What Is PIM and Why Is it Important?
by Lumavate | Last Updated: Nov 12, 2023
by Lumavate | Last Updated: Nov 12, 2023
Product marketing is all about showing consumers why a particular product is perfect for them. It’s much harder to accomplish this without having up-to-date product data in one place. That’s where Product Information Management (PIM) comes into play.
Product information management, also known as PIM, involves the organization and centralization of all assets relating to product marketing. PIM software consolidates all of the information needed to market, sell, and service products. It is a one-stop shop that includes everything marketers need to succeed. What’s more, it can be used by anyone in the organization, including multiple people at once.
If a PIM just aggregates marketing materials, why can’t you just do it on your own? Unfortunately, it’s not that simple. There's a lot more to product information management software than simply centralizing files. And that’s why PIM software is so important.
Think about how things work in a business without a PIM solution. There are marketing assets all over the place, but everyone has their versions saved locally. First and foremost, this means that people aren’t sharing their materials, which doesn’t bode well for brand consistency and the end-user experience. More importantly, it means that team members might not have accurate information in their respective silos. Product specifications could be outdated. Product and accessory compatibility could be inaccurate. Data might not be current, therefore leading marketers to make decisions based on incorrect information. These are just a few ways in which a decentralized approach to product information storage can lead a well-intentioned company astray.
Now, consider this same organization with product information management software. Instead of keeping information separated, the company can combine all of its marketing assets into an organized and central location. The files can be stored in the cloud, meaning anyone can access them anywhere, and the shareable nature of a PIM means that multiple individuals can use and edit a file at the same time. This turns a fragmented operation into a collaborative one in which everyone knows exactly where to get what they need when they need it. This leads to cohesive, consistent marketing that attracts customers to the products you’re selling.
A PIM solution makes all of the above possible. It’s not just recommended -- it’s necessary. Product information management software is a truly transformative product that can improve every aspect of your marketing.
There are numerous PIM tools in market, with PIM software companies expanding their product offerings regularly. The best PIM software companies 2023 include businesses that have offered PIM software for years, earning considerable trust from product marketers around the world.
The biggest names in the PIM landscape include Pimcore, Plytix, Acquia, InRiver, Salsify, and Lumavate. These companies have changed the way product marketing is conceptualized and executed.
These top PIMs all provide the functionality of centralized product marketing assets, though at varying levels. That’s where it gets confusing to differentiate the various PIMs. What do you get, and how much does it cost? The Plytix PIM allows marketers to export digital assets to unlimited outputs, but it requires a $1,650 per month membership to do so. The Acquia PIM boasts powerful capabilities, but its pricing structure isn’t available online. The InRiver PIM and Salsify PIM are used by some of the world’s largest companies, but do they have room for a smaller company that’s on their way up? With so many PIMs on the market, it’s hard to tell what solution will make the most sense for you.
Of all of these PIM software examples, the Lumavate PIM is the product that may make the most sense of them all. Lumavate combines what marketers expect from a PIM with Digital Asset Management (DAM), ensuring that marketers can access what they need and reach the customer at the right time. Marketing is all about the customer experience, and Lumavate’s PIM also includes a Digital Experience Platform (DXP) that will have you converting customers like never before.
Best of all, Lumavate offers a competitive pricing structure that will give you the tools you need without breaking the bank. Lumavate offers a combined package that combines its PIM, its Digital Asset Management, and its Digital Experience Platform (DXP), starting at just $499 per month. In all, Lumavate’s customers pay approximately 75 percent less than companies that use competing PIMs.
Investing in a top product information management system can transform a good marketing team into a great one. Here’s what you’ll get when you purchase PIM software.
Shorten Time to Market. PIM software helps you to react quickly to consumer decisions and changes in the marketplace. You’ll be able to access your marketing materials quickly and easily, without IT intervention required.
Brand Consistency. One of the most important PIM benefits can’t be measured via metrics but will matter a great deal to customers. Presenting a consistent, blemish-free image across platforms and throughout your organization will make consumers feel welcome and engaged with your brand.
Accurate Product Information. The siloed approach of the past led to inaccuracies when it came to brand presentation and product information. That won’t be an issue with a PIM. When all of your assets are aligned and available at all times, you’ll pass on that cohesion to your customers.
Improved Customer Experience. PIM software allows you to respond to exactly what a customer needs, at the moment they need it. This provides the unique feel that every shopper wants -- personalized attention that makes them feel attached to the brand, without smothering the consumer or guessing at what they want.
Create Data-Driven Digital Experiences for Your Products. Real-time product information allows you to incorporate data into your product marketing. Capture the metrics associated with consumer activity, and incorporate them to provide a truly unforgettable experience that will keep customers coming back for more.
Increase Sales. At the end of the day, marketing is about making money. Using a PIM will make your marketing more efficient, boosting revenue while cutting costs. The result is a business that’s as effective as it is profitable.
Empower Collaboration and Increase Productivity Across Your Business. Using a PIM solution like Lumavate won’t just put all of your marketing assets in one folder. It’ll amp up engagement within your team, and it’ll increase morale and employee retention. That’s because the asset-sharing tools provided by Lumavate’s PIM will keep everyone involved and make them feel like they’re part of a team. As your company experiences success, collaboration will be made even easier by the PIM, giving everyone a true stake in the growth of your business.