What Is Speed To Market?
Otherwise known as time to market, speed to market is essentially the time it takes to get your brand, product or service established or launched in a new market. A quicker time to market means the quicker you can get your brand out there and start receiving a solid return on investment.
Speed to market is especially crucial when we talk about international expansion, but why?
The Benefits of Speed To Market
Get ahead of the competition
A quick and efficient route to market enables you to get ahead in your industry before your competition. A slower, inefficient speed to market with numerous setbacks, however, allows your competitors to take the edge.
By getting to market quickly and ahead of your competitors, you can establish your brand amongst your customer base and secure their business and therefore loyalty.
Establish a positive reputation
Regardless of your industry, no one wants to work with a company that suffers setback after setback getting to market. By having a swift, successful time to market you set the precedent for your whole business operation. Given that your new market is likely to be full of new customers who are unfamiliar with your company, a good reputation with effective processes certainly goes a long way to securing new business.
Hire the top talent
When setting up your business in a new country, you’re likely to need new hires. But hiring the top talent doesn’t come easy, especially in competitive sectors. A quick time to market, in addition to other employee benefits, can be the key to securing that top talent and once again getting the edge on your competitors.
How to Increase Your Time To Market?
Establishing a legal entity or subsidiary is a lengthy, complex process that can often mean your time to market takes months, delaying your global expansion. Despite the best efforts of your team it is often near impossible to speed up the setup of a legal entity.
Therefore, if you want a quick time to market, and the benefits that come with it, your best option is to work with a PEO or EOR. This expert service allows your business to setup, hire and operate globally both quickly and compliantly.
To find out more about how Leap29 can operate as your PEO partner and increase your speed to market, call us on +44 (0) 1625 537 555 or email firstname.lastname@example.org.