PXM vs PIM
Your customers need positive interactions with your business throughout every step of their customer journey. Let’s explore the value of the product experience, product experience meaning, and how you can manage your interactions with your customers.
Defining the Product Experience
The experience your customer has with the products you sell is their product experience. Typically, when discussing product experiences, you will want to examine two main components. First, you will consider the physical product itself. In other words, think about what a customer experiences after they have purchased their product and how well this product suits their needs.
On the other hand, you also need to remember the importance of any digital experience the customers have related to the product that provides them with product information. For example, if they go online to get a copy of the owner’s manual, or they are researching their purchase options and want the specs of your product, these types of experiences also play a role in the product experience.
The product experience customers have will span the entire customer journey, from their initial awareness stage through their long-term usage of the product. As a business, you want to make sure you maximize every opportunity you have to interact with your customers through these product experiences.
What Is the Role of the Product Experience?
When your customers interact with your product, they should walk away with a positive experience that satisfies them and their needs. Working to create an outstanding product experience for your customers will impact when people decide to make a purchase. Even after the purchase has been made, ensuring that customers continue to have positive interactions will be key in encouraging them to come back to purchase from you again. Quality experiences can also open opportunities for upselling and expansion.
To build these positive experiences, however, your brand has to have a product experience strategy that examines all the different ways a consumer may interact with your product throughout the customer journey. You want to outline the type of information they might seek and how they will interact with your product. Consider how you want them to feel as they interact with the product and the type of information you want to provide to achieve that goal.
When you build an outstanding customer experience, you will see the impact across your entire brand customer acquisition process. There will be increased user acquisition, onboarding, product adoption, conversion, and retention. Altogether, this increased acquisition will lead to more revenue and opportunities for business growth.
What Are Product Experience Management Examples?
Product Experience Management (PXM) examples encompass various industries and touchpoints where companies focus on enhancing the experience associated with their products.
Using a product catalog. When customers want information on the types of products you carry so that they can easily compare their options and collect data and information, having a quality product catalog can make a significant difference in your opportunities to make a sale. Building a catalog that is logically designed and easily accessible to customers and any employees working with potential leads ensures that everyone has access to the latest information about your products.
Employing QR codes for convenience. As customers interact with your product, they might have questions about different mechanisms or features. They do not necessarily have time, however, to go digging through their storage for an owner’s manual given to them with the purchase. QR codes on products that quickly share the product manuals create a stress-free, accessible solution for customers using the product on the go. Customers get the answers they need with a connected digital experience.
Including maintenance tracking features. Customers generally know that when they maintain their products, they help to expand the lifespan of the product. For people working with numerous types of products, all purchased at different times, however, tracking the maintenance schedules for each can feel overwhelming. Providing features that let customers know when their product is ready for maintenance also leaves people with a positive impression of your company and your products.
Help with product registration. Many products encourage customers to register, which can help provide more personalized tips and information. Using digital features that let customers register their new products with just a click or two reduces the hassle the new customer feels. It also increases the rate of customers registering their products, providing you with an excellent means to offer other experiences, such as maintenance help or troubleshooting.
Personalized product recommendations. With the concern customers have today for relevance and ensuring that businesses genuinely care about them as customers, offering personalized product recommendations can play nicely into your broader customer service. Your product recommendations can help customers see how they can enhance their experience with your particular product, such as offering upselling or features that would let them do even more. Offering recommendations for replacement products when their original item is due to expire also provides another level of service that helps make customers happy and feel cared for.
What Is a Product Experience Strategy?
To create a superior product experience, start by mapping out all the aspects of the product experience that customers will typically have. Your strategy will then describe what should happen during these interactions and the desired action you want to see from your customer.
Having a concrete strategy can help you create a plan for all the different customer-product interactions you encounter. It will provide a blueprint for your employees to reference as they do their jobs and answer customer questions. Since everyone will have clear instructions, it will also enhance your ability to set and achieve customer experience goals.
The Role of Product Experience Management: What Is PXM?
Many ask, “What is the meaning of PXM?” and “What is a PXM used for?” Product experience management (PXM) refers to your ability to deliver a compelling and accurate product experience for your customers. By using this PXM meaning, we want you to understand the importance of accuracy and relevance in all product experiences the customer may have.
Consider, for example, a product experience that showcases all your product offerings. You might have such an experience through a product catalog. The experience you offer through this catalog should look different from the experience you offer on the digital side of your business, where you want to educate buyers about which product they should buy while they are in the aisle.
Building an effective product experience requires you to consider who has decided to access the particular type of information and what their goals are at the time. You will also investigate the format and channel that the lead or customer will use to access the information.
Once you know what the customer wants to accomplish, it becomes easier to provide them with an outstanding experience. You can make sure their needs are met, and their expectations are exceeded. As a manufacturer, you need to think about product experience management as an extension of the customer experience. Most interactions customers have with a manufacturing brand will revolve around the product. Therefore, each time you interact with the customer, ensure they have a personalized product experience that addresses their needs each step of the way.
The Role of PXM Software: What Is a PXM Platform?
As you work to create these effective strategies, product experience management software offers the key to success. If you want to know, “What is PXM software?” Here is your answer. The PXM platform offers you a third-party software solution that includes both a Product Information Management (PIM) solution and a Digital Asset Management (DAM) functionality. These two work together to create outstanding customer experiences.
The PIM solution centralizes and manages all the product data you have on your products in a single location. Meanwhile, the DAM manages and stores all the digital assets you have related to your products. With all this information right at hand, your business can begin to shape your product experiences.
Some PXM Platforms, like Lumavate, also include a DXP. If you haven’t heard the term before, you may wonder, “What does DXP stand for?” DXP stands for digital experience platform. When some customers hear this, they want to ask, “What is the difference between DXP and PIM?” Your DXP helps you manage your digital experiences specifically, while the PIM tool centralizes all your product information.
With a DXP, you can easily create any type of digital experience without using any code. This is very valuable for businesses because most product-related experiences are digital. Your marketers, therefore, need an easy way to create digital product experiences that fit your specific use cases, such as a product catalog or trade show event, that automatically pulls data from your PIM and any applicable product content and assets from the DAM. This improves your efficiency and safeguards the experience you create for customers.
How PIM Fits Into This System
PIM software allows your business to store and manage all types of product data in one central location. This product data will include a variety of different types of information. For example, common pieces of information included are:
The product information stored can also include digital assets related to these products. These assets might include:
This type of information can be included in your system if your PIM solution has a built-in Digital Asset Management (DAM) functionality. This additional portion of the solution will bring together all the background information on your products with the digital assets you have designed, creating a valuable, accessible resource for your company.
With a PIM solution, multiple users can log into the software and update the product data in real-time. Communication between different departments will improve, and no one will have to worry about outdated information on the products accidentally reaching customers.
Why Use a PIM?
When you use a system for product experience management, you will experience a variety of different benefits that can help your business grow. Here are a few key ones to note.
Shorten the time-to-market. The software solutions that can help you organize the information will also make it simple to add and modify the product information without having to bring in the IT department. Now, all the steps can go much faster.
Brand consistency. All the product experiences you create will focus on using brand-approved digital assets. No one will create their side products that then end up shared with customers. All receive the same high-value interaction with the brand.
Accurate product information. With a centralized location for the product data. You can rest assured that all the product data and related assets are synced to verify that only the most up-to-date information is available. If something gets modified in one of your products, it gets modified everywhere it appears.
Improve customer experience. Your customers want a personalized experience. When you use a PXM, you can alter the product experience they have to meet their individual needs.
Create data-driven digital experiences for your products. Using real-time product information will allow you to create data-driven digital experiences that will help to showcase and highlight your products.
Increase sales. See measurable revenue growth when you can improve the customer experience across multiple channels. You will see more conversions of new customers, customers feeling more open to purchasing recommended relevant products, and you will have more opportunities to promote different parts and accessories. Finally, you will improve customer retention so that experienced customers come back again. All of these different sources of revenue will come together to produce strong sales numbers.
Empower collaboration and increase productivity across your business. With a software solution to manage your product data and your digital assets, you can let multiple users within your business update the content at any time. Thanks to Lumavate, when you make updates to your product data, the solution will automatically make updates to the content in any related digital experiences. Your employees will work more efficiently and more effectively.
What Is the Difference Between PXM and PIM?
If you are interested in shopping for an effective solution for your business, you may wonder about PXM vs PIM solutions and which one will fit your business better.
While a PIM will centralize and manage your product data, the PXM Platform offers considerably more tools and functionality. You will have access to all that the PIM can offer, but also the DAM and sometimes a DXP. As a manufacturer, you want to have an effective and trusted PIM, but it's best to take your investment even further and access broader PXM capabilities.
Looking at the PXM Competitive Landscape: What Is a PXM Software Example?
There are numerous competitors within the PXM space, and some will position themselves as PXM software, while others might say PIM but still offer similar functionality. Key competitors include:
While these competitors may have a comprehensive PIM functionality and may include a DAM, they do not have the full capabilities offered by the Lumavate platform. With Lumavate, you can get a comprehensive platform for all your marketing needs. This platform will give you the ability to centralize the management of product data, manage and utilize your digital assets, create digital product experiences, build forms, and reach out to leads through targeted text messaging. No other platform on the market has the full range of capabilities that Lumavate offers. With Lumavate also running 75 percent more cost-effective than other competitors, driving an 8.5x faster go-to-market, and requiring no technical resources, many businesses find the choice to be simple. Additionally, you can get onboarded to the platform in a day.
What Does a Product Experience Manager Do?
The product experience manager will oversee the product experience for one or more products. They are the person at the company accountable for the product experience, even though the actual development and implementation of the experience is cross-functional.
Some businesses will have a full-time employee who works exclusively on this responsibility. Others may have the product manager take on the job. In all cases, however, the person filling the role is seen as an expert on the product experience and customer expectations for experiences with this product.
Getting Started with PXM
The first step to using your PXM is putting all of your product data in the PIM and storing your digital assets in the DAM. With a solution like Lumavate, you get both of these functionalities right out of the box.
Next, you will create digital product experiences for every moment in the customer journey. Remember that you will want to create product experiences for your customers, partners, and employees, as well.
If you want to learn more about what Lumavate can do for you, reach out to us now.
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