the market really wants, not on what you think people want.
Good enough” means you have delivered something that customers have validated in terms of its ability to create incremental value for them. In a hyper-connected world driven by continual innovation “good enough” means you are creating incremental value throughout the customer’s relationship with you, and that you are actively working to anticipate and implement new capabilities that enable you to help them move to the next level.
Speed up TTM to increase user retention
Saturated app stores and tons of new, innovative services means everyone is competing for slivers of user attention. It is increasingly hard to compete for user attention when there isn't just one hyped up app a week, but 10 or 100. It's getting harder and harder to even get people to download apps, much less keep using them. User abandonment jumped to 25% in 2015, up from 20% in 2014. If a user opens your app only once per week, there is a 60% chance it won’t get opened ever again. Even this summer's break out hit Pokemon Go is already seeing declines. No app or service, no matter how popular, is immune to people looking for the next cool thing.
App developers are keenly aware of this engagement conundrum. After spending considerable time and resources into driving app downloads, we find that less than one-third of the downloaded apps are opened more than a few times after the initial download. Enterprises and startups live or die based on user reviews, hype, and their ability to deliver updates and fixes. There are no two ways about it, today’s users expect their apps to be updated frequently, to resolve issues, and add new features on almost a daily basis. Fueled by user expectations, dev teams focus on agile design, pushing them to speed up the roll-out of new features.
The thing with apps is that they allow this kind of iteration, regardless of them being polished or just “good-enough” to hit the market. Frequently iterating and optimizing the app experience for your user, keeps users focused on your app, brand, and your unique value. From a basic psychological perspective, a consistent roll-out of features and fixes helps establish long-term relationships with your users. You care about their in-app experience while they want to feel that a product they’re using is progressing, that it’s still cool to use.
Shorten Time-To-Market with the Infobip Platform
Infobip’s messaging API and communications platform lets you integrate new features into your apps in almost no time. From adding SMS and voice to providing complete insight into user behavior with the Infobip Portal, our solutions give you deep insight for all your apps and campaigns. Our Platform lets you add 2-Factor Authentication and implement secure real-time request and response flows almost immediately. You can integrate SMS into your Zendesk support system and even create rich email campaigns to engage your users whenever you have a new update.
We connect you with over 190 countries around the world, Infobip puts the global market at your fingertips. We offer best-in-class security standards, operational services, and consistently develop the infrastructure powering your reach. We maintain a world-class CPaaS (Communications Platform as a Service) infrastructure so you don't have to. Building on our infrastructure means faster Time-To-Market and less strain on your business processes, allowing you to scale at your own pace.
The longer you take to launch, it’s more likely that your killer app will be an also ran. Work with a trusted partner to get you to market faster and get your app launched first and fast.