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Blame Amazon.
Consumers increasingly expect to see value quickly. Shoppers expect same-day delivery, comparable prices, immediate responses, subscription options, and easy return processes. All of these things are considered in a brand and product’s value, says Ari Lightman, professor of digital media and marketing at Carnegie Mellon University.
He calls it the Amazon-ification of business.
These changes have made it more important than ever for every business to pay attention to time to value, or TTV—a measure of how long it takes for a customer to fully realize the value of your product.
“TTV can be used to understand how effective you are at converting dabblers into advocates, where you are losing customers on the purchasing journey, and what commercial techniques are most effective and efficient,” says Tyler Rainey, director in the performance improvement practice at business advisory firm Portage Point Partners. He thinks of TTV as the time it takes for consumers to have an aha! moment with a brand. Perhaps they realize the product will save time or money, make a task easier, or help them achieve a goal.
Though TTV will differ across products, industries, and brands, no matter how your business defines value, remember that speed counts. As growth expert Bruce Eckfeldt wrote for Inc., “a shorter TTV often leads to higher customer satisfaction and retention rates.”
It’s helpful to calculate TTV on each stage of the customer journey, to identify the speed at which customers progress from initial exposure to meaningful engagement. That way you can identify where value is realized—or delayed—within the journey, says Rainey. “By monitoring how quickly customers move from awareness to consideration, convert to first use, and ultimately demonstrate loyalty and advocacy, organizations can pinpoint friction points and optimize targeted interventions that accelerate perceived value and long-term ROI.”
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Photo illustration: Inc. Art; Getty Images; Unsplash
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