The evolution of product information management (PIM) is a long one, but innovations in recent years have expanded on the PIM of 20 years ago. The result? Product experience management (PXM). A solution created for today’s complex, multi-channel environment. How much do you know about modern PXM? Are there PXM misconceptions keeping you from taking the plunge with a PXM solution?
Product experience management as we know it today provides a single source of truth where your team can manage data, content, digital assets, and other materials. PXM enables you to produce persuasive product stories for customers no matter where they shop. Today’s consumer expects error-free, informative product experiences, and your company needs to be equipped to deliver.
Let’s address some of the most common product information management misconceptions to find out if they hold water or are keeping you from selling more, faster, on even more channels.
Misconception #1: Only big companies benefit from a PXM solution.
Fact: Company size doesn’t matter—any company with “complexity” will benefit from a PXM solution.
Let’s define “complexity” as it relates to managing product information. Complexity could look different for every company, but often comes because of:
- Selling on multiple channels
- Handling a moderate to large number of SKUs
- Selling in multiple regions and languages
Most omnichannel businesses would reap the benefits of PXM. It reduces manual tasks, human error, and other challenges that come with entering product data. In fact, businesses that want to better connect sales and marketing teams need a PXM system to allow the right people to upload, update, and modify product information QUICKLY.
PXM systems eliminate repetitive tasks, errors, and delays that keep you from getting a complete product story in front of your customers! What company would not benefit from that?
Misconception #2: PXM solutions are for the IT team, not the business team.
Fact: PXM solutions should be used by sales, e-commerce / product, and marketing teams.
If you haven’t had proper exposure to product experience management solutions, they can be intimidating. They handle massive amounts of data and perform a wide variety of functions—many assume that these systems are complicated to use. Not true! PXM primarily serves marketing, sales, and merchandising departments.
The right solution creates a better “day in the life” for any end user, regardless of their level of technical expertise. For example, PXM solutions give marketing easy access to the data and tools they need to create detailed product stories that drive sales, improve customer satisfaction, and foster brand loyalty.
Misconception #3: When implementing a PXM solution, you can “set it and forget it.”
Fact: PXM solutions require continual attention.
There will be a period of initial implementation followed by hyper support from your solutions provider. They will set your company up for success at the time of implementation, but your digital strategy will evolve and your PXM should support new strategic focus and objectives.
To maximize your investment in one of these solutions, you will want to continually monitor and manage how your team uses it and how it serves your company. As you sell on new channels, manage new kinds of digital assets, and more, you will need process management and precise governance.
Misconception #4: If you use PXM, PIM, PLM, PCM, MDM, or any data management software you will get the same results.
Fact: PXM offers unique benefits compared to other data management software.
Although Product Information Management (PIM), Product Lifecycle Management (PLM), Product Content Management (PCM), Master Data Management (MDM), and Product Experience Management (PXM) all fall under the umbrella of data management, they serve different purposes. They can be used as standalone solutions or combined depending on your goals.
Product Lifecycle Management (PLM) provides visibility into the entire lifecycle of a product, all the way from idea conception to disposal of unsold products. PXM zeroes in on current information about products.
Product Content Management (PCM) mainly focuses on enriching data. It allows you to add or delete product descriptions, add images and attributes, and classify products. PXM goes further than just enrichment to improve data quality, aggregate data, and syndicate to websites and marketplaces.
Master Data Management (MDM) is a solution designed to provide accurate, consistent information to everyone across your organization. MDM systems can address a wide scope of objectives, systems, and departments. PXM focuses on product data to deliver value to marketing and sales teams; they are faster to implement, need fewer resources, and quicker to deliver business value.
Misconception #5: PXM solutions are expensive and not worth the investment.
Fact: PXM delivers a huge ROI (Return on investment).
A lack of efficient product information management results in costly challenges, including:
- Time-consuming data management
- Product data errors
- Manual syndication
- Bland product descriptions to prevent conversions
- Absence of rich product experience
- Reduced searchability / SEO (Search Engine Optimization)
- Increased returns
PXM systems meet these obstacles head on and offer efficient solutions that add value:
- Accelerated speed to market (increased number of selling days)
- Reduced returns
- Increased productivity (data governance to eliminate manual errors)
- Higher conversion rates (better product stories to facilitate the buying process)
- Improved data quality
- Improved customer experience
Misconception #6: PXM solutions only manage product content.
Fact: PXM solutions enhance the quality of product content.
As the name—product experience management—implies, the solution indeed manages product content. Much more than this, effective systems create rich, compelling content that stands out from supplier-provided descriptions.
PXM solutions let you define specific rules to ensure that only complete, accurate information paired with pictures and videos are syndicated. Detailed, consistent product information resonates with consumers and results in purchases that stick!
Misconception #7: PXM solutions create a disconnect between teams.
Fact: PXM solutions create more efficient teamwork.
PXM improves collaboration, communication, and results within your company and beyond. Among internal teams and external vendors / suppliers, it…
- Synchronizes efforts from sales, production, and marketing
- Prevents miscommunications, mistakes in handling data, and repetitive tasks
- Coordinates work from contributors regardless of location via the cloud
- Ensures everyone has access to the same data
- Guarantees that correct, current data is shared with the whole supply chain
Digital Wave Technology’s AI-Powered PXM
Digital Wave Technology’s AI-Powered PXM offers all the benefits and features mentioned above, and more. It is the only PXM on the market with enterprise generative AI built directly into its platform, making it easy to delight consumers, accelerate speed to market, increase conversions, expand distribution, and create a better “day in the life” for your team.
Once you implement an AI-powered PXM, you will never be able to go back! Get in touch with Digital Wave to learn more about our solution and how it can benefit your company.