Product Information Examples

What Is Product Information?

Product information encompasses all the details that describe and differentiate a product within the marketplace. It includes all information that defines what the product is, what it does, and why it matters to potential buyers.

This includes technical specifications, features, benefits, usage instructions, pricing, and availability. The information is stored for stakeholders to access at a future time. Marketing teams, customer service teams, sales teams, and even financial departments rely on product information to effectively promote, sell, and support a product.

Product information is crucial in helping consumers make informed decisions about which products best suit their needs. It provides transparency and builds trust between the company and its customers. Accurate and thorough product information also helps minimize customer inquiries, returns, and complaints.

Ideally, you want your product information accessible by the entire organization. To do so effectively, a product information management (PIM) system is required to gather and organize all data under one location. This central repository becomes the single source of truth for the organization, enabling various departments to access and use up-to-date product information as needed.

What Is a Product Information Management?

Product information management, or PIM, involves handling data, content, and materials that are essential to market, sell, and service products across various channels and platforms. Every step of the product life cycle process is organized and managed efficiently, from inception to post-sale support.

Technical specifications, usage guidelines, or customer reviews are all considered product-related information and would be kept inside this management system. The benefits of a system go beyond simply providing a single source of product data. If you are wondering what is an example of a PIM, you can look to companies like Lumavate.

An effective product information system enables seamless access to up-to-date and consistent product details. Every stakeholder across the organization can deliver a reliable brand experience that promotes customer satisfaction.

Typically, marketing teams are in control of the product information system to ensure all data is maintained and reliable. The access to the data will be given to all stakeholders, however, only the marketing team will be able to control who can access and edit the data.

Main Goal of Product Information Management

It may be difficult at first to distinguish what is PIM good for? The main objective of a PIM is to centralize the storage and management of all product-related information in a single, accessible location. Here are some product information management system examples of what is included:

• SKUs

• Pricing

• Features

• Benefits

• Dimensions

• Functionality

• Product images

• How-to-videos

• Operator manuals

• Troubleshooting guides

While some PIM systems focus primarily on organizing and storing your information, advanced systems include functionality that lets you easily create digital assets. These premium software include a database for management as well as a built-in digital asset management.

Teams can take all the product information data and compile marketing assets, sales assets, or customer service assets within one platform. This eliminates the need for multiple third-party services that function independently.

Having all product information centralized in one location transforms the way organizations operate. It democratizes access to information, allowing employees across different departments to find accurate and up-to-date product details swiftly.

What Is a Product Information Management System?

Many marketers ask themselves "What is product information management software?" when deciding how to effectively run operations. Product Information Management (PIM) software is designed as a central hub for all types of product data, simplifying the way organizations store and manage details about their product offerings. You want the data system to be comprehensive and include everything from product descriptions and SKUs to pricing and features. It may also include your entire library of digital assets for marketing, sales, or customer service.

As long as your PIM system includes digital asset management functionality, anyone on your team can create assets without having a technical background. The integration of DAM within PIM systems enables businesses to not only consolidate their textual data but also effectively organize and manage their multimedia content.

One of the key strengths of a PIM system is its collaborative nature, which allows multiple users from different departments to login and update product data in real-time. Because stakeholders are working from the same source of data, digital assets become more reliable and discrepancies are less likely to occur.

Over time, your team becomes more efficient at collecting, organizing, and using product data. Marketing materials are more reliable and are easier to create and customers get a consistent digital experience. If you are wondering what is a PIM tool example, Lumavate offers functionality to help manage product data in one platform.

Who Uses PIM Software?

PIM software is a versatile tool primarily used by manufacturers, retailers, and distributors. Any company with a need to centralize and streamline its product data management could benefit from a PIM software tool.

Teams with a need for a PIM software tool typically experience difficulty managing product information in multiple systems or spreadsheets. Often, the product information will be stored across various channels and platforms, making it difficult for teams to maintain and update the data accurately.

In most organizations, the responsibility of overseeing the PIM solution often falls to the marketing team or the product management team. These teams deal directly with product information on a daily basis and create marketing and sales strategies centered around the data. Their role in producing narratives that resonate with target audiences are dependent on the product information available.

However, the utility of a PIM system extends beyond just these teams. Sales personnel leverage the detailed product information to tailor their sales pitches, customer support teams use it to address customer queries more effectively, and product management relies on it for insights into product performance and opportunities for improvement.

The PIM Competitive Landscape

There are many PIM software solutions to help businesses struggling to manage product information effectively. Plytix, Pimcore, Akeneo PIM, Salsify, Inriver, Catsy, Acquia PIM and Lumavate are just a few PIM software companies that enable organizations to store and manage their product data from one platform. While the core functionality of these platforms provide a centralized location for product data, some solutions go a step further by adding digital asset and digital experience capabilities.

Lumavate is a great answer to the question, "What is an example of PIM." Any stakeholder can take product data from the storage and create marketing brochures, landing pages, or sales presentations within the same platform. This eliminates the need to transfer data between multiple systems and helps ensure consistency across all customer touchpoints.

This multi-dimensional capability makes Lumavate a preferred choice when deciding which of the following is PIM software. Organizations can leverage Lumavate to launch marketing campaigns faster, produce highly targeted sales scripts, or build customized digital experiences for specific customer audiences.

While most PIM software examples are adept at helping organizations efficiently organize their product data, taking your PIM strategy to the next level demands a more sophisticated approach. The best PIM software like Lumavate stands out because it simplifies the product data organization and empowers teams to create digital assets directly from this information.

Is Shopify a PIM System?

It's easy to confuse a PIM for a CMS or eCommerce solution like Spotify. The renowned shopping platform does allow owners to store their product data like images, descriptions, and pricing into one location, which sounds similar to a PIM. However, while you can use Shopify to store product data, very few people in your organization will have access.

All the data in Shopify is used for your online store to use as leverage for more sales, click-throughs, and other key metrics. However, its capabilities in managing product information are not comprehensive when integrated with the broader needs of an organization. This is where a PIM solution becomes necessary.

A PIM solution stores product data as well as all product digital assets and is available to every department within the organization. This includes information that is not applicable to eCommerce stores including detailed specifications, additional product attributes, and various digital assets.

While Shopify is not a suitable replacement for a PIM solution, companies that employ both gain a competitive advantage. They can accurately and consistently use product data for every channel including eCommerce, print, digital marketing, and digital experiences. Overall, implementing a PIM solution like Lumavate helps businesses to improve their customer experience while streamlining internal processes.

Does Adobe Have a PIM Solution?

Adobe is renowned for its powerful suite of software programs that excel in creating sophisticated digital assets. Everything from graphic design to video editing is possible within its suite of PIM tools in market.

The tool enables companies to produce high-quality visual content that is essential for branding, marketing, and engaging with their audience online. However, it's important to note that Adobe does not offer a PIM system. This means that while Adobe is unmatched in digital asset creation, it falls short in managing and organizing product data.

Consider Adobe an incomplete solution for businesses looking to streamline their product information management processes.

PIM Costs

The cost of a PIM solution depends entirely on the brand and the functionality of the software. Generally, the diversity in PIM solutions on the market means that you can find a wide range of pricing structures. Some solutions opt for pricing based on the number of SKUs stored within the PIM. This solution is ideal if you need to scale operations and want software that can keep up.

Other solutions might determine pricing based on the frequency of product data usage or integration points. Your company should opt for this option if you have high levels of data throughput or require extensive integration with other business systems.

Lumavate has a unique pricing approach when compared with other competitors. The PXM platform starts at $499 a month which is typically about 75 percent more cost-effective than other solutions.

How Do I Choose a PIM?

To determine the best fit for your business, there are several key questions to ask yourself and the solution you are considering:

• What functionality do you need?

• What other systems do you need to integrate with?

• How will the product information be used?

• What type of budget is defined for this initiative?

• What is your timeline for implementing a solution?

Rather than focusing on one or two aspects of the digital product experience, Lumavate stands out because it offers a complete product experience management solution. Within this innovative platform, employees gain access to robust PIM capabilities, enabling them to unify all product information in one place. This foundational feature is complemented by DAM functionality, which provides a systematic approach to storing and organizing product-related digital assets, such as images and videos, ensuring they are easily accessible when needed.

Beyond traditional PIM and DAM functionalities, Lumavate takes product information management to the next level by incorporating a Digital Experience Platform (DXP). This feature empowers employees to create engaging digital product experiences swiftly, with minimal technical expertise required.

The addition of text messaging capabilities and a comprehensive form builder that seamlessly integrates with the company's system of record further enhances the platform's utility.

Often 75 percent more affordable than competitive solutions with lesser functionality, Lumavate provides unparalleled value. There are no other solutions on the market offering the same breadth of functionality with affordable pricing.

What Is the Difference Between PDM and PIM?

Unlike systems that focus solely on specific data types or operational areas, a Master Data Management (MDM) solution includes all information across an entire business. This may include data categories, customer information supplier data, product details, and others. Implementing an MDM solution is typically an enterprise-wide endeavor, demanding significant resources and time due to its comprehensive scope. Every touchpoint of the business must be included, organized, and maintained.

While MDM offers a broad-based approach to data management, Product Master Data Management focuses specifically on the centralized management of all product-related master data. This subset of MDM involves organizing and maintaining a coherent, up-to-date repository of product information that serves various functions within the organization.

Many companies opt for a PIM solution when their primary objective is to manage product data and related digital assets efficiently. The solution is easier to implement and is more applicable to marketing and sales teams.

Why You Need More Than a PIM

For manufacturers of physical products, a Product Information Management (PIM) solution is indispensable. However, the real value of a PIM system is fully realized only when centralized product information can be effortlessly shared and utilized across various platforms and materials.

Most PIM solutions don't offer built-in functionality that can utilize product data to strengthen websites, sales resources, or channel partners. Instead, companies are forced to use third-party services or require their customers to build their own integrations.

Lumavate integrates a Digital Experience Platform (DXP) that automatically connects with its PIM solution and Digital Asset Management (DAM) functionality. This integration empowers Lumavate users to create dynamic digital product experiences swiftly, pulling in all relevant product data and digital assets in real-time. The seamless integration between Lumavate’s PIM, DXP, and DAM functionalities offers a streamlined approach for companies looking to leverage their centralized product information across multiple channels and materials.

What Lumavate Offers

Lumavate stands out as the best of the top 10 PIM software tools in the product experience landscape because of its unparalleled functionality that combines PIM, DAM, and DXP software into one product experience management platform. You even get additional text messaging features, form builders, and more than 40 integrations with common business tools.

Whether you're aiming to create engaging digital content, send targeted communications, or collect vital customer data, you have all the product information management tools you need at your disposal. All of your product information and digital assets are located in one location and accessible the entire time. Your audiences can receive highly targeted text messages to encourage sales and you can collect all product registrations in one place.

There are no other platforms available that offer the extensive range of solutions found in Lumavate, especially when considering cost efficiency. Competing platforms may offer some similar functionalities but often at a higher price and with less comprehensiveness.

How to Get Started with Lumavate

Diving into the Lumavate platform is a straightforward process. You get to start with a 14-day trial for free PIM software to test out the added functionality and Lumavate's team is available to run through a complete demo before signing up.

Multiple subscription plans are available to fit your budget starting from $499 per month. Once you decide to proceed with a subscription, the onboarding process is initiated the same day and you can immediately implement and utilize the Lumavate Platform.

You don't need any technical experience to manage and use Lumavate. The platform demystifies the digital product experience management process, eliminating the need for extensive technical expertise or resources. However, if you do need additional support, Lumavate also provides professional services to help your team focus on operations and not learn new software.

Companies using Lumavate are launching digital product guides and campaigns within a few days of getting started. What begins with product guides quickly expands to enhance the company website, sales resources, event promotions, and beyond.