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This article was originally written for and published in MarTech Cube.
Marketers today have an explosion of data to manage.
Customers shop on multiple platforms and want to be fully informed purchasers. They need access to product data where and when they want it, and expect consistency across platforms. Having and communicating accurate and timely product data is essential particularly in a B2B environment where data integrity is critical and a clear flow of information is needed to ensure product safety.
That’s where Product Information Management (PIM) comes in. PIM plays an important role in capturing your market.
The Role of Data in Product Information Management
The real value of leveraging PIM to capture a market hinges on its ability to serve as a comprehensive source of truth. This role extends far beyond simple data storage. To achieve this, it must be adept at integrating and organizing data from various sources, typically through system integration and using modern, integrated platforms. These new solutions often can eliminate the need for an additional middleware layer that once played a pivotal role in performing operations to convert technical data into customer-friendly information.
Let’s look at an example. In a Product Lifecycle Management (PLM) system you may have “Pantone 123” in your design or engineering system for a color for a particular product. However, you are not going to use “Pantone 123” as the color listed on the product for consumers to purchase. Instead, you’ll enrich that information with your PIM system to read “Fire Engine Red,” or something that will easily resonate with customers. Having the ability to transform that engineering color description into an enhanced customer description for marketers to use is essential.
This integration is particularly critical in industries where precision and data accuracy are essential, such as in the medical device field. In this industry, the accuracy of product information can directly impact patient safety, making it imperative that the PIM consolidates data effectively and maintains its integrity throughout the product lifecycle. In a sector like medical devices, where lives are on the line, the product data needs to be 100% accurate.
Moreover, the seamless integration between PLM systems, which manage product creation, and PIM systems, which handle the dissemination of marketing data, helps maintain a streamlined flow of information. This connectivity delivers immediate access to the latest, most accurate product information.
Harnessing the Three Pillars of PIM
By centralizing data, PIM systems serve as the single source of truth, significantly reducing the reliance on error-prone spreadsheets and disparate data sources.
This centralization simplifies data management and facilitates real-time updates, often by integrating seamlessly with other critical business systems such as Enterprise Resource Planning (ERP) and PLM.
PIM ensures that every piece of data is accurate, consistent, and up to date by consolidating all product information in one place. This is crucial for maintaining data integrity, which supports the quick and orderly distribution of information. Managing and synchronizing updates efficiently prevents common problems like version control issues and data discrepancies, which can significantly derail marketing efforts and customer trust.
PIM solutions must focus on three main functional areas: centralizing, enriching, and distributing data. Centralizing data within a PIM system helps consolidate all relevant information and digital assets in one repository, addressing common challenges such as asset exclusivity and regional restrictions. This ensures all team members have access to the same, up-to-date data, thereby reducing errors and improving consistency.
The enrichment phase transforms basic product data into engaging marketing content tailored for different channels. This process involves enhancing the descriptive elements of a product and includes integrating crucial metadata that specifies usage rights and compliance details. Enrichment is essential for creating appealing, customer-centric content that can drive engagement and sales. However, these systems must be user-friendly to ensure adoption by marketing teams who value intuitive and visually appealing interfaces.
Finally, the distribution capabilities of PIM are designed to efficiently dispatch this enriched product information to various sales and marketing channels. Effective distribution ensures that each channel receives accurate and compliant product information, whether adapting data to meet the specific needs of marketplaces like Amazon, or distributing content across key accounts and direct sales channels. This functionality supports timely and correct product listings, crucial for maximizing reach and minimizing compliance risks.
Businesses should always opt for a system that handles the intricacies of e-commerce and adapts to the distribution needs of other critical channels. This holistic approach ensures efficient, compliant information management across the entire distribution network. A thorough evaluation of the system’s integration capabilities, especially with platforms like Salesforce, will ensure that you effectively enhance product information management processes within an organization’s existing technology ecosystem.
Capture and Serve Your Market Better
In embracing a PIM solution, the overarching objective is to leverage product information effectively to capture your market and grow your market share. It’s more than an upgrade from spreadsheets or homegrown solutions—it’s a move towards enhancing efficiency, increasing throughput, and reducing time to market.
Outdated approaches risk customer dissatisfaction and operational inefficiencies. By embracing a PIM solution, marketing teams can navigate market complexities with agility, mitigating potential issues and ensuring that their PIM system serves as a data repository and a catalyst for long-term growth.
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