With the rise of customer demands for more convenience, companies are forced to deliver more trusted information to their marketing team. By doing so, marketers can share that information in diverse digital channels to gain customer trust and loyalty. Brands are moving towards delivering personalized customer experiences by utilizing the power of omnichannel marketing.
This paved the way for introducing a centralized PIM solution to streamline product-related information across multiple channels. Here in this article, you can find how a PIM system plays a vital role in creating an efficient marketing strategy in brief.
Objectives of PIM
PIM (Product Information Management) is a disruptive technology that delivers rapid growth to all businesses, especially those involved in retail sectors. The objective of a PIM system is to support the business process and streamline the system workflow. Also, it integrates all the systems and enriches the product information.
Let’s discuss how does a PIM work?
A product information management system collects product data from multiple sources or systems and stores it in a centralized database. The enrichment process of the product data includes the addition of valuable product details which are required by a customer to purchase or hire a service provided by a business.
Now, the next billion-dollar question would be, who uses PIM System?
Well, marketers enjoy the majority of the benefits offered by the PIM solution. In addition, the CMO & Sales unit uses the data provided by a PIM system and helps the product reach the market much faster. Also, the cloud-native PIM technology plays a huge role in reducing the infrastructure cost for management and helps to handle the business growth effectively.
Why is the PIM Solution Mandatory for Creating a Marketing Strategy?
Having an effective marketing strategy has become inevitable for modern businesses to sustain in today’s heavy competition. Here are the potential benefits offered by the PIM solution that solidifies the marketing strategy of a business, take a look.
1. Streamlines Digital & Media Assets:
Product digital & media assets need to be well-managed to drive the attention of potential buyers. Assets like images, videos and documents which are related to the products should be enriched and shared across multiple channels to attract audiences. The centralized data storage system provided by the product information management system helps enterprises to enrich the product data assets.
In addition to the enrichment process, the PIM system helps enterprises to determine how those product digital assets need to be shared across various channels. This includes file formats, file size, file type, and so according to the desires of a particular channel. The most notable thing is that the PIM solution automates the publishing process of the product data across the channels.
2. Speed Up OmniChannel Publishing Process:
The proliferation of the channels has forced enterprises to face a lot of difficulties in managing the product content and business data across multiple channels. With the implementation of an efficient PIM system, enterprises can easily manage the digital assets of the product across various customer touch points.
The centralized data repository provided by the PIM system eases the publication process through automation. Also, the PIM system follows all the data requirements and data governance rules set by the output channels.
3. Complete Solution To Manage Product Content Growth
It becomes essential for enterprises to have a centralized data repository to manage the growth of product catalogues across multiple suppliers and sales channels. The centralized data repository can be useful to store product SKUs, product descriptions, product digital assets, product pricing details and so. PIM solution offers a centralized data repository to organize and enhance the product details.
Apart from just offering a data repository, the PIM solution helps enterprises to update and share the stored product information among the retailers and distributing partners.
4. Helps Enterprises To Share Relevant Data To Partners
PIM systems act as a comprehensive data management solution that ensures the collected product data are accurate and complete before sharing with multiple downstream partners. In addition, the PIM solution helps enterprises to share the product data and product digital assets in desired formats and rules set by the individual customer touchpoints.
In general, the data which are collected by the PIM system would be siloed systems like ERP or MDM which may cause potential harm to the data quality. However, the data enhancement feature of PIM gets rid of those hassles by improving the data quality and distributing them to downstream partners to streamline the supply chain process.
5. Contextualization of Product Information
To succeed in today’s business world, enterprises need to cover different markets which require product information in different versions. A PIM system helps enterprises to create multiple versions of product information or assets in different formats suitable for Omni-channel marketing.
The contextualization of product information carried by a PIM is based on market, channels, or customer segments. More importantly, the contextualization process of PIM will not duplicate product data.
6. Eliminate Human Errors & Improves Business Operation
The PIM system acts as a single source of truth while managing the product data across the systems of an enterprise. This allows businesses to reduce the time for checking errors manually and to focus more on improving the sales ratio. Moreover, the automated data publishing process of the PIM implementation eliminates the possibility of human errors and improves data accuracy and relevance.
Apart from that, product information management offers a unified view of the product assets by translating them to the desired formats of the respective customer channels. This also helps marketers to avoid spending a lot on product data to create effective marketing campaigns to attract the targeted overseas audiences.
PIM is the ideal solution for marketers to be more creative and innovative in creating an efficient marketing strategy. PIM solution empowers the marketing team by introducing automation and avoiding them from spending a lot of time working on product data.
Despite providing a better customer experience (CX) by addressing all the growing demands of modern customers, PIM paves a strong foundation for creative and innovative marketing processing in future.