When looking at how you can increase the value of what your products are bringing to the market, there are a lot of options available. One option could be to work with your product content and the story that enables your products to sell. Another option could be to work with the assortment you bring to the market. A third option could be how you price your products.
When I talk to our customers, I often hear of two of these three options quoted as being essential to the success of increasing the value of the product marketing. This is what they say:
Focus on your product content, and the story your products tell – products that do not have a great story simply do not sell.
Be agile in how you create new assortments for new markets. The market changes, and you have to be able to change with it.
When our customers describe what the consumer wants, or how they can inspire the consumers to both understand and want their products, it is what I described in my last blogpost “From PIM to PXM”: they need to speak to “System 1” of the consumers, the feelings. Since consumers are taking emotional decisions rather than rational decisions, our PXM (Product Experience Management) concept is about giving our customers the tools to give all their products this emotional story, enabling their products to tell, not just sell.
The inRiver PXM concept also contains a feedback loop where inRiver PIM helps with refining the product story, based on how customers are experiencing the story being told. Looking at how consumers like to search on a product assortment, you may find that you need to enrich your products with more content, or add different content to make the products more attractive. Looking at which products are being abandoned in the shopping cart, you may want to consider telling the story of that product in a different way to catch the attention of consumers. The feedback loop can also be used for capturing user-generated content from one touch point (e.g. eCommerce), and re-use this information in another touch point (in-store or an inspirational magazine) for augmenting sales. To be able to speak to consumers’ feelings and to make your products more attractive, it is important to be on a platform that focuses on the experience your products are giving, regardless of customer touch point.
These are some of points that I believe are important with our new PXM concept, telling a story no just selling a product.