why marketers need a product information management (pim) solution
TRANSCRIPT
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WHY MARKETERS NEED A PRODUCT INFORMATION
MANAGEMENT (PIM) SOLUTIONSeptember 20, 2016
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Why Marketers Need Product Information Management : Webinar Basics
Ask Questions at Any time – we will come back around at the end
Recording and Slides will be made available with 24-48 hours and emailed to everyone
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PRESENTER
David SultanDirector, Sales EngineeringinRiver, Inc.
MODERATOR
Christopher RisnerChief Strategy OfficerBlueBolt, Inc.
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Why Marketers Need Product Information Management : Agenda
Statistics and Research Description of the Problem and PIM’s Positioning Future of PIM – where it is going Demo of inRiver Question & Answers
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Why Marketers Need Product Information Management : Customer Experience 87% of shoppers stated that
they have left a B2B site to conduct research around a product, usually because the product description or information did not meet their needs – Forrester Research, 2016
30% of data in catalogs have errors – AMR Research, 2015
Up to 30% of typical product data master files consist of duplicate entries and flat-out erroneous information – Jupiter Research, 2015
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Why Marketers Need Product Information Management : Cost Reduction Without a PIM in place, it
takes an average of 4 weeks to roll out a new product – AMR Research, 2015
60% of invoices have errors and each invoice costs up to $400 to reconcile – AT Kearney, 2015
Companies that embark on B2B projects without a PIM will waste an additional 12% each year – AMR Research, 2015
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Why Marketers Need Product Information Management : Increased Revenue Product Recommendations
like upsells and cross-sells are responsible for 10-30% of revenue – Forrester Research, 2016
Poorly maintained and synchronized product information cause companies to lose about 3.5% of their sales each year – AT Kearney, 2015
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CUSTOMER EMPOWERMENT
Age ofManufacturing
MASS PRODUCTION GLOBAL CONNECTIONS NETWORKS RULE EMPOWERED BUYERS
Age ofDistribution
Age ofInformation
Age ofthe Customer
1900-1960
1960-1990
1990-2010
2010-???
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CRITICAL SUCCESS FACTORS
• Increase revenue:• Reduce time to market• Improved customer experience• Reduce product returns• Ensure product information consistency across retailers
• Reduce cost: • Improve operational efficiency
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COMPANIES MUST MANAGE AN INCREASING NUMBER OF CUSTOMER TOUCHPOINTS
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2015: 54% ONLINE INFLUENCE OR OCCURRENCE
2023-05-02 Copyright inRiver
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WHAT INFORMATION WERE YOU LOOKING FOR..?
2023-05-02 Copyright inRiver
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YOU MAY NOT KNOW…
Peter SheldonVice President & Principal AnalystForrester Research
“Product content efforts are taking priority over personalization & testing…”
“PIM is where products come to live for the marketer…”
“Avoid the temptation to over-engineer the solution…”
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Field ValueItem DT620
Item name Timer-Plug IN
Price DT620
In stock 32
Warehouse / Bin Location
12A
Pieces / Box 6
Size Class 4
Mfg. Item.no. DT620
DT Series
PIM bridges the information gap between the data that is needed for the transactions and logistics in the supply chain process and the information that is needed by customers in various marketing channels.
WHAT IS THE SOURCE OF THE PROBLEM?
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PIM ASSISTS COMPANIES IN MOVING FROM THIS:
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PIM’S PARADIGM SHIFT
Traditional data management capabilities are still necessary to
manage product information, but those capabilities alone no longer
are sufficient for the Age of the Customer.
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ASSORTMENT
FROM DESIGN TO COMMERCIALIZATION
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ENRICH
PLAN & RELEASE
PUBLISH
Mobile
Point-of-sale
Advertising
Web
E-commerce
Marketplaces
Ext.dataPLMERP
CategoryManagement
ProductMarketing
MediaManagement
SUPPLY
FUTURE STATE OF PRODUCT INFORMATION MANAGEMENT
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Purchasing/Product Owner
ProductMarketing
Copy/Editors
MediaManagement
Translations
SUPPLY ENRICH RELEASE
HARMONY IN WORKFLOW - WORKING IN PARALLEL
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PRODUCT-CENTRIC DATA MODEL
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INRIVER PIM = PIM SIMPLIFIED
Fast to deploy: Be up and running in days, not months Scalable: Start small, grow gradually to meet your needs User-centric: Easy-to-learn, easy-to-use Efficient: Faster time-to-market for all your products Quality: Consistent product information in any channel
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• Project Kick-off
• Planning Sessions
• Initial Workshop
• Review Project Scope
Project Kick-off
• Marketing Model Analysis
• Attributes & CVL Analysis
• Category Analysis
• Workflow, Rules, & Completeness Rule Analysis
• Digital Asset Analysis
PIM Structure Analysis
• Base Install
• Configuration
• Workflow & Rules Configuration
• Marketing Model Build
• Plan & Release Setup
• Test
Installation & Configuration
• Inbound Connectors
• Outbound Connectors
• Translation
• Initial Data Load
Integrations & Connectors
• Deploy Deliverables to Operational Site
• Acceptance Testing Support
• Transition to Support
Deployment & Acceptance
• Testing• Documentation
Testing/QA
Time LineSAMPLE IMPLEMENTATION METHODOLOGY
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DEMO
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QUESTIONS AND ANSWERS