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PRODUCT EXPERIENCE

What is Product Experience Management & Why Is It Crucial for Your Business?

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In today’s time, where the business landscape is continuously expanding, building a product isn’t as simple as it seems. Since digital technology has given more power into the shoppers’ hands, delivering exceptional CX to delight customers matters more than ever. While brands are focused on providing their customers with compelling experiences, they often ignore the most critical component – Product Experience Management.

What is Product Experience Management?

A critical process of shaping a brand’s identity, Product Experience Management (PXM) is a method of delivering great product content (which is engaging, relevant as well as contextual) to the right audience, in the right place, at the right time. Basically, it’s a concept responsible for how a user experiences a product visually and forms an informational perspective about it. 

Here are the 3 components which lay the foundation of Product Experience Management:

  1. Content: Gaining access to great content through different sources of your own or your suppliers;
  2. Context: Promoting compelling product stories at the right customer touchpoints across various channels and devices;
  3. Conversion: Developing a refinement loop that helps you glean insights into the performance of your products and how to improve your content.

Why Product Experience Management matters?

Providing customers with the best user experience possible is one of the key differentiators for ensuring business success. As customers prefer niche products that are relevant to them, Product Experience Management (PXM) drives personalized customer experience by establishing a seamless connection between product data and customers. 

By empowering you with detailed insights about your customers as well as their purchase journey, it helps you offer them all the relevant information about a product (that matches their requirements) easily. Thus, PXM plays a pivotal role in elevating the customer experience, driving sales, and building loyalty. 

A global brand that relies on PXM to grow its market share is Coca-Cola. Being one of the most loved & powerful brands in the world, Coke holds a brand value of approximately 84 billion US dollars, ranking among the list of top ten brands worldwide. They don’t sell Coke as a product but rather position it as a center of positive experiences during its advertising.

With these examples, we can deduce that companies that focus on creating a positive product experience are likely to build stronger relationships with their customers and differentiate themselves from their competitors.

Related: 20 Best Product Survey Questions

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How to Improve the Product Experience?

Why is Product Experience Management crucial for your business 04

Once you’ve learned about the significance of product experience, it is time to learn how to improve the product experience for your customers. Here are some ways to create the best product experiences for your customers:

5 Ways to Create the Best Product Experiences for Your Customers:

1. Gather regular feedback

To drive customer-centricity, it’s imperative to understand what customers need and how they feel about your product. Collecting feedback from users is crucial as it will help you address their concerns and requirements (Don’t worry about hearing complaints). While gathering feedback should be an ongoing process, taking action on the valuable insights make all the difference. Voxco offers omnichannel survey solutions that help you solicit user feedback for driving product evolution.

2. Analyze user behaviour 

To gain a holistic view of how your products are being used, you don’t need to follow anecdotal observations or rely on “gut instincts” anymore. Leverage analytics to collect, aggregate, and analyze your user behavior seamlessly. By identifying causation, it will be easier to understand which features of your product help to boost frequency/session time. Likewise, which features are responsible for abandonment or cancellation? 

3. Prioritize it wisely

When it comes to product development, prioritization plays a key role in determining what to create and when to create it. In complete product experience management, both feedback and analytics are responsible for driving prioritization. As the needs of your users might not resonate directly with your company’s strategic goals/KPIs, you cannot prioritize or roadmap on the basis of your company’s needs. After all, the end goal is to keep your customers satisfied with the product experience.

4. Don’t forget to engage

Building a product can be tricky but getting users to come back is where the real deal comes in. In this case, engagement strategies could be of great help. At the time of onboarding, let the users know how your product works and lead them through workflows with effective guides & messages. When adding new functionality, inform users about its benefits and ways of accessing it. Leverage usage-driven emails to engage inactive users with your product.

5.Use Product Experience Management Software

One of the most effective ways to improve the overall product experience is using Product Experience Management Software. Using PXM software can help you manage product information, optimize product listings across multiple channels, analyze customer behavior and feedback to improve product performance, and improve the overall customer experience easily and with minimum human interference. 

Investing in Product Experience Management platforms today will reap you benefits in the future. For example, with Voxco Insights, you get end-to-end product experience solutions, product survey templates, and tools to create an excellent product experience strategy.

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FAQs

What is the definition of Product Experience Management?

By definition, Product Experience Management (PXM) refers to the process of creating, managing, optimizing, and delivering consistent product experiences across all customer touchpoints. It basically translates to managing all aspects of the product, including its information, content, and data, to ensure that customers have a seamless experience with the product throughout their journey.

Product Experience Management involves managing product information such as descriptions, images, pricing, and technical specifications, as well as managing the digital assets that support the product. It also involves managing the product content, including how it is presented, its relevance, and its consistency across all channels.

The goal of PXM is to create a consistent and compelling product experience that builds trust with customers and helps to drive sales. It requires collaboration across different teams within an organization, including product development, marketing, and customer service, to ensure that the product experience is seamless and consistent across all touchpoints.

What are the essential components of Product Experience Management?

Since Product Experience Management (PXM) is a comprehensive process that involves managing all aspects of the product experience, it has many essential components. 

Here are all the essential components of Product Experience Management:

  1. Product Information Management (PIM): Collecting, organizing, and managing product data, such as descriptions, pricing, and specifications, to ensure accuracy and consistency across all channels.
  2. Content Management: Creating and managing product content, including images, videos, and other digital assets, to ensure consistency and relevance across all channels.
  3. User Experience (UX) Design: Creating a seamless and intuitive user experience across all channels, including websites, mobile apps, and in-store experiences.
  4. Omnichannel Management: Delivering a consistent and engaging product experience across all customer touchpoints, including online, mobile, and in-store.
  5. Analytics and Optimization: Using data and analytics to measure the effectiveness of the product experience and identify areas for improvement.
  6. Localization and Personalization: Adapting the product experience to meet the needs and preferences of different customer segments and geographic regions.
  7. Collaboration and Integration: Collaborating with cross-functional teams, including product development, marketing, and customer service, to ensure a seamless and consistent product experience.

All the components of Product Experience Management together ensure a consistent, engaging, and personalized experience for customers across all touchpoints.

What is Product Experience?

Product experience refers to the overall experience that a customer has with a product or service. It includes every touchpoint that a customer has with a product, including the purchase process, delivery, usage, support, and after-sales service.

While a positive product experience translates to customer loyalty and advocacy, a negative product experience can lead to customer churn and damage to a brand’s reputation.

It is not confined to only the functional aspects of a product, such as its performance and features. But it also includes emotional and sensory aspects, such as how the product makes the customer feel, how easy it is to use, and how it looks and feels. 

What is product experience management software?

Product Experience Management (PXM) software is a type of software that helps businesses manage the entire lifecycle of their products from creation to retirement. It typically includes features such as product information management (PIM), digital asset management (DAM), content management, and e-commerce capabilities. 

Voxco is trusted by Top 50 Market Research firms, Global Brands & Universities in 40 countries. Voxco offers full omnichannel capability including CATI, Predictive Dialler, Online surveys, offline CAPI, and Panel Management.
Picture of Sahaj Sharma

Sahaj Sharma

Sahaj Sharma is a content marketer at Voxco. Owning a bachelor’s degree in computer science engineering, he loves exploring digital industry trends and creating content to help businesses shape their market presence. Apart from content creation, the other three things that vie his mind share are fashion, food, and travel.

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