7 Business Problems You Can Solve Right Now With a PIM
Businesses are constantly looking for opportunities to improve. They need solutions for the problems holding them back.
Will a new marketing tactic deliver a few more customers? Will a more efficient business process increase productivity, or a change in business supplies reduce costs? Will buying new software or implementing a new system help get more product out the door?
Every improvement eliminates a problem, delivers higher profit, gains potentially more market share, and strengthens the company.
For any company that is selling a product over ecommerce or through channel partners, a Product Information Management (PIM) system can eliminate problems and deliver solutions. With the right implementation and system, it can boost sales and improve efficiency.
What Is a PIM?
A PIM is a system or software for managing the sales, marketing, and product information necessary to sell a product.
It provides a central platform or repository for the data and digital assets connected to the product. The manufacturer or business that creates the product will store relevant information in the PIM, then the businesses, channel partners, or ecommerce platforms that sell the product connect to and integrate with the platform to receive the information. That cycle of inputting new data and it being received by the partners happens in real time, providing agility and efficiency to your sales and marketing.
The business that produces the product manages product information from a central location, the PIM. The seller tasked with selling the product then pulls information the PIM. All parties that use the data know, with confidence, that the information in the PIM is the latest, most accurate, and most relevant.
Benefits of a PIM for Business and Ecommerce
For any business selling a product, a PIM delivers immediate and powerful solutions and benefits. It directly addresses many of the problems that can limit sales or impact market reach and profitability.
Improve Online Sales
You can easily optimize your product information to improve online sales. Categorize your product to make it easier to find. Create hierarchies in the data to improve cross selling. Add critical information about the product that can boost sales and increase conversions.
Better Support Channel Partner Marketing
Ensure that every channel partner is utilizing the best marketing assets. Provide them with the latest product updates, let them pick and choose from your best content, whether it is a video, a PDF, or product imagery. If they need custom information, you can segment the data in the PIM to ensure that individuals or markets have everything they need to streamline sales.
Improve Your SEO and Search Ranking
Consistent content and messaging will improve SEO and search ranking for your product as you present a coherent information profile on search engines. By using the PIM to provide strategic content and copy about your product to channel partners, you drive consistency. Ensure you incorporate an SEO strategy in your content to increase product search ranking.
Reduce Costs and Improve Internal Efficiency
Managing a new product launch can be time- and resource-consuming. It can also be inefficient, as your marketing and sales team juggles multiple, repetitious requests for information and material. With a PIM, your team can add updates and answers, knowing that those will reach all the channel partners using the system. It streamlines and reduces friction for every request. It’s easier and more efficient.
Improve the Customer Experience
Customers researching a product want consistent, accurate information. With the PIM, you can enrich the product data that channel partners and ecommerce platforms use. Simplify the data, so the customer reviews only the most accurate and relevant information. Link additional information, including user guides, videos, and instruction manuals. Link the PIM to your digital experience platforms to improve conversions with every customer interaction.
Reduce Regulatory and Compliance Issues
Global regulatory rules are constantly changing, putting sales at risk and creating roadblocks that can shut down markets. Manage the regulations and compliance guidance in the PIM. Then add required validations and update approvals to manage regulations more easily and efficiently.
Reduce Returns and Improve Customer Service
A PIM improves what a customer knows about your product. Eliminate confusion that can happen with vague product descriptions or inaccurate data so the customer knows and understands your product, reducing returns. This will not only reduce customer confusion but help build trust between your products and business and the customer. By ensuring accurate and relevant product information is linked to the product, you can reduce customer service calls and questions.
A Faster Path to Improved Business Outcomes
While we’ve covered some of the most immediate benefits that companies adopting a PIM will see, there are others. Depending on the products you sell and the market you target, there are other ways to leverage the PIM to increase sales, operate more efficiently, or reach more customers.
But recognizing the benefits of a PIM is only one step. You still need to start using it, and that can be scary. Adapting your current processes to utilize a new system like a PIM may seem daunting at first, but there are simple strategies you can use to streamline the process and see a rapid ROI.
Start by working with a trusted consultant who has the experience and expertise in leveraging a PIM for your operations and business goals. They can build the strategies and tools you need to solve the problems holding you back.
Questions? Contact Nishtech to discuss your goals. Let’s build a strategy for you.