Key Takeaways:
- Winning ecommerce requires practicing Product Experience Management (PXM) which is customizing product information and their online presentation per target audience and/or channel.
- To effectively practice PXM, one needs to employ a product information management software (PIM), data asset manager (DAM), and a content syndication tool.
Shoppers expectations are continually evolving; customers are now shopping online in droves for everything from home furniture to groceries and essentials like toilet paper – many for the first time. The Digital Revolution is here, but if your company is still talking about PIM (product information management), you are likely to get left behind.
PIM is still important, but PXM is where your sights should be for an optimized customer experience going into 2021.
1. What is PXM?
PXM, or, Product Experience Management, is a loosely defined term describing how companies are leveraging their product data to create individualized experiences at the channel, or customer level. This allows companies to deliver tailored product experiences based on specialized, enriched content in a hyper-targeted way.
2. How does PXM fit with PIM?
By now you have certainly heard of PIM (Product Information Management) and likely have a PIM solution in your tech-stack or maybe have created a way to temporarily solve for a gap.
PIM is the system companies use to store and manage rich product marketing content. Beyond just storing and optimizing that content, PIM systems like Akeneo and Salsify help formalize and speed workflows, ensure content completeness and accuracy, and create normalcy in your data model.
PXM takes PIM data to the next level. Product Experience Management (PXM) is all about optimizing the customer experience by using product information and assets stored in PIM, but optimized for the specific channel, customer group, or product sub-set. It is the horsepower needed to cultivate an emotional connection between shoppers and your products, the magnet that attracts and turns a first-time customer into a brand loyalist.
3. How does PXM fit with Consumer Expectations?
Not only do customers seek out curated, custom buying experiences – they expect it. Customers demand to see the right information, for the right channel, at the right point in the purchase funnel. This applies to everything from tiny treasures like nail polish, to large investments like engagement rings.
PXM allows companies to connect with their customers in a way they never have before. Furthermore, they can utilize customer feedback to optimize customer buying experiences in real time – yielding increased sales, and increased excitement on various communication channels (hello free marketing on social media!).
4. What systems are needed for successful PXM?
There are three main systems needed to support a successful PXM strategy:
- 1. PIM – Product Information Management
The cornerstone repository system housing critical marketing information that should not go in your ERP. System solutions can range from proprietary custom programs to fully configurable licensed products. - 2. DAM – Data Asset Manager
System responsible for storing product assets like images, videos, CADs, PDFs, instruction manuals, even rendering blueprints for AR and VR experiences. - 3. Content Syndication Platform
Connection platform to move PIM and DAM info to various shopping or marketing channels for customer engagement (which is also a native feature of some PIM solutions).
5. How do I get started?
Do you have an idea of what your customers are looking for but don’t quite have the connections in place to move that data? How about a strong read on what you think your customers are looking for but need help validating browse patterns? Maybe you just have some great products, a couple of excel sheets, and know you need help but not sure where else to start.
Let us help you create a stronger, data-driven PXM connection with your customers in 2021 than the competition by leveraging the tools and insights you already have access to.
