What Is PIM in Product Management?
by Lumavate | Last Updated: Nov 7, 2023
by Lumavate | Last Updated: Nov 7, 2023
SKUs, colors, and features. You have a lot of product details to manage. It should be as simple as maintaining a spreadsheet. Yet, it's not! Too many hands in the mix and multiple documents to track make it impossible.
And here's the thing: In a tech-driven, competitive go-to-market world, your product management must be seamless.
Your product experience must be perfect from day one. You didn't do all this work to have the engines stall on the launchpad. Product information management makes that happen.
Product Information Management (PIM) is a process by which a company creates, manages, and updates product information across assets. And product information goes beyond SKUs, colors, and features. It includes any information you use to market, sell, and service products.
In many cases, PIM is done manually. Product information is stored and updated on multiple spreadsheets. As a result, product details, product marketing plans, sell sheets, etc., all end up in different locations. Product-related functions are siloed. When a product’s specifications must be updated, it must now happen within multiple file locations—and by numerous people.
This, of course, creates significant efficiency and accuracy problems. The digital files cannot communicate or share information. So, someone must manually ensure that the spreadsheet information is reflected on each digital asset independently. That generates lots of opportunities for errors, outdated product information, and miscommunication with your audience.
Managing that product isn't going as smoothly as it should. Your audience notices cracks in your messaging. And performance suffers.
Happily, there’s a better way. Increasingly, businesses are choosing a more effective way to manage product information. They are centralizing all product information in a product information management (PIM) solution.
Now, you have one digital record that covers everything for that product. From this central location, everyone who needs to manage information about that product can do it in one place. You're unifying product management and simplifying the workflow for each team in your business.
A PIM solution stores and organizes every piece of product data in a centralized location. This helps manufacturing companies of all sizes track the specifications of each product through its entire lifecycle. PIM solutions also promote collaboration as potentially hundreds of employees are tasked with managing various aspects of product data. A PIM enables them to work together to access and update each product record.
A PIM solution is a key component of a product experience strategy, which should also include:
Let's make sure product information is always up-to-date. Every team member can trust the PIM tool. What it says about the product is the final word—no straggling product files hanging out in the shadows.
As a company with multiple products, you know that each one fills a slightly different need. The goals, challenges, and even behavioral characteristics it speaks to vary from product to product. Trying to sell every product to a one-size-fits-all customer persona doesn't work.
Centralizing information around the product transforms your ability to connect with the intended customer. You can now tailor product content for its target audience.
How will you ensure that those who need access to product information can get to everything about the product? No hidden features or secret updates.
When employees can't see everything, they create workaround spreadsheets to store information. This becomes tainted with gossip, speculation, and misunderstandings. If that employee leaves suddenly, that work is lost.
Find a balance between accessibility and security. Some employees need view-only access, while others must be able to update the product. PIM solutions should include the ability to manage permissions, track updates, and generate alerts regarding suspicious activity. Create clear approval pathways for those without edit access to have something updated when needed.
Audit your accessibility and security regularly. Don't make it so strict that people have no choice but to develop spreadsheets on the side.
It's easy to think narrowly about what constitutes product information. So, as part of your PIM plan, it's important to outline everything that needs to be in these centralized locations. Ideally, your product information management software should help you store and organize ALL product information, such as:
Product performance data
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Audience targeting informationThe truth is most PIM software can't handle all of this. It treats product information narrowly.
If you want PIM benefits that include managing the whole product, you'll want to ensure your PIM software has a built-in Digital Asset Management (DAM) functionality. This PIM feature manages not just information but also the digital content you build around a product.
The PIM product record becomes the go-to source when creating product content. Within new content, you can add links to tutorials, videos, testimonials, and resources that help your audience make a buying decision. You can now audit a product specifically to ensure you consistently and adequately communicate about it in content.
Some of the preferred PIM tools in the market include Catsy, Lumavate, Inriver, and Pimcore. Each of these has made the list of best PIM software 2023 for a reason. Each of these PIM solutions can help you centralize and manage product information with various functionalities to support effective product management.
Of them, Lumavate stands out as a preferred choice. Its robust functionality as an all-in-one Product Experience Management (PXM) platform includes tools you don't get with any other PIM solutions on the market. Features like Digital Asset Management (DAM) and Digital Experience Platform (DXP) make it a clear winner for managing the whole product experience.
Create branded digital product experiences with our Digital Experience Platform (DXP). Align product messaging across channels and assets throughout the buyer's journey from stranger to repeat customer. Your audience accesses digital experiences created by marketers directly from the Digital Experience Platform (DXP) portion of Lumavate's platform. Build and manage content around a product using Digital Asset Management (DAM). Streamline content creation and performance analysis. Understand what's working and optimize performance. Through DXP and DAM, your customers delight in a consistent product experience that shortens sales cycles and increases customer lifetime value.
Schedule a demo with Lumavate today and start managing ALL product information in one place and creating exceptional product experiences.