What Is the Acronym PXM?
by Lumavate | Last Updated: Dec 17, 2023
by Lumavate | Last Updated: Dec 17, 2023
PXM stands for product experience management. It is part of the customer experience that focuses on their interaction with a product. For manufacturers, customers spend the majority of their time assessing product-related information. They may start with a cursory look at the product before drilling down to more specific data that helps determine if they will purchase.
Poor product experiences translate into disappointing customer experiences. They may not have access to pertinent data, or the information may be incorrect or contradictory. If product information is not readily available, shoppers will move to a competitor. Product experience management prevents that from happening. PXM delivers product-related content that is accurate and relevant to where customers are on their journey.
PXM systems are third-party solutions that collect, store, manage, and analyze product-related data in a central location. The platforms let companies improve the product experience from awareness to retention through streamlined workflows and targeted messaging. The best PXM platforms include three components:
A PXM platform with all three components not only provides the organizational tools for product-related information but also delivers a platform that allows non-technical users to create digital experiences without coding skills.
Production information management solutions collect, organize, and centralize product information. The data can include pricing, features, technical specifications, product descriptions, and warranty information. It can be used to create product catalogs, tradeshow datasheets, and sales presentations.
With centralized data, a PIM becomes a single source of truth for a manufacturer where marketing and sales may have ownership, but other departments can access the data. Information is no longer in silos. Product management does not have one set of data and engineering another. Marketing doesn't have to question which data is accurate.
PIM software streamlines workflows, making it easier to personalize information for the customer. It reduces the time to market for campaigns because the needed information is readily available. No one has to reinvent the wheel.
Digital Asset Management software is a solution designed to store, organize, manage, and distribute digital assets such as videos, images, or graphic files. It collects, organizes, and stores digital assets in a central location. When marketing needs a product image, the DAM has the image in black and white, color, and at different resolutions, making it easy to select the best image for the intended display.
Manufacturers can include videos of product launches or trade show presentations that can be used in promotional campaigns and shared on social media. The curated digital assets ensure that all regulations are met to protect individuals and intellectual property. DAM software can save manufacturers thousands by eliminating duplicate photoshoots or repetitive product videos.
Some PXM platforms such as Lumavate, incorporate a digital experience platform (DXP) with their PXM solution. The DXP allows users to create and manage digital experiences for a central location. They can manage any number of digital experiences, such as landing pages, digital product guides, or interactive product catalogs.
DXP software allows the user to build the front-end or customer-facing piece of a digital experience. Connecting the front end to the back end for processing usually requires someone with coding skills. However, some platforms give users the ability to create an end-to-end digital experience without using coding skills.
Lumavate's platform not only offers no-code capabilities but it allows users to create and reuse digital assets. Once information is stored on the platform, it can be used in combination with other data for personalized customer experiences. Manufacturers can deliver unique digital experiences quickly since they do not have to depend on technical resources.
PIM software collects, organizes, and stores product information. While PIM functionality is an essential part of a PXM, a product experience management platform allows users to manage customers' product interactions for the life of the product. It also lets manufacturers personalize the product experience to build a stronger relationship with buyers.
When looking at a PXM vs PIM, PXM software that incorporates digital asset management (DAM) capabilities can collect, store, and organize images, videos, and other digital assets. This integration makes it easier to generate engaging product experiences for improved customer experiences. If a DXP is part of a PXM platform, manufacturers can leverage the product information stored in a PIM to build digital experiences.
PIM software enables businesses to centralize their product data to ensure information accuracy. It eliminates duplicate information and improves productivity. When a PXM platform includes a PIM, manufacturers have a robust solution for managing product information across all channels.
Digital experience platforms let users create and reuse product information and digital assets to build digital experiences for their customers. They can draw from data stored in PIM and DAM software to create personalized digital interactions. With DXP software, marketing can build product materials to help sales create presentations and inform employees about new products.
For example, marketing can create a set of images to use when building a sales presentation. They can even tie product information to the images to provide sales with more detail. It also establishes a common language when communicating with customers.
PIM software helps organize and manage product data. It enables manufacturers to share product information with distributors or other sales channels. With all customer-facing groups drawing from the same sources, customers will have a consistent and accurate experience no matter which channel they use.
Manufacturers use more than digital sales channels. They attend trade shows and industry conferences. They may have virtual shelves but they also have in-store displays. That requires a platform that can address product experiences no matter the channel.
QR codes are an excellent way to provide product details for in-store shoppers. Add a code to the packaging so a customer can scan the code for added information. Produce print files to use for trade show handouts from a PXM platform. The flexibility of a robust solution such as Lumavate enables companies to increase productivity with improved workflows while delivering amazing experiences. When you're ready to start delivering exceptional product experiences, contact Lumavate to schedule a demo.