Window shopping your data product (MVP) Part 1 of 2
When DMI.io approached Shore Group Associates several months ago and introduced us to the concept of their data marketplace, there was a perfect synergy for Shore Group to gain another lead generation channel for our data products. In essence Shore Group is a data management firm but we also have a few data products. We agreed to list one of our premier data products, a people dataset consisting of officers and directors at public companies globally; with additional layers of committee, director, audit, and compensation information. We signed up and listed within a few days.
A few weeks later the folks at DMI.io circled back to Shore Group and asked if we had any additional data products that we could list in the data marketplace since DMI was in the process of building data supply.
Shore Group actually had several other potential data products including ETF data, ecommerce data, and US rest stop and travel data but we hadn’t had the time to productize and package the data yet. We were in the process of throwing together a MVP (minimum viable product), but we still thought there was a fine line between “throwing something together” and creating a true MVP and we needed time to work that out. We were confident there was a ton of value in the data we had created, but we still needed to test the concept and figure out what customers really wanted before we invested more hard dollars into these new data products.
We also did not want to spend too long on a proof of concept and realize we wasted our time. Also we didn’t want to send out a product with data quality questions and risk the reputation that Shore Group Associates has built around our high standards around data quality. It’s part of our mission statement.
So I asked the folks at DMI.io if there was any way that we could list a data product in the data marketplace and tag it as non-buyable. This would be a great way for Shore Group to leverage the buyer/seller ecosystem of the marketplace for market research, lead generation, customer behavior, and general interest in the product set. All things that we would have to do at some point anyway and best of all at no cost to us.
DMI.io was very engaged in the concept and we decided to take some time for DMI to evaluate the functionality on their platform and pick the conversation up in another week or so.
After the conversation, the idea of listing a non-buyable data set began to grow in my head. It’s just like window shopping consumer products.
Nike does it all the time.
A new sneaker is put in the window of a sneaker store sometimes weeks before it is available to the public. Part of this logic is to gauge interest, complete market research, and to see how much hard dollar marketing will need to be done to make this a successful product launch.
It’s the classic marketing plan of “COMING SOON”
Now imagine that your data product and you could use a data marketplace to gauge interest, measure market research, and get customer feedback/thoughts before you had to invest any of your marketing dollars/efforts.
We reconvened our conversation and DMI.io implemented a feature into the data marketplace that supports a non-buyable data listing and I decided to write this blog as Shore Group is about to list 3–4 more data listings on DMI.io
The take away from this is if you have a data product or might have a data product that you want to test in the market you should check out DMI.io
I’d love to hear your feedback as well @disruptivepm