Product information: the new marketing P for the corporate market

Albert Heijn calls it the new marketing P, alongside staff, place, product, price and promotion. Thuiswinkel.org highlights missed sales of as much as 6% among companies that don't get their act together on product information.

Business customers compare products, are looking for a reliable partner and want to be assured of a good purchase. But what if a crucial feature is not displayed? Or worse, if it is not consistent across different sales channels? After all, a significant part of the budget is at stake; the stakes are high and so you want certainty.

In this three-step plan, we take you through managing product data through a PIM (Product Information Management) system. We cover the pitfalls, functionalities and the solution of a PIM system with the aim of increasing conversion and turnover for your business webshop.

Management of product data without a PIM system

Product data can be managed in different ways. Think of an ERP system such as Business Central, a CMS system such as Magento or spreadsheets in Excel. While these can be useful, they are not specifically designed for managing product information. This becomes evident when product information needs to be optimised for different sales channels. Take, for example, the differences between the webshop and Google Shopping. Here there is a difference in available space for a product description and the number of attributes. Do you use the features of Google Shopping? Or do you keep the webshop's descriptions, albeit shortened? A possible solution could be to work with different systems: the ERP system for offline sales, the CMS system for the web shop and spreadsheets for online marketplaces.

We see product data management becoming more complex and time-consuming as the number of sales channels, languages and ranges grows. More systems, different requirements and attributes. This results in a division of work across multiple departments. Although clear responsibility frameworks can be established, cooperation often proves challenging. This becomes even more complex as each department operates its own systems, processes and ways of working. Think of sales/marketing creating catchy product descriptions and suppliers providing product specifications. Do you divide tasks by category? Or do you split product data into different parts?

So far, we see product data being managed in separate systems, by multiple people, spread across different departments that all have their own way of working. Now imagine a product range with more than 20,000 products, 5+ different sales channels and 5 languages. It becomes clear that the risk of errors is high when product information needs to be changed, removed or added. 

The result: inconsistent product data, an unclear brand experience, confused customers, lower conversion rates and lost sales.

A central hub for product data management

You and your team may be looking for a solution to avoid errors, manage data efficiently and optimise collaboration. This, along with the ability to easily scale up if you want to expand to more countries or more sales channels. Correct product information can make the difference between a purchase and a mis-sale. Whether you call it the new marketing P or not, it is essential to harness its potential. A PIM system offers the ability to manage product data in a central place. Functionalities such as central storage of product data, workflows, approval processes and multichannel capabilities contribute to good collaboration, efficient product data management, reduced errors and a consistent brand experience.

The result: a higher conversion rate, greater reach and growth for the webshop.

We would like to take you through the possibilities and use of a PIM system. In part 2 of this series, we will take a closer look at the functionalities of a PIM system. Want to know more? Feel free to contact with us. We will be happy to help you.