Insights

ARE YOU TAKING ADVANTAGE OF YOUR PIM’S ANALYTICS AND INSIGHTS? PART 2
Katie Fiechter

In part one we dove into proper analytics and how they allow you to discover different trends that make a big impact on marketing campaign effectiveness. Now, we’ll see how proper catalog completeness plays into customer lifetime value (CLV), B2B decision making, and omnichannel product management.

PROPER PRODUCT CATALOG COMPLETENESS

Product completeness refers to the set of criteria at the attribute level that determines when a product is classified as “complete” or ready to be sold through online channels. A product is considered complete when all of its required attributes have a correctly formatted attribute value.

Example: Creating a product completeness group where your products won’t be 100% ready until Title, Price, Description, and Imagery are all included.

Having proper product catalog completeness can help:

  • Increase targeting of attributes that drive high-value SEO keywords
  • Identify and drive attention to high-conversion product attributes
  • Test new completeness criteria per catalog to help fine-tune each catalog for its desired purpose
  • Reduce the customer return rate of products by ensuring only the correct data is published
  • Reduce the average customer service time per customer by eliminating concerns about product details and characteristics

GREATER KNOWLEDGE OF DRIVING FORCES FOR CUSTOMER LIFETIME VALUE (CLV)

Without having a granular and correctly categorized view of product data, you won’t understand what exactly the customer is looking for which can affect CLV. Showing more curated products will keep your repeat customers engaged with the products, while also lowering customer acquisition cost. PIM can enable a business to tie attributes to the three factors in RFM models, a tool used to identify a businesses best customers by using certain measures. A PIM will also be able to help determine which attributes move the needle for each of the three factors.

RFM is based on three quantitative factors:

– Recency: How recently a customer has made a purchase
– Frequency: How often a customer makes a purchase
– Monetary Value: How much money a customer spends on purchases

HELP B2B CUSTOMERS MAKE PURCHASING DECISIONS FASTER

B2B customers’ decision-making typically is systematic which differs from B2C purchasing decisions. B2B customers shop primarily for need, so thorough product information feeds enable these buyers to make purchase decisions more quickly and move on to their next task.

To get there, B2B ecommerce channels are starting to optimize and differentiate their products based on the needs of the customer, since each B2B customer has different needs. Through effective search relevancy recommendations, targeted campaigns based on purchasing needs, and promotions that line up with customer behaviors and trends, you will lead your customers to what they want at a much faster rate.

INFORMED OMNICHANNEL PRODUCT MANAGEMENT

With an increasing number of digital channels and touchpoints, it’s important to know which channel works best for each product, and which channels are gateways to purchase across all other channels. Omnichannel product management can help you understand trends at the channel level and be able to react and adapt quickly to buying trends. Consumer trends on Amazon will most likely differ from B2B trends on Grainger, or even similar marketplaces. A more informed omnichannel product management system will also help you better understand which products convert best on each channel and why that is. Plus, you can identify the “halo effect” when selling across channels and identify which products in specific channels are helping drive conversions in alternate channels. Being able to understand the cross-channel impact of certain product purchases will help you understand which products are gateways to purchase across other channels as well.

WHAT TOOLS CAN HELP ME GET THERE?

Salsify Insights gives brands the data they need to inform their eCommerce strategy, measure their performance, and drive business outcomes across the digital shelf. With aggregated data from each retail endpoint, brands can optimize their content to effectively compete online. Salsify Insights segments reports into two categories: Content and Buy Box.

Content Insights provides reporting metrics for brands to measure their content performance against conversion drivers like number of images, A+ content, and length of feature bullets. Content Insights helps brands identify opportunities for optimization across their full catalog of products and channels, so they can take action to drive positive impact for their brand. The Salsify Content Insights module includes Brand Compliance Report, Share of Search Report, and Product Detail Page Report.

Buy Box Insights provides insight to brands to ensure they win the buy box every time. Automated notifications alert users when a product has lost the buy box or when your inventory dips below a certain threshold. With Buy Box reporting, brands are also able to defend their profitability with MAP violation tracking. The Salsify Buy Box Insights module includes In-Stock Availability Report, 3P Seller Report, and MAP Report.

FINAL THOUGHTS

Whether you are working towards more effective marketing campaigns or improving proper catalog completeness, PIM can help you discover new insights into products and customer behaviors that are unattainable without easily manageable attribute-level data. Incorporating a PIM into your tech stack will give you the ability to capitalize on your data and improve your analytics value. The capability to view more granular attributes gives you the power to gain control over customer behaviors and start putting the products that they want to see right in front of them.