What Is Experience Management Platform?

Customer experience remains a top priority for consumers and businesses. However, more consumers are returning to physical stores in search of better pricing than can be found online. For manufacturers, that means providing exceptional product experiences virtually and in person.

Manufacturers often struggle to create meaningful product experiences because they operate in multiple markets. They may sell finished goods to retailers or components to other businesses. Some companies may offer products designed for the direct-to-consumer market. Each channel demands a different product experience. Maintaining effective experiences at every touchpoint across multiple product lines and delivery channels can be expensive and time-consuming.

Using experience management tools can help reduce the time and resources needed to build engaging customer experiences. For example, buyers have expectations as they look for products. If they cannot determine whether the product meets their minimal requirements, buyers move to another brand. Few will spend time searching for information that is not readily available. With a product experience management (PXM) solution, manufacturers can ensure that the right information is available at the right point in a customer's product journey.

What Is Experience Management?

Product experience management focuses on a customer's product interactions from awareness through long-term use. These touch points may be virtual or in-person. Customers may want to read about return policies before buying online. They may want to look at assembly instructions before taking a table and chairs home.

Accurate and consistent information is crucial to a well-designed product experience. For example, consumers find a table and chairs on a retailer's website. They look at the assembly instructions before arriving at the store to pick up the item. When they arrive home, they find the instructions are more complicated and do not match the online directions. They are frustrated by the inconsistency and disappointed the assembly process isn’t as easy as they expected.

Experience management software can eliminate conflicting information. By placing product information in a central repository, the software creates a single source of truth. All information is pulled from the shared repository of curated data. Reliable product information is just one feature of an experience management platform.

What Is an Experience Management Platform?

A product experience management platform (PXM) is a third-party software solution that allows users to deliver product-related experiences to their customers. It combines tools to optimize, standardize, and distribute digital assets. A PXM solution includes the following tools:

• Product Information Management (PIM) software that centralizes the management of product data.

• Digital Asset Management (DAM) solution that stores and manages digital data such as documents, videos, and images.

Some experience management platforms include digital experience tools. Lumavate's digital experience platform (DXP) is designed for non-technical users. Instead of waiting for developers to code specific product experiences, marketing can pull data from Lumavate’s PIM or DAM to create customized experiences.

What Is an Example of Experience Management?

Product experience strategies rely on experience platforms to deliver one-of-a-kind engagements. They can deliver memorable experiences for product interactions such as product catalogs, websites, and customer onboarding.

Product Catalogs

Digital product catalogs, unlike printed ones, are designed to allow marketers to quickly update information. They can be searchable to make it easier to locate specific products. Complimentary products can be tagged for upselling opportunities. Product experience management platforms can also be used to create copy for printed materials.

QR Codes

Quick response (QR) codes are another product experience tool. The small black-and-white squares contain encoded data arranged in a larger square for scanning. The QR code displays a link that a customer can use to register a product or access documentation.

Websites

Online catalogs are not the only product information that should appear on a website. Product descriptions, specifications, and replacement parts change over time. If information is not updated, customers may attempt to purchase a replacement part that is no longer available.

Trade Shows

Companies use trade shows to introduce new products. The industry events have become the first product-experience touchpoint. However, trade show traffic is often restricted to specific times, making for highly congested exhibit halls. Brands can create digital product literature that can be accessed by scanning a QR code. This approach allows attendees to get the information they need at their convenience.

Onboarding

Part of employee onboarding is learning about a company's products or services. Providing an engaging and informative product experience helps new hires retain product information. Using the text and digital assets stored in experience management software allows human resources to develop training materials.

What Is the Best Experience Management Software?

Mordor Intelligence estimates the digital experience platform market to reach $14.08 billion in 2024 with an expected growth of 13.48 percent (CAGR) through 2029. The market value is projected to reach $26.5 billion by 2029. The rapid growth means more solutions will hit the market.

Companies such as Salsify, Pimcore, or Catsy may position their solutions as PIMs with DAM capabilities or PXM software. However, they may lack the digital experience functionality that Lumavate has. Without the ability to create, update, and distribute product information, organizations cannot build engaging product experiences.

Lumavate's platform offers a comprehensive solution that:

• Centralizes product information

• Manages digital assets

• Builds digital product experiences

• Builds forms

• Creates and distributes tailored text messages

Its product experience platform not only delivers a full range of functionality, but it is also up to 75 percent more cost-effective. Designed for non-technical users, the platform ensures a faster-to-market rate of product data. Onboarding can be accomplished in a day.

What Is a Digital Experience Platform?

A digital experience platform (DXP) is a suite of technologies that allows users to create and manage digital experiences. Many DXPs provide the tools to build the customer-facing design of web-based information but require technical expertise to connect the front-end to back-end processing.

DXP software uses content management software to allow users to create, manage, and reuse content. Some solutions include digital asset management capabilities for more comprehensive functionality.

Lumavate's robust DXP solution allows non-technical personnel to drag and drop digital assets and text, eliminating the need for programming expertise. It includes the following features:

• Manage text and digital content

• Deliver consistent information across all digital channels

• Control user access and versioning

• Have no-code or low-code capabilities

• Offer third-party integration

When paired with a full-featured PIM and DAM, a DXP can collect data to be used to gain insights into product experiences that can increase engagement.

Lumavate's PXM platform combines the benefits of PIM, DAM, and DXP to deliver exceptional product experiences seamlessly across multiple channels. The all-in-one solution enables organizations of all sizes to create personalized experiences at every touchpoint in a customer's product journey. See for yourself how Lumavate can elevate your product experiences. Contact Lumavate to schedule a free demo.