Pivoting to a Consumer-Focused Strategy
By Mike Luthman on Aug 20, 2020
Partner Perspective By Mike Luthman, Managing Consultant, Product Solutions, Infoverity, Inc.
We find ourselves in unprecedented times for both personal and business health. Companies are navigating in uncharted territory, needing to react quickly to the changing landscape of business operations and consumer spending.
Keeping employees and customers healthy and confident requires altered approaches to keep commerce flowing. To endure these uncertain times, our recent experience shows companies who traditionally use a B2B business model are pivoting towards B2C-oriented strategies. With a focused, data-driven approach to this pivot, companies can adjust to changing circumstances and provide value to consumers without missing a beat.
As COVID-19 related restrictions continue to evolve, businesses are having to adapt to a “new normal.”
With the rapidly-changing economy, there is now higher emphasis than ever on creating, acquiring, enriching and syndicating product information.
If manual creation of product information is at the center of a company’s efforts, new processes or automation strategies may need to be developed in order to optimize the usage of company time and resources. Process automation ensures proper data governance and high standards for product data, while following necessary approval processes prior to data syndication. Ultimately, this will drive a better experience to consumers, who will have access to high-quality data to inform their purchasing behaviors.
Whether from manufacturers, suppliers, third-parties, or even competitors, the ability to act quickly to acquire resources (including product information) is key to informing potential or current customers of their purchasing options. Driving a more automated, low-touch acquisition process for product data will fuel businesses’ abilities to recover from these circumstances and promote swift and accurate go-to market strategies.
To support the evolution of the “future-state” of commerce, the ability to further enhance product information will set businesses apart from the competition. Whether utilizing third-party data or web scraping to retrieve information from suppliers or competitors, having the highest-quality data run through a well-designed, automated copy-editing and enrichment process will ensure a superior customer experience across digital channels.
Getting the right information to the right consumer at the right time has never been more important. Syndication is critical in these times, as the preferred shopping method has rapidly shifted further to an online experience, making BOPIS and direct-to-consumer shipment a must. Driven by a Customer Experience (CX) focused on the end consumer, businesses will need to provide accurate, timely logistical data centered on frequently updated inventory, pricing, and lead-time information. New complementary information must also be available in the form of media and other critical assets.
More than ever, distributors now must provide accurate and complete data in the form of their own product data feeds to their consumers, fueling an effective online shopping CX. Major distributors like Home Depot, Amazon, etc. have their own particular data standards, requiring data in a uniquely-preferred format conforming to their own product structure and values. Attempting to keep up with the standards manually or with a disperse set of product data will mean faster consumption of critical (and perhaps scarce) human resources.
Whether the goal is increased sales revenue through online channels, optimization of human resource effort, lowered operational costs, or increased customer satisfaction, PIM QuickStart rapidly delivers through the combined power of EnterWorks’ PIM software and Infoverity’s proven 8 to 12 week process.
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Download our EnterWorks PIM QuickStart Solution Overview here.
Mike Luthman joined Infoverity in 2016 to lead Product Information Management projects for clients after leaving his role as an evangelist and Program Manager for a PIM implementation. Mr. Luthman brings more than 35 years of technology and business management experience to Infoverity, having served as Executive Director, Product Systems for a Cengage Learning, a multi-billion dollar educational publisher. He previously managed information systems professionals at Lexis-Nexis after a 15 career as a government contractor. Mr. Luthman holds a B.S. degree in Business Management with a minor in Computer Science from the University of Dayton, Datyon, OH.
Founded in 2011, Infoverity is a leading systems integrator and global professional services firm that provides MDM and PIM Strategy and Implementation, Data Governance and Analytics, Content Management, Data Integration, Enterprise Hosting, Managed Services and Customer Experience Solutions that help large enterprises in the retail, consumer goods, manufacturing, distribution, financial and healthcare sectors to simplify and maximize the value of their information. For more information, visit Infoverity.com, follow@Infoverity on Twitter, or contact us today.
About the author
Mike brings more than 35 years of technology and business management experience to Infoverity, having served as Executive Director, Product Systems for a Cengage Learning, a multi-billion dollar educational publisher. He previously managed information systems professionals at Lexis-Nexis after a 15 career as a government contractor. Mr. Luthman holds a B.S. degree in Business Management with a minor in Computer Science from the University of Dayton, Datyon, OH.
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