THE EARLY BIRD GETS THE WORM
Call us old fashioned or impatient, but nothing beats a speedy response to a necessary action point. In our world, having to wait for answers is a ‘no – no’, to then find out something is wrong …or missing. Worse still, a delay can mean missing a deadline and therefore missing an opportunity. Here at Select Representation we pride ourselves on being prompt in response, even if it’s a simple ‘yes’ or ‘no’ answer, or just asking for more time to complete the task. It has to be said that ‘silence can be deafening’, so communication is key to keeping everyone up to date on what’s going on. No news is not good news in such cases!
Why is speed to market so important?
Competitive Advantage: In today’s fast-paced business environment, the ability to bring new products and services to market quickly can provide a significant competitive advantage. Being the first to offer a new product or service can help your company capture market share and establish itself as a leader in the industry.
Revenue Generation: The faster your company can bring a new product or service to market, the faster it can generate revenue. This is especially important for startups or companies with limited resources, as they need to generate revenue quickly to sustain their business.
Cost Reduction: Speed to market can also help companies reduce costs. The longer it takes to bring a product or service to market, the more it can cost in terms of research and development, marketing, and other expenses. By getting products to market quickly, companies can minimize these costs. It’s important to be smart, as delays hit the chain and slow down production.
Customer Satisfaction: Customers today expect products and services to be available quickly. If your company is slow to bring products to market, it can lead to dissatisfaction and lost sales. By offering products and services quickly, companies can meet customer demands and improve customer satisfaction. Importantly encourage customers to come back again.
Overall, speed to market is critical in today’s business environment. It can provide a significant competitive advantage, generate revenue, reduce costs, and improve customer satisfaction. Despite all, you can only control your part of the process, the rest lies in the hands of those involved with the chain of events. A good view to take is….. ‘If you want fast results, then take fast action’.
About Us?
This article was written by Jonathan Wilkins from Select Representation, (travel sales & marketing representation company, headquartered in the UK). Select Representation is an experienced b2b consultancy that provides the perfect option for hotels & destination management companies (DMC’s) wishing to expand their business from the UK, Ireland, Belgium, Netherlands, Norway, Denmark, Finland, Sweden and Iceland. Select Representation is proud to be one of the founding member of Global Travel Representation Alliance.