Customer
Time to Value (TTV)
Time to Value (TTV) measures the duration it takes for a customer to realize significant value from a product or service after purchase. This metric is crucial for understanding customer satisfaction and retention, particularly in industries where rapid value delivery is essential.
HOW TO MEASURE
TTV is measured from the point of purchase or initial engagement to the moment the customer first experiences meaningful benefits. This can be quantified by tracking milestones that signify value realization.
HOW TO IMPROVE
Streamline Onboarding: Optimize the customer onboarding process to ensure users can quickly and easily start using the product.
Enhance Customer Education: Provide comprehensive training, resources, and support to help customers leverage the product effectively.
Feedback Loops: Regularly collect and act on customer feedback to improve the product and the user experience.
Product Improvements: Continuously refine the product to meet customer needs more efficiently.
FORMULA
TTV is generally measured in days, weeks, or months, depending on the complexity of the product and the industry standards.
EXAMPLE
A cloud-based analytics platform typically takes two weeks from the time of purchase for most customers to integrate the platform with their systems and begin extracting actionable insights. Therefore, the TTV for this service would be 14 days.
DEPARTMENT USAGE
Customer Success: To ensure clients achieve desired outcomes quickly and efficiently.
Product Management: To identify areas for product enhancement that could reduce TTV.
Sales: To set realistic expectations for new customers about the time it will take to see value.
Marketing: To communicate the quick value realization as a selling point.
View the collection of Metrics Workshops.