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How to Get Product Data Right and Gain a

Competitive Edge
By CGT Staff (/author-profile/staff) - 11/17/2020

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Among all the influences of consumer buying decisions online, nothing ultimately carries
more weight than accurate product content. But inefficient approaches and systems like
spreadsheets, outdated databases and legacy applications to manage product data still
rule in many CG companies. The risks are poor customer experience, higher returns and
lost sales.

The shopper journey starts and ends with product information. Although what’s
presented varies during each touchpoint, no other factor is present in every step — from
awareness to interest, research to consideration, cart to checkout. And that’s just the
front end.

(https://www.pwc.com/us/en/services/consulting/library/consumer-intelligence-series/future-of-customer-
experience.html#bad-experiences)

The pandemic has intensified the need for better data management as CG companies
expand sales channels and consumers buy more online. Across food and beverage, for
example, BCG found (https://www.bcg.com/en-us/publications/2020/cpg-companies-
face-increased-e-commerce) the shift to e-commerce will drive more than 70% of sales
through 2022.

The sheer number of platforms adds even more pressure — in the U.S. alone, nearly 50
e-commerce sites (https://www.webretailer.com/b/online-
marketplaces/#The_worlds_top_online_marketplaces) receive more than 1 million visits
per month. E-commerce sales grew more than 30% in the first half of 2020, according to
(https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf) the U.S. Department of
Commerce — a surge that’s expected to continue.

In the context of these trends, changing just one piece of product information through a
manual, obsolete data management process feels like running in a dream — slow
motion, to no completion. A digital world won’t wait; speed and accuracy are baselines of
the experience.

Read on to find out how leading consumer goods companies, like Fender Musical
Instruments Corporation, are setting themselves apart by getting product data right.

Before PIM
With thousands of product and 100,000+
digital assets, Fender knew the pain of
incorrect product data all too well.
Fender’s global customers range from
beginner musicians and hobbyists to
acclaimed artists and performers. The
company serves them through a
worldwide dealer network, with a
multitude of product information that
differs across catalogs, pricelists,
websites and product release
announcements.

Fender customers depended on high-

quality product information to make
choices throughout their purchasing
journeys. However, an outdated
database limited accuracy and enabled
non-Fender sources to publish wrong
information.

After PIM
Everything changed after implementing
PIM. Fender’s marketing and
merchandising teams could target messaging over the lives of their products. Product
launches were more automated with configurable set-up, sellable flags and other key
status indicators for products.

Centralized image and data delivery shortened time to market and gave more
information to consumers faster. Data and content can be easily enriched. Category
grids/feature pages can be created without coding. Automated removal of the sellable
flag helps control legacy products.

Now, no matter where a customer is, Fender product information is accurate and
complete despite how or where it’s accessed. This achievement supports Fender’s goals
to elevate customer experience and extend its e-commerce presence.
How can other CG companies realize similar results?

#1. DITCH THE DISPARITY

The challenge is, product data typically comes from disparate systems, through many
stakeholders to the seemingly endless array of e-commerce platforms and partners.

(https://www.winshuttle.com/assets/analyst-review-enterworks-forrester-wave-master-data-
management-q1-2019/)

PIM can pull all the product content together. It’s built to address the specific challenges
of product data management and get reliable information and related digital assets to the
right place, fast and accurately. So why aren’t more CG companies taking advantage of
the technology to deliver a better consumer experience and gain a competitive edge?

Like any tech enhancement, the business needs to make a case for deployment. A good
start is positioning the solution in the greater context of digital transformation — of
which The Forrester Wave: Master Data Management, Q1 2019 report calls PIM an
important part.

“MDM within ecosystems, connecting to product information management (PIM)

systems, is becoming a key success factor,” according to the report, which also calls the
technology “a centerpiece of flexibility” for CG.

Standards organization GS1 breaks out (https://www.winshuttle.com/assets/webinar-

enterworks-gs1-why-your-business-needs-accurate-product-data/) the benefits of case
and item data accuracy for sellers into four categories: cost savings, risk mitigation,
advanced collaboration and improved retail execution. On the buying side, shoppers will
enjoy a more unified and seamless experience.
 (https://www.winshuttle.com/assets/webinar-enterworks-gs1-why-your-business-needs-accurate-
product-data/)

Of course, these areas intersect, so if data is wrong in one place, it’s typically wrong in
another. Disparity in product date must be eliminated. Managing it should be holistic, but
without one view or source, errors are inevitable.

#2. JOIN THE CROWD

Product data not only flows through many systems, it goes through many hands — PIM
users are an eclectic mix of business and technology functions, as well as suppliers and
partners. Users, influencers and decision makers must be joined together to not only
build the case for a solution but also help name data sources.

For example, chief data officers or data governance teams might be key decision
makers, but product management, e-commerce and marketing teams are big
influencers. Essentially, anyone involved in the product lifecycle will be involved in PIM
— from copywriters, designers, creative technologists and SEO specialists, all the way to
category managers.

Marketing, in particular, benefits because a PIM a solution can enable personalization

when used to its fullest capabilities. A single source of truth also makes it easier to
maintain brand standards and give consumers the answers they are looking for — vital
to what Google calls the Zero Moment of Truth
(https://www.thinkwithgoogle.com/marketing-resources/micro-moments/zero-moment-
truth/).

The theory goes like this: “We saw that people are increasingly making these decisions
at the Zero Moment — the precise moment when they have a need, intent or question
they want answered online. These questions can be anything from ‘Which brand of
diapers will help my baby sleep through the night?’ to ‘What toothpaste is going to make
my smile brighter?’ or ‘What will remove crayon marks from my wood dining table?’ A
brand that answers these questions at just the right time scores a double win: It helps
improve a consumer's life and stands to gain a competitive advantage over brands that
don't.”

(https://www.thinkwithgoogle.com/marketing-strategies/micro-moments/zero-moment-truth/)

PIM solves many pain points for many stakeholders. Involving those who benefit most —
as well those who know the consumer and clearly understand the business value from
the start — will help ensure a successful implementation.

#3. FOCUS ON DATA QUALITY

Before a product is launched, the data must be perfect. The same can be said about a
PIM implementation. Some e-commerce partners like Amazon will remove a product if
they deem the data inaccurate, once again giving competitors a leg up. Data must be
clean, standardized, rationalized and normalized. An example of these complexities can
be seen in the video below as Amazon explains how suppliers can create a listing for its
marketplace.

How to Create Great Amazon Listings

Product information can include descriptions like name and UPC codes, measurements
like dimension and weight, attributes like size and color, plus marketing copy in a range
of formats, and digital materials like images and videos.

Then, there’s all the metadata consumers don’t see, matters of compliance and,
depending on the vertical, product safety issues to consider. Plus, each e-commerce
platform is likely to have its own set of data rules.

A pre-implementation data audit will help uncover all the data sources, purposes and
owners.

The steps might look like this:

1. Set the scope of the audit.

2. Give an overview of the process and expectations to owners.

3. Define key data requirements for each product.

4. Assess risk.

5. Test samples of data against the established parameters.

Basic stats, patterns, omissions and other irregularities will become apparent.

The result serves as the basis for creating a quality data framework based on
completeness, conformity, accuracy, consistency, continuity and timeliness without
duplication or source redundancy. The last few characteristics are especially important in
regulated industries.

(https://www.winshuttle.com/assets/webinar-enterworks-gs1-why-your-business-needs-accurate-
product-data/)

The result serves as the basis for creating a quality data framework based on
completeness, conformity, accuracy, consistency, continuity and timeliness without
duplication or source redundancy. The last few characteristics are especially important in
regulated industries.

Business rules must also be defined and will vary depending on the channel type or the
channel partner. If a partner requires product data that doesn’t exist yet, that information
should be added.

What’s more, quality data equals speed — a factor that’s often overlooked in data
management projects. With the competitive e-commerce landscape, first to market and
fast to answer can mean the difference between a sale and loss to another brand. High-
quality data gets to all of the places it needs to quickly through a PIM solution.

(https://consumergoods.com/product-information-management-key-success-digital-economy)

Get Product Data Right

As CG companies and retailers head into an unusual holiday season, they’re gearing up
for e-commerce sales to boom. Amazon, for example, is hiring 100,000 workers in the
U.S. alone. Adobe Analytics Holiday Forecast
(https://www.adobe.com/content/dam/www/us/en/adi/2020/pdfs/Adobe_Holiday_Forecast_P
says to expect two years of e-commerce growth during this November and December.
In a time like no other, CG companies have a unique opportunity to serve customers at a
higher level and generate sizeable revenue from digital platforms. But product data
needs to be right first, especially given the ever-evolving shopper journey.

By taking pre-emptive steps to address the challenges and opportunities of product data
management, CGs will add another hammer to their customer experience toolbox and
secure a strategic advantage. Those that don’t, meanwhile, risk getting pushed out by
the companies that understand its importance.

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