What is meant by product experience management?
Product experience management, or PXM, refers to a process where a company actively tries to manage and improve the customer experience of its products or services. This means all the measures that the company takes to ensure that the users of the products have a positive and pleasant experience.
Product experience management often focuses on understanding the customer's needs and responding to them. The goal is to create a product that meets or exceeds customer expectations. At its simplest, it can be communicating the features of the product or service in a broader and deeper way so that the customer understands for sure what he is getting. This can also include developing the product to better meet the customer's needs: improving ease of use or fine-tuning the visuals, for example. This type of development is based on measuring the customer experience, collecting and considering customer feedback.
Product experience management is important for companies because it can directly affect customer satisfaction and loyalty. A positive product experience can lead to referrals and attracting new customers. In addition, a well-managed product experience can distinguish a company from its competitors in the market.
Customer experience in the background
In addition to digitization, the PXM trend is influenced by the megatrend of the experience economy. The development of customer experience has emerged as a theme more and more over the years, and the growth of digital commerce has increased its business importance. Customer experience is a strategic development target for companies: it directly affects competitiveness and through it companies also seek a competitive advantage. A good customer or purchasing experience, on the other hand, cannot be created without a good product or service experience. For this reason, companies that have invested in product experience management feel that they have benefited from more satisfied customers, which in turn ensures business continuity.
What is the difference between PIM and PXM?
PIM mainly focuses on centralizing, storing and sharing product information. With it, organizations can effectively manage their product selections, update the product information of their products and services, and distribute them to different sales channels. The PIM system is an excellent tool to facilitate the management of product information and enable high-quality communication of product information. PIM makes it easy to ensure that all information is consistent and up-to-date.
In PXM, the focus shifts from mere product information management towards a more holistic customer experience: we monitor and measure the richness and quality of product information and aim to offer customers unique shopping experiences. With PXM, organizations can improve the customer experience and stand out from their competitors by offering high-quality content in different channels.
Although both PIM and PXM are related to product information management, they emphasize different perspectives. PIM helps maintain consistent and up-to-date product information, while PXM focuses on building the product experience and brand by providing attractive content to customers.
Product experience management is based on measurement
Simplifying, it can be stated that the product experience is created from the relationship between expectation and experience. Both of these should be measured regularly. The quality of product information plays a significant role in creating a product experience. Does the customer find, for example, the information important to him easily in the online store and does it correspond to reality? And does the physical product match the quality experience the customer got from the online store?
Research office Vastakaiku according to a survey conducted this year 93% of the respondents consider product information management to be a critical future success factor for the company in the next few years. However, customer feedback related to product information is rarely asked, in some companies not at all.
