Tag: mdm

4 Essentials For The Delivery of an Excellent Product Experience

Woman smiling because of great product experience

4 Essentials for the Delivery of an Excellent Product Experience

Excellent product experience delivery goes beyond ensuring core product satisfaction. Imagine buying one of the popular smartphones out there only to discover later on that it has poor customer support and an even worse return policy. The product itself may be good, as it’s popular after all, but if its ancillary services are a hit or a miss, what’s stopping you from switching to the better brand and leaving a bad review?

Product experience, then, is the customer’s emotional response to the product at every touch point. To excel in product experience, brands must elicit a positive emotional response from consumers each time they interact with a product at every touch point.

How to Get Started:

1. Identify your target’s pain points. To manage experiences, you must first manage expectations. And what consumers expect from ecommerce sites boils down to:

  • UI/UX optimized
  • Accurate and complete product information
  • Unlimited selections or assortment of products
  • Personalized offerings
  • Availability of reviews and ratings
  • Shopping convenience, including flexible payment schemes
  • Discounts and promos with loyalty reward offers
  • Free delivery and pick up options
  • Painless return policy

2. Build a technology infrastructure that can support your content creation and distribution strategy. Top brands implement the concept of product experience management (PXM) to distribute relevant and targeted content at the best times and to the precise targets in order to: deliver the desired experiences and elicit positive emotions, build a relationship with customers and eventually inspire loyalty and expand market share.

According to Gartner, a PXM adds the following capabilities to a product information management solution (PIM):

  • Product content analytics
  • Personalization
  • Contextualization
  • Automation and optimization using machine learning (ML) and artificial intelligence (AI)

3. Create Compelling Content. As with customer experience, the great differentiator for brands in ecommerce is content. Top brands not only address shopper pain points, but work to exceed their expectations. So, through rich and contextual content, you could communicate, engage and build a relationship with consumers, hoping it eventually leads to not just sales, but even endorsement and loyalty. Note, though, that what’s compelling for one may not be the same for another, hence the rise of personalization. By doing a demographics and psychographics deep dive, you could create content that anticipates and addresses a consumer’s particular need, and then position yourself as the credible solution provider.

For more inspired content, you can checkout Warby Parker’s and Airbnb’s websites.

4. Use Analytics for Insights. Brands need insights into their product content performance to come up with tweaks and improvements that could drive consumers deeper into the sales funnel. With analytics, you could also see associations and affinities between your products and customers.

Not only that, by leveraging your operational and transactional data, you could make better business decisions, such as how to:

  • Best respond to rapid changes in market conditions
  • Adjust pricing
  • Improve market segmentation
  • Address seasonal demands

Now You Know the Essentials, Do You Have the Tools to Start?

By using a combination of features and advanced technologies that facilitate not only the on-boarding, enrichment and management of data, but one that can also help you create targeted, contextual and emotionally-engaging product communication.

  • PIM – It’s the foundational piece to a PXP. With a PIM, you can collect, maintain and distribute accurate, complete and consistent product information across all channels. This is important because when it comes to e-commerce sites, consumers expect accurate and in-depth product information.
  • Master Data Management (MDM) – This solution allows you to accelerate business processes by connecting all data in your product information supply chain. An MDM also helps you ensure data quality and security, create golden records, and control versions.
  • Marketing Experience Management (MxM) – The perfect complement to your PIM and MDM, an MxM enables you to exceed consumer expectations through timely delivery of personalized product experiences across channels. With an MxM, you can offer dynamic promotions and adjust them in real-time based on insights gathered from analytics.

Contentserv Receives an Outstanding Customer Satisfaction Rating in Gartner’s 2018 MQ for MDM Solutions Report

celebrating recognition

We are delighted to share with you that Contentserv, the Product Experience Platform leader, is recognized as a Niche Player in Gartner’s 2018 Magic Quadrant for Master Data Management Solutions report.  Furthermore, they reported that we received an extremely high customer satisfaction rating, with respondents being completely satisfied with the product’s ability to meet the needs of their organization.

In a digital landscape dominated by all things “customer experience,” a recognition by Gartner is equivalent to receiving an Olympic gold medal.

So what sets us apart from the competition? While everyone else offers a standard end-to-end solution for master data and information management, we go above and beyond by zeroing in on what businesses need in order to provide their customers with an unparalleled product experience.

We’re also happy to have received high marks for initial technical implementation and deployment, and that we topped all vendors in the user onboarding and training category. Moreover, we’re elated that our customers repeatedly expressed appreciation for the platform’s user-friendly interface and configuration, and speed of implementation.

“As evidenced by Gartner’s MDM MQ report, we are laser-focused on serving our customers. They are our number one priority. Our goal is to help them be successful and we do this by developing a Product Experience Platform that it is quick to implement, easy to use, and offers the capabilities that exceed our customers’ demands.”
Christophe Marcant, Chief Product Officer

 

Read the Press Release Here

Why MDM is the Cornerstone of a Powerful Enterprise Data Strategy

Two Women looking at a laptop

Why MDM is the Cornerstone of a Powerful Enterprise Data Strategy

In the digital age, data ceased to be just a byproduct of business activities to be discarded after it served its purpose. Today, data is the new gold, so valuable it requires not just management, but a serious strategy for businesses to harness its benefits.

What’s the difference between data management and strategy? Think of data as your money that as you’re running a business, you wouldn’t just manage but actually grow. And growing money is an activity that needs a strategy.

As the Internet, social media, mobile and the digital revolution continuously pump data – containing valuable business information – into organizations, it’s almost a crime not to have a strategy to effectively mine it.

What does an effective data strategy entail?

It starts with what your business wants out of data. Generally, a data strategy is created to support the organization’s overall business strategy, which aims to increase profit and market share, decrease cost, differentiate products through innovation and deliver an excellent customer experience.

These can only be achieved through quality information distributed to relevant personnel and applied to the right systems and processes. That’s why data quality management (DQM) is the most important business intelligence (BI) trend for 2019.

So, what are the basics of an effective data strategy?

  1. Identified and defined data. Much like how books are cataloged and organized in libraries, data must also be named, formatted and assigned values.
  2. Storage. Since data is an enterprise asset, the organization’s storage capability must accommodate not just data housing, but also convenient data transferring and sharing between systems.
  3. Rules and access guidelines. To ensure consistent data management, an enterprise-wide data governance rules and policies must be established.
  4. Data processing system. Most if not all data comes into the system raw. Meaning, since they’re from different sources, it’s anticipated that they’ll be in different formats and levels of quality, and must therefore be cleansed and enriched before being sent out.

Quality information or valuable insight, such as granular customer and competitor details should come out of these activities. And once acquired, these insights should be correctly and swiftly acted upon, for example, if certain products are doing well on certain channels and at certain times – then not only should heavier advertisement and promotion be sent that way, but a more focused data mining activity to find out why it’s working and how it can be improved to not only drive sales, but inspire brand loyalty.

How is MDM central to a solid enterprise data strategy?

No matter how good the drawn up strategy is, it won’t work without proper execution. And to execute well, you need a modern master data management (MDM) solution.

Gartner defines MDM as a “technology-enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency and accountability of the enterprise’s official shared master data assets.”

It ultimately gives you a single, trusted version of the truth or golden record, which enables you to have a complete picture and a deep understanding of the relationships between the data entities relevant to your business, such as your consumers, products, suppliers, stores, etc.

With MDM, you can:

  • Ensure data quality.
  • Assign roles and responsibilities
  • Establish processes according to your business requirements
  • Acquire, process and model data from multiple coexisting domains
  • Share information within your business
  • Integrate assets/content from different sources

Your enterprise data strategy is your roadmap to fulfilling a long-term goal. An MDM is essential for your journey as it allows you to regularly review and measure your activities, so you can continuously grow and evolve into an organization or brand that constantly transforms to the needs of your consumers.