Why marketers need a Product Information Management (PIM) Solution

WHY MARKETERS NEED A PRODUCT INFORMATION

MANAGEMENT (PIM) SOLUTIONSeptember 20, 2016

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

PRESENTER

David SultanDirector, Sales EngineeringinRiver, Inc.

MODERATOR

Christopher RisnerChief Strategy OfficerBlueBolt, Inc.

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

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

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

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

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-???

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

COMPANIES MUST MANAGE AN INCREASING NUMBER OF CUSTOMER TOUCHPOINTS

2015: 54% ONLINE INFLUENCE OR OCCURRENCE

2023-05-02 Copyright inRiver

WHAT INFORMATION WERE YOU LOOKING FOR..?

2023-05-02 Copyright inRiver

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…”

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?

PIM ASSISTS COMPANIES IN MOVING FROM THIS:

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.

ASSORTMENT

FROM DESIGN TO COMMERCIALIZATION

ENRICH

PLAN & RELEASE

PUBLISH

Mobile

Point-of-sale

Advertising

Print

Web

E-commerce

Marketplaces

Ext.dataPLMERP

CategoryManagement

ProductMarketing

MediaManagement

SUPPLY

FUTURE STATE OF PRODUCT INFORMATION MANAGEMENT

Purchasing/Product Owner

ProductMarketing

Copy/Editors

MediaManagement

Translations

SUPPLY ENRICH RELEASE

HARMONY IN WORKFLOW - WORKING IN PARALLEL

PRODUCT-CENTRIC DATA MODEL

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

• 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

DEMO

QUESTIONS AND ANSWERS