Today’s column is written by Marcus Tewksbury, global vice president for product strategy at Experian Marketing Services.
The MVP here is not a reference to Peyton Manning, the NFL’s five-time most valuable player. Rather, it is a reference to minimum viable product.
Minimum viable product is a strategy used for fast market testing of a product or feature to gain quantitative or qualitative feedback. As the name connotes, the strategy behind MVP is to put together the most basic offering to demonstrate a concept that is on target before heavily investing in time, energy and resources.
There is a lot of background noise in the industry, which tends to be very vendor-driven, around the need for more sources to feed hungry, big data solutions. While there is value in large data sets, marketers can deliver results faster, cheaper and easier by first focusing on MVP.