What Is PIM Strategy?

Lumavate Picture

by Lumavate | Last Updated: Jan 14, 2024

The internet offers incredible new experiences for businesses like yours. You can create digital experiences that engage customers at every step of the buyer’s journey. They might connect with you by viewing a landing page, exploring your website, or opening an email. Regardless of where they interact with you, you want to make sure they receive an enjoyable, consistent experience from start to finish. You want to make sure they have accurate information in their hands every step of the way.

To accomplish this goal, you need software that can help you keep your customers engaged. These tools can help you stay organized and ensure that all your departments have access to the same high-quality information. Discover what a product information management (PIM) system is and the value it can offer your organization.

What Is a PIM?

To market, sell, and service your products, you need to manage a large amount of product information. Product information management is simply the process of organizing and managing all the information. Typically, if you do this effectively, you will bring together all the information into a centralized location. With everything in one place, it becomes easier to maintain the information and keep it accessible to everyone who may need it in the organization. 

For example, if you need to update particular product specifications, you can use your Product Information Management software solution as a means to quickly access all the relevant sources of information so that it can be adjusted. With everything in one place, it will take you significantly less time to find all the relevant data and resources.

What Is the PIM Strategy?

To use your Product Information Management tools effectively, you need a PIM strategy. This strategy will guide you as you implement and then begin using your Product Information Management solution as a part of your business.

With your PIM strategy, you will bring in a software solution to help manage your product data. This solution will also manage the data architecture for all your product data so that you can quickly organize and find the different information sources when they are needed.

Once the system has been implemented, the PIM strategy will also include guidelines that dictate how, when, and who is in charge of updating the product data contained. This ensures that one person, or a small group of people, has ownership over the updating process, helping everything remain orderly and organized. The guidelines will also provide insight into how the PIM should be used when creating various digital product experiences or employing the information in other ways.

What Is PIM Software Used For?

When your business employs a PIM system, you will find that this central storage system can help your business organize a wide variety of product information. These systems can store and organize data such as:

Keeping all this information organized and connected makes it easy for all members of your organization to pull up the important product information when needed.

The PIM solution can also be connected with a built-in Digital Asset Management (DAM) functionality, as it is with Lumavate. When the product information management software works with a DAM functionality, the system can also help store and organize all the digital assets related to these same products. The DAM portion can include creations such as:

When these two features work together, members of your organization can log in to one system and access all the information they need for a given product.

With the PIM solution, multiple users can also log into the software and access or update the product data in real time, allowing the PIM solution to serve as a single source of truth for all the members of your organization. You do not have to worry about people trying to create their own resources or saving their own digital assets on their computers, which then do not get updated when something gets changed in the products. With one central source of information you know that everyone in the company gets the same information all the time, so customers also receive a consistent experience regardless of who they speak with.

How Much Does a PIM System Cost?

PIM can vary a great deal in cost depending upon the PIM solution itself and the functionalities it offers. Some will offer a variety of built-in mechanisms while others will require working with other systems to accomplish the same goals. Some PIM solutions are priced based on the number of SKUs stored in the system, while others will create a pricing plan based on how often the product data is used.

Lumavate takes a different approach than some of the other PIM tools in market. This system provides a comprehensive product experience management (PXM) platform, bringing together all the tools you need to create a comprehensive, positive digital experience for a single, affordable price. Using Lumavate, you can typically get started with this PXM platform for as low as $499 a month, which is generally 75 percent more cost-effective than other competitive solutions while still remaining one of the best PIM software solutions available.

As businesses consider using the PIM solution, they will need to evaluate all the different PIM software companies and the products they offer to learn more about what might work for them and their individual company needs. As you start to gather your price quotes, you can use the open pricing of Lumavate to see how this system offers a more cost-effective, comprehensive solution that can help you seize all the opportunities that the product information management system offers.

Getting Started with Your PIM

Your business wants to seize all that the internet and digital experiences can offer. As you build these online experiences, your software needs to keep pace with you. It needs to make it easy and convenient for people across the company to build digital experiences that will interest customers and encourage them to become long-term customers.

Lumavate is here to make this process simpler for customers. By taking the PIM functionality and creating a full PXM experience, you have what you need to bring together your product information data and your digital assets so that you can create customized digital experiences that customers will appreciate. Every member of your different departments will easily have access to the information and tools they need to keep your customers interested and engaged. Your customers will have consistent, accurate, enjoyable experiences regardless of the representative they speak with.

It is time to see what Lumavate can do for you and your business. Get started now exploring more about this solution.

See Lumavate in Action

Meet with one of our experts to see how easy it is to centralize your product data, manage digital assets, and create digital product experiences. Trust us…you’re going to be wowed.