So, you’ve decided you want to unlock growth through better product experiences. How do you start? We’ve got just the thing. Welcome to our series about developing the profession of PXM at your company. In this edition, we’re teaching you to Spread the Word: 3 Steps to ensuring your organization understands the importance of PXM.
They say it takes a village to raise a child. Well, you could say the same when it comes to building a best-in-class Product Experience Management (PXM) practice.
Bringing together the right PIM team is the crucial first step for any successful PXM project, because implementing a Product Information Management (PIM) solution is a wide-ranging process that involves a wide swath of your organization. That means it’s critical to identify the key stakeholders and decision-makers in your organization early in the implementation process and help them understand the potential benefits of implementing PIM.
To help you garner support for PXM across your organization and become an evangelist for the power and potential of great product experiences, we’ve collected three tips to help you ensure your organization understands the value it can bring.
Read on to arm yourself with our tips for proclaiming the good word of PXM, then go out there and spread the word!
Emphasize Return on Investment
Improved process efficiency, a more manageable workload, and fewer manual tasks through automation are all good things that are made possible by a robust PIM. Decision-makers and executives, however, are typically more convinced by its impact on the bottom line.
They want to know how much the solution will cost, as well as what benefits the company could see if they do make this strategic investment. Namely, they need to understand the ROI, or return on investment, this solution holds. So, spread the word about the ROI of PIM by tracking key performance indicators, from improved conversion rates, reduced returns, lower enrichment costs, and even increases in average order volume.
Point to examples like Midland Scientific, a scientific instruments and lab equipment manufacturer, and an Akeneo customer. They were able to reduce the cost of product enrichment by 5 times — from $5/SKU to $1 SKU — and accelerate product catalog production speed by 50% after using Akeneo PIM to take control of their product information processes.
Reflect on the cost of bad product experiences
Product Experience Management is the foundation of all great customer experiences — and product data is the stone that makes up that foundation. High-quality product information will ensure that your customers have great product experiences. Meanwhile, poor product experiences are often the result of inaccurate, inconsistent, or incomplete product data, bad digital assets, or poorly contextualized data.
These product information issues can reduce conversion rates, increase product return rates, negatively impact satisfaction with your brand, and reduce the likelihood of them shopping with you again. So, to spread the word about PXM, make sure your team realizes and remembers that your customers will remember bad product experiences. On the flip-side, they will become loyal shoppers of merchants who go out of their way to provide positive, compelling product experiences.
Take, for example, Akeneo customer Turner Price. The foodservice wholesaler, originally looked to Akeneo PIM to ensure that ingredients and allergen information is 100% accurate, correcting old and outdated information. Fellow Akeneo users Rural King meanwhile used Akeneo PIM as part of its buy online pick-up in-store (BOPIS) offer. By being able to efficiently collect and enrich the right product data to support the program, Rural King’s BOPIS program resulted in an increase in online sales as well as in-store foot traffic.
Focus on what matters
The way an organization manages its product information is critical to business outcomes and its overall success. That means your team must focus on the effective management of your product information, even after you’ve initially spread the word about the importance of PXM.
Continue to emphasize the need to move from merely displaying product data across your channels to crafting product experiences that evoke emotion. Achieving real product experience management maturity is a crucial asset to driving growth.
You can also show them examples of brands and retailers who have used Akeneo PIM and PXM to improve their product experience and seen real growth as a result. Made.com, for instance, has attracted attention and acclaim for using Akeneo PIM to make information about brand values the centerpiece of their brand strategy. Other customers, such as motorsports parts seller Pierce, have revolutionized the way they use digital assets such as images and videos, and improved the translation and localization processes, leading to increased revenue and lowered enrichment costs.
Documenting and tracking your key KPIs are key to understanding the benefits from PXM and an investment in a PIM solution. But getting buy-in from your teams is equally important — that way, the technology is properly implemented and employed to drive your internal processes. Using the ideas listed here to evangelize the profession of PXM and the kind of results your enterprise can see will go a long way to help ensure adoption and success in your PXM journey!