The art of designing products at a rapid pace involves two crucial elements: rate and time interval.
Rate refers to the speed at which work is produced, such as the number of variations created in a single iteration or the number of iterations completed in a product design cycle.
A time interval, on the other hand, is the duration from conceiving an idea to receiving feedback, such as the response from a customer after presenting a prototype or the input gathered during a white-boarding session.
When evaluating the advantages of these two elements, it's essential to broaden our viewpoint. Time interval isn't just about how fast you receive feedback, but rather how effectively the feedback is communicated to those who need to know about it.
There are several reasons why you might opt to use the rate option:
To catch up: If multiple teams are operating without clear direction, Rapid successes and designs executed just in time can help you regain control.
To seize time-sensitive opportunities: A small window of opportunity to enter a new market or grow in an existing one requires prompt action.
To compete: If a competitor holds a dominant position in the market but moves slowly, using rate to reach feature parity can give you a competitive edge.
The time interval option, on the other hand, can be utilized for:
Optimizing existing channels: For products that have market fit and established acquisition channels, automating the feedback loop can help optimize growth and activation.
Minimizing the risk: For projects in high-risk fields such as public infrastructure or medical devices, optimizing for time interval can help reduce risk.
Exploring new opportunities: In uncertain environments, improving the speed of feedback can help you discover new opportunities.
In conclusion, it's critical to understand that moving fast isn't just about working at a high pace. Time interval can provide just as many benefits.
When deciding between market launch speed and precision speed, it's crucial to determine what your team currently needs to achieve.