Lowering Your Time to Value = Getting in Front of More Customers and Users
Let’s look at another example. If you’ve created a CRM system and your users find the process of uploading contacts, recording conversations with leads and keeping track of sales to be cumbersome and lengthy, there’s a high probability that they’ll churn. In this case, the TTV is too long.
Concerning app marketplaces–like the Shopify App Store, Salesforce AppExchange, Apple App Store, Slack App Directory and more–TTV is critically important because if users don’t realize value quick enough, they’ll give you a bad review. Reviews are key to gaining new users’ trust and getting those highly sought-after featured spots in marketplaces (integration managers tend to recommend apps that give a lot of value to users quickly).
Having a short TTV–again, this depends on your app and industry–bolsters your reputation on these app marketplaces.
Here are some ways to shorten your TTV:
Remove friction - identify roadblocks to value and remove them
Improve the overall onboarding experience
Create onboarding goals and objectives for users to help guide them
Create in-application onboarding tooltips and coach marks as a guide for new users
Send onboarding emails
Offer guided task completion
Test product usability and improve on bugs and flaws
Hire a customer success team and use video chat for realtime help
Provide case studies and tutorials
Improve your app’s user interface
Different Types of Time to Value
Time to Basic Value
Time to basic value is the shortest TTV value. It’s the amount of time it takes for your customer to see the most basic amount of value from your app or solution, but they have yet to realize its full potential. Time to Basic Value can be achieved even before a purchase has been made (e.g. free trial).
Time to Exceeded Value
Just like the name suggests, Time to Exceeded Value is the amount of time it takes for users to experience value that exceeds their expectations and in turn, encourages them to be long-term customers.
Long Time to Value
A long time to value is common with SaaS products that take a couple of weeks or even months to fully onboard customers. You may offer a variety of integrations that your client needs time to find and set up before they see the true value of your product or the time to value could be based on their sales cycle.
Short Time to Value
When a user has a need and gets value within a short amount of time from using your app, your app has Short Time to Value.
Immediate Time to Value
Certain apps will provide value to users immediately. Some of the many examples of this would be a software used for creating invoices or Slack because you can use these tools and address a need with them right away.
If you want to learn about the best ways to improve your app’s TTV and get the most out of being in SaaS app marketplaces like the Shopify App Store, our team of specialists are here to help to you.