What is Product Experience Management (PXM)?

What is Product Experience Management (PXM)?

Product Experience Management (PXM) is the process by which companies ensure that their products are presented consistently and attractively on all sales channels. It is about delivering the right information, in the right context, at the right time, to the right target group. It refers to the product-related presentation of the customer experience, i.e. how a customer experiences a product across various touchpoints.

While PIM systems focus on managing product data, PXM extends this function to optimize the product experience. It aims to improve the buying experience and positively influence the purchasing decision with the help of contextual and virtual customization of product information.

Key Takeaways

• Product Experience Management ensures a consistent and engaging presentation of products across all sales channels.
• By optimizing product information, the customer experience is improved, which leads to greater customer loyalty.
• Efficient management of product data saves time and reduces errors, which increases productivity.
• A well-implemented product experience management system helps to increase sales.
• With the right software and a clear strategy, companies can better reach their target group and optimize the buying experience.

PXM vs. PIM: What’s the difference?

What is PIM (Product Information Management)?

Product Information Management refers to the centralized management and provision of product data. PIM systems help companies to organize product information efficiently and distribute it across different sales channels. PIM is particularly useful for ensuring that data is correct, complete and up-to-date.

What’s the difference compared to PIM?

Although PIM and PXM are closely related, there are significant differences. While PIM focuses on the management of product information, PXM extends this task to optimize the product presentation and experience across all touchpoints. It ensures that product information is not only correct, but also presented in the appropriate context to create the best possible product experience.

If you would like to read more about the differences between PIM, PXM, PLM and PDM, take a look here.

Building successful product management

To build a successful product management system, it is important to integrate both solutions. In this way, companies can ensure that their product data is not only well managed, but also used effectively to improve the customer experience.

The Role in the Digital World

In the digital age, customer expectations have changed dramatically. Consumers expect a seamless, personalized and contextual experience across all channels. The product experience plays a central role in this by enabling companies to make their product information consistent and appealing across all touchpoints.

This not only increases customer satisfaction, but also increases the likelihood that a customer will actually make a purchase decision.

The Role in Digital Commerce

Product experience management has become indispensable in the field of digital commerce. It helps companies to stand out in an increasingly competitive market by ensuring that product information is precisely tailored to the needs and expectations of customers.

Increase virtual and contextual experiences

Another advantage is the ability to enhance virtual and contextual product experiences. Companies can dynamically adapt product information to the respective situation and context of the customer in order to create a unique and personalized shopping experience.

Advantages of product experience management for companies

Improving customer loyalty

One of the biggest benefits is improving customer loyalty. By providing your customers with a consistent and engaging experience, you increase their loyalty and keep them coming back to your company. Product experience management therefore contributes directly to customer loyalty and satisfaction.

Better Customer Experience

The customer experience describes the entire experience that a customer has with a retailer and its products. Product experience management optimizes this experience across different sales channels by ensuring that product information is always in the right context and tailored to the customer’s needs.

Increased efficiency in product management

You can also significantly increase the efficiency of your product data management. By centrally managing and distributing data across all channels, you avoid errors and save valuable time. This allows your team to focus on the really important tasks.

Influencing the purchase decision

PXM systems not only help companies to strengthen customer loyalty, but also to positively influence the purchase decision. By always providing your customers with the right information at the right time during the customer journey, you increase the likelihood that they will choose your product.

Increase in sales

A direct consequence of this is an increase in sales. By optimizing the shopping experience and ensuring that your products are always presented in the best light and that your brand and product descriptions stand out from the competition, you increase the conversion rate and thus also your sales.

Optimization of advertising content in the right context

PXM software allows you to optimize your advertising content in the right context. You can ensure that the information you present to your customers is always relevant and tailored to their specific needs.

Influence on the Product Life Cycle

Optimization of the Market Launch

Apart from the obvious benefits in the area of online marketing, experience management also has a positive impact on the product lifecycle and overall product lifecycle management.

Optimizing the product experience can significantly improve the launch phase. By providing consistent and engaging product information across all channels, it enables a smoother and more effective launch. This often leads to faster acceptance of the new product and strengthens its positioning in the market.

Extension of the Growth Phase

By continuously optimizing the product experience, product experience management helps to extend the growth phase of a product. This allows companies to flexibly adapt their product information to changing customer requirements and maintain the product’s appeal over a longer period of time.

How to choose the right PXM-Software

1. Define your Key Features

When you are looking for the right software, you should pay attention to a few important functions. The software should be able to centrally manage product information, customize it contextually and distribute it across all sales channels. It should also be easy to integrate and user-friendly to ensure your team can use it effectively.

2. Reach your Target Group

Good product experience management software helps you to reach the right target group everywhere. By distributing your product information in a targeted and personalized way across all relevant channels, you ensure that your message reaches the right people.

This focus makes every touchpoint with your brand seem tailor-made and increases the relevance of your offers.

3. Integration with your Software Stack

Another important aspect when selecting a solution is integration with existing systems. The software should fit seamlessly into your existing IT landscape so that you can take advantage of the benefits without any major changes.

4. Align your Goals and functional Scope

To build a successful product management ecosystem, it is important to define clear goals and choose the right tools right from the start. With the right software and a well thought-out strategy, you can exploit the full potential and optimize your product presentation on all channels.

How do I find the right PXM System for my company?

Evaluation criteria

When selecting software, you should pay attention to several criteria. These include the obvious criteria, such as user-friendliness, integration capability, the range of functions and the scalability of the solution. But the support of different sales channels and the possibility of personalization are also decisive factors.

The right channel for implementation

Choosing the right channel for implementation is also crucial. Whether B2B or B2C, every company has different requirements and the respective solution should be able to meet these specific needs.

Implementation in the company

Implementation requires careful planning. It is important to involve all relevant departments at an early stage and define clear responsibilities. With the right preparation, you can ensure that the introduction runs smoothly and that you quickly reap the benefits.

B2B and B2C: PXM in different contexts

PXM can be used successfully in both the B2B and B2C sectors. While the requirements in these two areas may differ, PXM offers flexible solutions that can be adapted to the respective needs.

Useful information for the customer experience

You can provide useful information for the customer experience (CX) and thus ensure that your customers have a positive and consistent experience with your products. This in turn has a positive effect on the Omnichannel Customer Experience, for example.

Conclusion

Product Experience Management is a decisive factor for the success of companies in the digital age. By optimizing product information and presentation across all sales channels, companies can not only strengthen their customer loyalty, but also increase their sales. With the right software and a clear strategy, you can ensure that your products are always presented in the best light.