PIM in 2023: Your data is worth its weight in gold

Too many companies think too easily about product information. They store it everywhere and nowhere, don’t look critically at what data is really important and just share everything with the outside world. These are not things that would bog down your business, but you are leaving huge potential.

After all, data is golden these days. And consider not only customer data, which is a goldmine in itself, but also product information. After all, good product information is not at all as obvious as many people think. All the while, good product information can bring you additional sales!

Be critical of your data
First, you must be critical of the data you own. You should not want to record everything, this only slows down your systems and creates less overview. Instead, store only the information that is necessary. This keeps your organization and work processes clear and smooth.

But. how do you know what data is necessary?

Think of unnecessary data as attributes that are tracked but do not matter to the consumer. If you don’t know what attributes these are, then it’s smart to conduct audience research. This allows you to comprehensively research your customers’ needs, and the customer journey they go through when buying your products. If these things don’t match up well with your business, then you’ll know exactly what you need to add and what you can leave out about your data.

Don’t release all your data
If you’ve taken the above into account, and know exactly what your customers need for their customer journey, you still need to be careful what you share. After all, you don’t want to just release all your data to your competitors. But at the same time, you want to keep your consumer as informed as possible. What is the right middle ground here?

This varies from company to company and is completely up to your situation. For example, how much product information is commonly known and shared varies by industry. For example, we know a number of companies that are very selective with their data distribution, and do not provide all their information to all their customers. After all, if all their customers offer exactly the same thing, then they can seek differentiation by adjusting the price. And you definitely want to avoid a downward price spiral!

We also know of industries where comprehensive product information is scarce, and it really has to be scraped together. Even in this situation, you don’t want to easily share all product information because then your competitors can reap your benefits for free. You want to differentiate yourself and offer quality, so you need to be aware of how you share your data.

How do you share the data?
Most businesses with their own online store often want it to be the main source for customers to get their products. In fact, this has several advantages. Thus, with your own webshop, you have everything under your own control, and you receive all the customer data.

Now it is important that Google also knows that your web shop is the prominent source. Otherwise, Google will start recommending other online shops or wholesalers that sell your products over your shop, and then the algorithm will work against you. You can avoid this by placing products online first on your own webshop, and adding most of the product information here. In addition, it is always smart to include your company name in your products if they are sold through another channel. This is how you create recognition with your brand.

But of course, like several things mentioned, this depends completely on your situation. For example, your customer journey may actually indicate that other channels are better for selling your products. And this requires yet another strategy.

Would you like advice focused on your specific situation? Please feel free to contact us for a non-obligatory conversation. We are happy to help you.