Product Information Management (PIM) is a crucial step to enabling growth for businesses with a large number of products, think 50 or more, or just highly complex products. PIM is key to consistently delivering accurate information to your customers.
Whether your customers are finding you online, through a print ad, or through a friend, you need to make sure they are receiving accurate information about your product. This enables your sales team to know what information to deliver to your prospects to turn them into consistent, lifetime customers.
So, here’s a short guide going through what information you should have in your PIM to ensure consistent, accurate information.
Step #1: Technical Data
The first step to getting your PIM software off the ground is inputting all of the technical data about your products. This should be the first step, because most other information will rely on the technical data of your products. This will also make a big impact on your organization, because you need to be delivering accurate technical information to avoid chargebacks and to accurately describe your products in advertising.
Step #2: Legal Compliance
PIM can also incorporate any pieces of information you always need to include to maintain legal compliance. Without a PIM, eventually someone is going to make a mistake and not include the legalese you are required to incorporate into every advertisement you have. This could potentially result in expensive lawsuits and a massive loss of time. Having all of this information easily accessible in a PIM database will ensure this never happens.
Step #3: Digital Assets
This is really where a PIM software differentiates itself from simply using an Excel spreadsheet. You can organize all of your digital assets to be attached to specific products. You will never go to release a campaign without ensuring you have the most up to date photos of your product. This also will drastically reduce errors like having a picture of the wrong colored product, or showing a product in a color that isn’t offered.
Step #4: Master Data Management (MDM)
You can also incorporate all of your PIM data directly into your MDM with most PIM software. This ensures all of your datasets are accurate and coordinated. The last thing you want when you’re just about to release an advertising campaign is to realize you were using the wrong data the entire time. By having your PIM and MDM speaking to each other, you will never have to worry about this issue.
Step #5: Consumer Data
Most PIM softwares these days also allow you to store consumer data into the software. This makes it really easy for your sales team to look up exactly what information was relayed to a prospect and what portions of that information made the prospect take action. By having this information easily accessible to your sales team, they will know exactly what pain points that prospect is looking to resolve with your product, allowing your sales team to operate at peak efficiency.