What Does PXM Mean?

What Does PXM Mean?

PXM stands for product experience management, and it's defined as the delivery of a compelling and accurate product experience. All companies, even the ones with limited product SKUs, can benefit from PXM because it ensures all product-related content is thorough and up-to-date. The best product experience management will also need to account for the context in which each product is being considered.

There are numerous product experience examples to learn from, but they all come down to tailoring the content based on the scenario. So let's say you have a buyer who is walking through the aisles of a brick-and-mortar store, and they have questions about which product to purchase. If they were to look up the products on their mobile phone, the information displayed should be tailored to the mobile experience, however, the product specifications should be consistent with what is printed on the packaging. Consumer confidence is built on consistency.

With the right PXM software, you can build multiple contingencies based on the outcome you're looking for. To make the most of it, manufacturers are encouraged to take the following steps:

• Define who will be researching the product information and what they're looking for at the time they access it. An engineer will have very different expectations than an office manager.

• Define how the customer will be accessing the information and how that information should be displayed at the time of engagement

• Define why they need the information so you can design ways to develop a better experience each and every time. This is part of a brand’s customer engagement strategy Creating delightful product experiences that provide relevant information wins customer loyalty, which translates into repeat business.

PXM is a part of the customer experience. When a majority of customer interactions are deeply tied to the products that a brand offers, the goal is to provide everyone with a tailored experience that will make their buying journey as seamless as possible.

What Are the Benefits of PXM?

PXM solutions vary based on the software provider, though most products on the market typically offer the following perks to improve a company's product experience strategy:

• User-friendly: The vast majority allow manufacturers to update and manage their products without IT assistance of any kind.

• Brand Consistency: PXM can solve a lot of the disjointed messaging you may be sending customers by ensuring that all product experiences (e.g., demos, instructions, etc.) are brand-approved digital assets.

• Accuracy: This benefit is one of the top draws for any PXM solution. You can pull together all information for a product and place it in a centralized location. Every time that product information is accessed, you can be sure that employees are using the most up-to-date information, which in turn means customers only see accurate product information

• Customer Experience: With PXM software, manufacturers can build loyalty one transaction at a time. PXM asks manufacturers to understand where customers are in their buying journey, so they're not inadvertently rushing or stalling a buyer's natural progress.

• Shorter Time-to-market: When it's easy to update the software, it can shorten the time you need to offer new or improved products to your customer base.

• Better Collaboration: When your sales, marketing, and accounting departments all have different ideas about the products you offer, a central software solution makes it easier for teams to collaborate. Authorized employees can update product records at any time. If you choose a software solution like Lumavate, these updates will automatically trigger further updates across all related digital experiences.

• Data-driven Digital Experiences: Real-time product information gives your customers all of the information they need to know, regardless of how they find it. This removes the odds of miscommunication (and can cut back on a lot of unnecessary questions on the customer's end).

• Increased Sales: The best PXM software will drive more conversion with the help of data and promote related products based on the customer's past purchases and future needs.

What Is a PXM Platform?

A PXM platform is a third-party solution that often includes both Product Information Management (PIM) and Digital Asset Management (DAM). These two terms delineate the type of information you're working with. A PIM solution makes it possible to manage and store data about the product, while the DAM functionality allows you to manage and keep all digital assets related to the product. DAM can include anything from documents to photos to videos of the product.

If you need a particularly user-friendly platform, the best PXM software companies typically include a Digital Experience Platform (DXP). This tool allows you to further streamline all digital experiences for the customer without having to code. When marketers are often expected to present information for a variety of use cases, whether it's a website or an event, they can use the DXP to automatically fill in the relevant assets from both the PIM and DAM so the team can tailor the information to each use-case.

What Is the Difference Between PXM and PIM?

If you're comparing PXM vs PIM, you should know that both are designed to help companies centralize data for each product. The difference is the scope of the functionality. With PIM, you'll be able to store some of the relevant data about each product, but this may not include photos of the product, videos showing how to use it, or detailed user instructions. PXM expands the capability of your production management, allowing you to gather all relevant data and store it in a way that everyone can easily find.

The right product experience strategy needs to account for more than just the basic dimensions and functionality of each product. Customers today expect more from the buyer's journey, particularly when they know what's possible when companies invest in the right technology. It's important to remember, though, that not all PXM software is the same. Some companies will offer capabilities while failing to mention that they're relying on third-party services to provide them. If you're looking for a cost-effective solution that works, it's important to choose a company that's as transparent as they are reputable.