What Is a PXM System?
by Lumavate | Last Updated: Dec 15, 2023
by Lumavate | Last Updated: Dec 15, 2023
One of the key ways you can set yourself apart is by having a reputable brand that stands behind its products and solutions. Delivering a solid product experience is a great way for others to champion your brand and maintain product and service quality consistency.
Product Experience Management (PXM) is a strategy, methodology, toolset, and mindset that approaches and redefines how you deliver product experiences to your staff and clients.
In this post, we'll explore PXM in detail, including the definition, strategy, software, and how it differs from other approaches, such as Product Information Management (PIM).
PXM is both an art and a science; it provides compelling and accurate product experiences beyond showcasing a solution and highlighting its benefits to interested parties. The philosophy behind PXM involves tailoring the content of each product to be as relevant and precise as possible based on specific use cases and often going beyond that to delight your prospects.
For example, product catalogs are a great way to demonstrate products and make them come to life. When a reader is browsing through a catalog, digital or otherwise, they are looking for a completely different experience and information than walking down the aisle of a brick-and-mortar store. This will significantly influence their buying decision by having what they need at their disposal.
PXM requires a holistic understanding of why customers are accessing this information and, more importantly, in what way it is meaningful to them. PXM takes the prospect throughout the buyer's journey and amazes them every step of the way to maximize their benefit.
The first interaction that a potential buyer will have with your brand is through your products, so it must be more than just a "showroom" - it's an opportunity to make them experience your values.
PXM manages the overall understanding of the product experience for the reader, buyer, or prospect, but this can be broken down further into parts. One of the main components of managing product experiences is the strategy behind it.
Of course, every strategy starts with a goal and the comprehension of what resources are available throughout the process. A product experience strategy involves mapping out every potential customer interaction with the product and how they should feel during this stage. Of course, the goal of each stage is to provide a compelling enough reason to move on to the next stage.
The strategy will unfold as your customer goes through the buyer's journey. Put yourself in the customer's shoes and dig deep into asking pertinent questions to get you started. For example, ask yourself what the purpose of the product is. Focus on the pain points it resolves, and start with that before highlighting the product's features. The fundamental starting point is the "why?" behind the product.
The potential customer should easily be able to identify whether they are in the market for this product within the first interaction. Once they are interested, your strategy will evolve to future stages to answer follow-up questions, highlight additional benefits, and answer common questions that a user may have.
A PXM system, sometimes called a PXM platform, is a software solution that enables you and your brand to adopt a strong product experience strategy and manage the overall product experience for your users.
Product experience management software will typically combine the functionalities of Product Information Management (PIM) and Digital Asset Management (DAM) solutions as integrations. Digital asset management helps bring products to life with pictures, videos, user manuals, and other digital assets - while ensuring all team members are on the same page throughout the development and distribution process.
Some PXM software, such as Lumavate, incorporate a Digital Experience Platform (DXP) component, which allows the creation of diverse digital experiences without the need for elite coding skills or intricate dynamics. The combination of PIM, DAM, and DXP is critical in creating captivating product experiences that inform, inspire, and amaze in an increasingly competitive landscape.
There will be many similarities when considering your options, but there are some distinct advantages of a PXM that a PIM solution does not have. Both are critical for managing product information, but a PXM goes above and beyond this goal.
A PIM system is a software solution that allows the management of product information in a way that centralizes it into a single source of truth. A PIM system is integral for internal operations as it ensures that everyone is operating with the most current and up-to-date information while displaying the correct version and audit trail.
An excellent use case for a PIM system is in the manufacturing industry. The development and management team can create the specifications needed for a product to make it clear to the manufacturing team. The marketing and sales team can coordinate this information to ask what data can be used and presented to clients and accounts.
The compliance and regulatory team can also use this information and grab the descriptions they need to confirm that these products are within the allotted requirements correctly. Keeping an audit trail is essential to demonstrate version changes, which can significantly reduce the rework needed.
A PXM is a more holistic approach, which fully integrates a PIM's functionalities while combining it with other tools necessary for product experience. A PXM will connect PIM, DAM, and sometimes DXP functionalities, allowing creative demonstrations and solutions.
For example, A PIM can be used with a DAM to provide timely updates to social media, websites, and applications while simultaneously updating images and videos in product catalogs to create a truly harmonious experience.
Embracing PXM within your brand's strategy is vital to improving and creating product experiences. Traditional product management can leave your customers wanting as the competitive landscape will increasingly become more fierce and innovative.
As you take your first step towards creating a more memorable product experience that resonates with your customer, A PXM will become more and more relevant towards this aim. With Lumavate's PXM platform, you can collaborate with a powerful digital ally to centralize data, create captivating digital experiences, craft and customize as you see fit, and have everything in one tidy package.
Schedule your demo to see Lumavate in action. Improve the buyer's journey by starting your journey today!