What is Time To Value?
Organizations are spending millions of dollars on marketing tools and hoping for magic to happen to bring about a great Return On Investment (ROI). One simple way to bring about a great ROI, is to bring down Time To Value (TTV). Because some people might not understand, let’s discuss what TTV is.
One way to define TTV is, the amount of time between the start of the project and when you begin to realize the benefits, or value, of the effort, time, and money put in on an implementation. Lest anyone be confused, it’s not just “go faster” or get things done “quicker”. Some have even erroneously referred to it as simply a catchier term for ROI, or the new marketing way of saying ROI. But it seems like a bit more than just a stark monetary return.
As I see it, TTV takes in both the monetary and non-monetary aspects of a venture, the ethereal elements that can't directly be quantified. How is the brand seen or viewed by the market because of the new tool? How long does it take new content or campaigns to be created based on this new tool? Are the members of the marketing teams happier because it is easier to create new content? Does the new tool provide better insights into your organizational processes, or the way your customers consume your content? These don’t have data points easily measured in dollars.
Organizations can’t wait 6 months, 9 months, or an entire year to finally see some benefit to purchasing a large scale marketing platform. While making changes to procedure, software, and thought process, always require some degree of time to take root, the idea is to limit how long that takes. This allows organizations to remain nimble and flexible to changing trends and motivations of potential and current customers.
Now that we understand what TTV is, the next question should be, how do I decrease my time to value? Because you can’t have any return on investment until you have something ready to be used. Do you have an implementation partner that understands and internalizes the need to reduce time to value on your implementation?
We do. We’re Hoodoo.