What Is PIM Functionality?

Proper management of your product information can help you use this valuable data to its fullest potential. It will enable you to improve customer experiences to boost sales. It can encourage brand loyalty by showing customers you care about their needs even after making a sale. It can also jump-start a word-of-mouth marketing campaign and increase positive reviews of your business.

What Is the Main Goal of Product Information Management?

The main goal of product information management is to store all your product information in a single location. This location would act as a "source of truth" for your company as it would be continually updated to ensure 100 percent accuracy.

Product information is all information related to any product you sell. It includes SKUs, price, features, benefits, dimensions, and functionality. It also includes image files, product videos, how-to videos, operating manuals, assembly instructions, warranty information, etc.

Storing all your product information in a single, easily accessible location serves two purposes. First, it enables you to offer improved services to customers. You'll be able to provide accurate, up-to-date information at any time, which will improve your standard of customer service. Second, it enables your company to create engaging, accurate marketing materials such as flyers, product catalogs, and microsites without having to search through multiple file drawers and/or databases to find needed information.

What Does a PIM Solution Do?

A PIM solution is a program designed to house product data such as product descriptions, prices, features, benefits, dimensions, etc., in a single location. PIM programs that have Digital Asset Management (DAM) functionality allow you to store non-text content such as videos, images, manuals, and instructions along with text content.

Many PIM solutions also come with features and amenities to help you share relevant content with your customers. Most platforms can update product descriptions on e-commerce platforms when you update old products or offer new ones. Many will even offer custom product suggestions based on a website visitor's past interactions with your site and/or past purchases. Some can help you automatically bundle products for special sales. Others can support translated product descriptions. 

Even so, there is more to the full PIM meaning than setting up a software program to help you manage your product information.

What Is PIM Functionality?

Product information management capabilities vary depending on the platform you pick. Choosing PIM software with built-in DAM functionality is a must to keep all data related to a product stored in the same location. If you have a large product line, you'll likely want to pick a platform that allows unlimited product entries and has good search filters.

However, even the best PIM platforms need human guidance to enable your business to reach its full potential. Choosing the right PIM platform for your business is only a part of creating a good product information management strategy. Other aspects of managing your product information include:

• Quality Content. You need engaging product descriptions that will appeal to consumers who are most likely to buy your products. Updated descriptions should always be available in the PIM system.

• Content Targeting. Tailor content on your site and in your marketing materials to ensure it meets your audience's needs.

• Content Accessibility. Any employee who handles product information should have access to your PIM system. Accessibility ensures that your system remains up-to-date at all times. If your employees can't access the system to update or add information, they will likely log the data in another software program or write it down on paper. The result is an incomplete PIM record that could lead to mistakes and lost revenue.

• Content Governance. On one hand, you want to make sure employees can access the PIM when needed. At the same time, it's also important to make sure the information is secure at all times. Only authorized employees should be able to access your PIM platform. Choose strong passwords. Provide employees with cybersecurity training to lower the odds of a breach.

What Is an Example of a PIM?

There are plenty of PIM tools in market for your business to pick from. Some of the best-known PIM software examples include the Plytix PIM, Pimcore, Salsify, Catsy, Akeneo, and Lumavate. Each of these products offers product information management services along with digital asset management functionality. They also provide various features and amenities to help you create winning marketing campaigns and provide important information to your target audience.

Which is the best PIM software 2023? That is a question only you can answer. While some programs are arguably better than others, in most cases you'll need to look through what a program offers and see if it meets all your business needs before you sign on the dotted line. Even so, Lumavate stands out among PIM platforms for several reasons. One is that you do not need an IT technician to set up the platform before you start using it. Rather, you pick a price plan, pay for it, and then start moving your data onto the platform. Lumavate also offers not only PIM and DAM functionality but also a Digital Experience Platform (DXP). The DXP comes with an array of tools to help you promote your products and create great marketing materials quickly and easily. What's more, it's far more affordable than other PIM platforms. Even the basic platform does not put limits on product entries, storage space, and digital experiences.

Full PIM functionality means storing all product information in a single, accessible location. It also means creating a product information management strategy that will help you to share important information with potential customers and people who have already purchased your products. If you have a small or mid-sized company, you'll likely want to put someone in your company in charge of managing all product information and sharing it with other departments as needed. If you run a small business, the person in charge of product information management will likely handle many of the jobs related to the use of this information, including the creation of marketing materials. In either case, a good PIM software program can lessen your workload. It can ensure the accuracy of your online and offline marketing materials. It can also make it easy for you to share information with consumers.

Lumavate has a track record of meeting or even exceeding customer expectations. Schedule a free demo at your convenience to find out more about how it works and what it has to offer.