Product Information Management to Achieve Your Business Goals: How to Get Started

Are you responsible for increasing conversion rates and customer satisfaction, enhancing brand recognition, and boosting Customer Lifetime Value? Targeted content is crucial for these objectives.

In a previous article, we discussed the Content Value Chain (CvC) and its importance. We emphasized how a structured approach to content creation and management helps in consistently and efficiently achieving business goals. We highlighted Digital Asset Management (DAM) as a key technology for managing visual content. In this article, we focus on another essential technology within the CvC: Product Information Management (PIM).

The Role of PIM in Your Content Value Chain

A Product Information Management (PIM) system helps you centralize and efficiently manage all product-related information, including descriptions, specifications, and pricing. A well-integrated PIM system ensures that all information is consistent and accurate (‘single source of truth’) across both B2B and B2C environments. It facilitates easy combination and distribution of information across various (marketing) channels for both online and offline use, leading to an improved customer experience and faster time-to-market. PIM is also commonly used for broader applications, such as central logistics.

Advanced Marketing Applications of PIM

Beyond the general benefits mentioned, a well-integrated PIM system can serve as the foundation for a wide range of advanced marketing applications:

• Personalization of Marketing Campaigns: Utilize detailed and accurate product information to personalize marketing campaigns. Examples include personalized emails and dynamic content that adapts live to recognized customer needs.
• Omnichannel Marketing: Ensure consistent product information across all channels, essential for a successful omnichannel marketing strategy. This means customers receive the same product information whether they visit a physical store, website, mobile app, or social media platform.

• Improved SEO: Manage rich and detailed product information within a PIM system to strengthen SEO strategies. Detailed product descriptions, features, and technical specifications can enhance search engine visibility.
• Integration with Augmented Reality (AR): Use a PIM system as the basis for innovative technologies like AR, allowing customers to virtually visualize products in their own environment.
• Digital Shelf Analysis: Continuously analyze your ‘digital shelf’ with a PIM system to gain insights into customer behavior, product performance, and channel effectiveness, enabling quick interventions and optimizations.

AI and PIM

Artificial Intelligence (AI) increasingly optimizes PIM systems. AI can automate data entry and management, enhancing efficiency and reducing errors. It can analyze large datasets to uncover insights that are hard to discover manually. Additionally, AI can personalize product information based on customer behavior and preferences, improving the customer experience. PIM system providers are increasingly integrating AI into their products to support you.

Implementing PIM: What to Consider

When implementing a PIM system, consider these key aspects:

• Ensure high-quality and accurate data input.
• Implement processes for regular data review and updates to minimize errors.
• Integrate the PIM system seamlessly with other systems like ERP, e-commerce platforms, and DAM systems for efficiency.
• Ensure user-friendliness and provide adequate training for employees.
• Ensure scalability to match your ambitions and future growth, supporting future expansions and technological updates.

More Than Just a System

Effective PIM management requires attention beyond technology. Organizational structure, people, and processes play crucial roles. Define clear roles and responsibilities for PIM within your organization. Facilitate open communication between departments like IT, marketing, and sales for an integrated approach.

Assess whether your organization can handle a PIM project, as it requires multidisciplinary collaboration. If your company is accustomed to project mode with clear ownership and timelines, you’ll find it easier. Post-launch, maintaining and optimizing the PIM process demands discipline.

Think your organization is ready? Invest in training employees to use the PIM system effectively. Assign specific team members for PIM system management and optimization. Develop clear workflows for data entry, review, and publication, and establish guidelines for data governance to ensure data quality and integrity.

Back to Objectives and KPIs

The ultimate goal of implementing a PIM system is to achieve your marketing objectives and KPIs. Consistent and accurate product information improves customer satisfaction, increases conversion rates, and strengthens your brand. However, realize that it's more than just implementing a technology – your organization must embrace the change. With the right technology, well-trained people, and a well-thought-out strategy, you can fully harness the potential of your content and product information to achieve your business goals.

About the Author: Marco Fredriksen is Founding Partner and Digital Accelerator at FULL FORCE DIGITAL.

This article was originally published by Emerce.nl (in Dutch)