Definition
Time to value (TTV) is the time between a person signing up and getting their first real benefit from the product, the same moment that activation measures.
Formula
TTV = time of the first value action − time of sign-up, reported as a median across a cohort.
Why it matters
The longer it takes, the more people give up before they see the point. Shortening it is usually the most effective onboarding work.
How to measure it
Build a funnel from sign-up to the value action and read the time to convert. Look at the slowest users' timelines to see what held them up.