4 Ways PIM Ensures Faster Time-to-Market
It’s common knowledge that the later you launch your new product, the more opportunities, revenue and profits you squander to your ever multiplying number of competitors in the market. If you’re struggling to get your product out there, you’re not alone, in fact you’re one of the majority as 79% of new products fail to make it to market on time.
With more than 25% of total revenue and profits across industries coming from successful new product launches, not only do you need to launch on time, but you have to do it faster and more frequently.
So, where does the problem lie? Why are you struggling to put your new products out in the market on time?
The Most Common Reasons Why New Products Fail to Launch
A major stumbling block to launching products on time is inefficiency, due to:
- Decentralized processes and systems
- Disconnected assets database
- Disorganized tasks and content management
- Inconsistent marketing communication
When your business lacks a consistent and automated approach to product information management, processes are prolonged and human errors are bound to happen. You’re also prone to redundancy and file duplication. Not only that, when your business units are operating in silos, your idea pipeline tends to dry up and collaboration between your departments/function gets stunted.
But that’s just the first half of the problem, because even if your company is good at coming up with awesome and innovative ideas, you still lose if you can’t translate those into ready-to-market products before the competition does. Why? Because consumers won’t be able to find your product if it doesn’t exist in the market.
Satisfying the Need for Speed
“Early birds catch the worms”, so the old adage says. To avoid being late to market and hand the competitors the golden opportunity to command premium prices and capture a lion’s share of the market, you can utilize a PIM or product information management solution. A PIM removes process and system inefficiency by providing you with:
- Centralized repository for all assets
- Self-Service sales portals
- Transparent content management
- Automated translation, image adaptation and marketing communication
With the right PIM, a task like compiling product information from multiple sources across the globe could take a significantly shorter time to accomplish, giving you the opportunity to launch faster. What a PIM does is automatically pull data from your suppliers and other systems, ensures they are accurate, consistent and complete, so you can focus on crafting a great marketing and customer experience strategy.
Want to know if your business needs a PIM? Take this quiz!
- Does every product launch require an enormous amount of energy and resources due to the number of participants that have to collaborate and deal with different channels, formats and languages?
- Do you find yourself doing redundant work by creating new images for each application and campaign?
- Does it take long for your new marketing employees to be efficient and productive due to outdated and confusing workflows and responsibilities?
- Is it difficult to inform your consumers, employees and partners about your new product release(s)?
- Do you find it tough to put together information such as technical data, product advantages, benefits and testimonials to your sales teams, branches and partners?
If you’ve answered mostly “yes” to this quiz, then you definitely need a PIM!
With a PIM, you can enjoy multi-language product communication processes, integrated image database featuring automatic image conversion and marketing processes, single point-of-truth for your data, transparent task management, self-service portals and more – so you can go to market much faster!
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