B2B marketers fail to focus on the product information management system says a survey.
The latest survey from Akeneo says more than half of B2B sellers are convinced that Product Information Management (PIM) systems have the potential to improve their online sales conversion rates; however, about half of them are not using PIM technology. The survey of 1,600 B2B professionals from multiple industries says 54% of marketers lack dedicated solutions for managing product data and product experience.
The survey is based on responses from B2B professionals from seven countries across multiple industries, including manufacturing, retail, and health. Nearly 60% of them said they could increase sales conversions while 45% said they could charge more for the same product or service if they offered a better product experience. Sixty-one percent of respondents said product and brand values are the top criteria after price and are the key to B2B buyers’ purchasing decisions. Nearly 55% cited speed and efficiency while 42% said it personalized purchasing experience. One-third of the marketers said a consistent omnichannel experience is important for buyers’ decisions.
Offering insights on adopting new technologies, the report says 53% of marketers expect to install voice-controlled search technology while 45% and 40% want to focus on live chat and AR/VR (augmented reality/virtual reality) technology respectively. Achieving an efficient team productivity and collaboration on product data management was cited as a top challenge by 45% of B2B marketers. Moreover, over 40% of them said timely launching of new products and new product information is the next challenge.
B2B marketers should not overlook customer journeys to successfully improve the product
experience. At the same time, suppliers need to enrich and contextualize product information for particular sales channels and geographies. It is also essential to optimize product information processes and foster better collaboration internally.