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Marketing to Millennials

Millennials are changing the way brands are doing business, from catching onto contextual advertising trends to becoming early adopters of latest marketing channels (like Instagram) – it’s no surprise their purchasing power is projected to reach $1.4 trillion in 2020.

In this blog we’ll examine tomorrow’s trillion-dollar demographic and provide insights on how to engage the largest group of category killers across industries.

Online search

E-commerce made up nearly 10% of all retail sales in the last quarter of 2018, but that doesn’t necessarily point to the fact that all shopping is happening online. Online shopping statistics are vital for retailers to understand why a large chunk of purchase decisions still happen at the shelf. Other than shopping, digital has a huge influence on how Millennials reach the physical store – digital helps them search and find products in real-time,stay in tune with thousands of product reviews, prices, and best deals both online and offline, and gather updated product information they need to find the best products& shopping experiences.

The key is a seamless shopping transition from smartphone to personal computer to store. This also explains why this generation prefers the BOPIS (Buy Online Pick in Store) experience.

Impulse buying

Most millennial shoppers indulge in unplanned shopping – ‘throw extra items in the cart while you’re there’suggesting a demand for instant gratification and convenience over saving money on product price. Marketers have understood this and are developing millennial versions of the in-store ‘SALE’ signage that make the consumer not think twice about making a spontaneous purchase. Like related products, free shipping, or first-time buyer discounts. For example, grocery e-tailers convince shoppers to add items they might have forgotten at checkout based on items in their shopping cart.

Influenza economy

Almost three-quarters of consumers say that there has been a direct link between watching a video online and making a purchase. (Source: Adweek).

We live in a sharing economy and ‘Influencers’ have emerged as the game changers in the ecommerce space.  “In 2018, 72% of major brands stated that they were outsourcing a significant portion of their marketing resources to online Influencers. Followers feel as though they’re getting a product recommendation from a friend, making them more likely to buy quickly.” (Source: weforum) Successful brands have quickly adapted their marketing strategies to include Influencer collaborations that leverage their massive following resulting in an online buzz about the brand, product information, and updates. From brand discovery to purchase drivers, online mentions and reviews will be paramount to uplifting brand & sales in 2020.

Retailers and brands are redefining their strategies as the digital landscape and shopping behaviors evolve every day. If they are to capture the purchasing power of this segment, some organizations may have to modernize their legacy systems to keep themselves from falling behind. Two things: marketing technology. The right marketing technology, combined with the right data, people, processes & partners can enable retailers and corporate brands to deliver a consistent and elevated customer experience across all sales channels, including eCommerce, mobile, social, print, and retail points of sale.

Check out our Services page for more information to get started with mapping your ideal marketing technology stack.

Modernize how you manage product information using a PIM system

Customers need to make informed decisions before they buy any commodity. Before a purchase is made, a customer wants to know how the product will be of benefit to him or her. They want to be sure of the features and they are keen to know if it will truly solve the problem they are purchasing this product for. They also want to be sure the product specifications meet their requirements. Providing rich product information is key to converting sales and keeping loyal customers.

Unfortunately, most companies struggle with managing and providing the right product information that customers demand today. Bad or inadequate data results in poor customer experience and lost sales opportunities. For example, with a shabbily written product description, a company puts its designers, merchants, marketers, sales managers and product managers at risk of misinterpreting the product details. When product information is not properly synchronized across the enterprise, different departments interpret it wrongly and customers might end up buying a product which is not exactly what they wanted or thought they’re getting.

Product Information Management (PIM) is a direct and modern solution to tackling the issues raised above.

Why you should use PIM to organize Product Information

Traditionally, product information has been managed using software like Enterprise resource planning (ERP) systems in large firms or in excel spreadsheets or home-grown systems in smaller firms. A PIM (Product Information Management) is a more detailed, focused and targeted means of managing product data for company operating efficiency. PIM enables the centralization of product data from internal and external sources to help provide an exceptional experience for the buyer. Legacy systems are inflexible and often prevent a company from creating rich product data experiences for its customers.

IT-Modernization-2


Consistency in product information is key to acquire and keep loyal customers. With advancements in internet and stiffer competition, it is easy for customers to go to the next online shop if they observe inconsistencies or gaps in information such as product descriptions and features. Managing product information using PIM is the modern way of organizing business online. PIM provides consistent details, better quality and provides all the answers that will keep the customer glued to you. PIM is best used for when there is a high quantity of products and product data, diverse marketing funnels and sales channels, lots of suppliers and a large volume of product data management needs on an ongoing basis.

PIM also harmonizes the information between different sectors of the business. It keeps team members, stakeholders, partners and customers informed as the status of products and services change. PIM communicates these changes fast so as to increase efficiency, decrease time to market, and increase sales. PIM is easy to use and integrate and eliminates over-reliance on spreadsheets. It is very scalable and centralized at the same time and it helps produce accurate product data that stays consistent over time as it establishes a central source of information which stays true. Also, by using PIM, a company can provide a compelling product and customer experience that can accelerate sales.

PIM is a modern way of doing business efficiently as it helps better manage risks and lower costs. This increase in efficiency makes work a lot more fun, increases worker’s productivity and creates more wealth for the company.

Use PIM to scale your product counts and fuel digital transformation

In a world of digital revolution, businesses all over the world are doing more with less. Digital Transformation for your business literally means adopting the use of new digital systems to aid your business processes, and ace your sales! This could be you, only if you knew how. Guess what? You are about to find out.

A system called PIM, which means Product Information Management, is one of the most recent and effective systems used to collect, polish and distribute content (which could be anything related to all kinds of products or services), to various parts of the world using the internet. A unique feature of the Product Information Management system is its compatibility with all kinds of data sources and systems, both online and offline. Deploying it is literally a Digital Transformation for your business.

The Product Information Management system provides centralized data and a general facelift for the buying experience of your customers.

Here’s why you should consider using Product Information Management for your business

USE PIM TO SCALE YOUR PRODUCT COUNTS AND FUEL DIGITAL TRANSFORMATION

  • The number of sales that happen on the internet every day is on a continuous and swift rise. The best time to take advantage of the rise is now. Most businesses are now operating on a digital platform, but that is not enough to stand you out above competition. Automation is key, so you need to the right systems working for you. With Product Information Management enabled commerce platforms, you will take every prospective buyer that visits your website through a detailed and user-friendly buyer journey, maximizing the chances that the prospects are converted into buyers!
  • Many of the existing systems used to organize and keep data are not fit for agile business processes. This rigidity and complexity make it very difficult for businesses to use alternatives such as multiple excel spreadsheets and legacy systems, to provide an impeccable customer experience and drive incredible sales. Spreadsheets could be difficult to collate and edit especially when you are preparing your products. However, a Product Information Management system allows you to do mass editing, data validation, and much more through the use of a centralized system that collects and collates all kinds of data from different sources. This digital transformation will definitely lead to Customer Satisfaction, and with ease!
  • The amount of time it takes to take a prepared product through ERP, sales and marketing systems for approval, before it is considered ready for marketing and selling is always long. Sometimes, it takes weeks! Say hello to PIM, who is going to speed everything up. Product Information Management system reduces your product’s time to market.

PIM can increase your product count, take you global, and even reinforce the credibility of your brand. When the process of preparing your products and giving customers an impeccable, high quality presentation is made easier, you can take on as many products as you want.

The adoption of a modern Product Information Management system in your business will not only make your processes easier, but also put your business in the forefront of companies that are taking advantage of the Digital Transformation wave sweeping the business sector.

Product Content Localization Tips Webinar Recording Now Available

The webinar “3 Tips for Launching & Enriching Global Product Content” was held on Sept 19th, 2018.

How can companies “right size” their product content localization strategy? How can they provide customers a compelling product experience on the web and other channels? What do companies need to do to accelerate the deployment of localized content globally?

Webinar recording

This webinar explores approaches to taking product content global, discusses how PIM and Translation automation platforms can be used to accelerate content localization and deployment across global sales and marketing channels, and provides tips that companies can use in their own content localization projects.

StrikeTru Co-Hosting a Webinar on Product Content Localization for Global Markets

StrikeTru will be co-hosting a webinar “3 Tips for Launching & Enriching Global Product Content” on Sep 19, 2018. Harry Singh will co-present this webinar with our partners Nick Panagopoulos from Translations.com and Frank Verdeja from Akeneo.

Below is a copy of the official webinar abstract.

3 Tips for Launching & Enriching Global Product Content

Nick Panagopoulos, VP Global Strategic Alliances, Translations.com
Harry Singh, Partner, StrikeTru
Frank Verdeja, Customer Success Manager, Akeneo

In today’s global economy, offering product content in multiple languages is a necessity. Simply having and translating product content is not enough. To compete globally successfully, you must have a strategy for your global product content. Join this webinar to learn more about:

– Rightsizing Your Localization Strategy
– Delivering a Compelling Product Experience
– Accelerating Your Global PIM Deployment

This webinar is designed for marketers and product managers who are responsible for authoring, managing, and distributing product content in multiple language for multiple regions across the globe.

Who should attend:

– Product Managers
– Product Marketers
– Technical Publications Managers
– Marketing Managers
– Marketing VPs

To register for the webinar, click here.


StrikeTru markets and sells a Translation Connector (Akeneo2GlobalLink) that links Akeneo PIM to Translations.com’s GlobalLink Technology. This connector helps global manufacturers and retailers accelerate the translation and deployment of high-volume product content stored in a PIM system to multiple regions across the globe.

For more information on the translation connector, click here.

The Power of Digital Asset Management (DAM)

Digital assets are everywhere on websites; these could range from images, to videos and PDF documents. Nowadays, being able to manage them correctly is critical in an eCommerce world. A perfect way to have control over such important information is through the use of a DAM or Digital Asset Management system. Now you may be asking yourself, what is Digital Asset Management?

What is Digital Asset Management (DAM)?

DAM is a system that allows your business to organize, enrich and distribute digital assets from a centralized location by applying metadata. Digital Asset Management solutions come with features such as powerful imports and exports, as well as powerful searches.

Why DAM?

When considering a Digital Asset Management system you should consider these questions: Do you typically have images stored on desktop files and struggle to find them? Is it a challenge for you to include them on the website? Is it causing you product launch or sales delays? As a company, you definitely do not want to sell a product online without a picture or video or spec sheet and you want to be able to find digital assets quickly so you can use or reuse them. Within a DAM, you are able to set up folders, filters and permissions that allow different groups in your company to collaborate more efficiently in managing and distributing digital assets. When enriching data, you can decide on different digital asset characteristics that makes them be easily searchable. All in all, a DAM helps make your products more attractive to the customer and provides them the best shopping experience out there.   

Benefits of a DAM

A Digital Asset Management system allows you to:

    1. Centralize your assets for easy access
    1. Reduce asset search time
  1. Increase efficiency and team collaboration
Digital Asset ManagementSource: GlobalSpec.com

Product Information Management and Digital Asset Management

What is a PIM?

A PIM helps a company manage all of its product information and allows them to decide how to present products to the public. PIM can feed hiqh-quality product content to store, eCommerce, mobile, print, and social media channels. PIM systems are an excellent fit for retailers,  manufacturers, and distributors that find it hard to extract and combine the right information to present products easier. Lastly, PIM minimizes inaccuracies and gives your customers an easy and trusted purchase experience.

What is a DAM?

A DAM focuses on digital assets and associated data, and not on product data as in the case of PIM. With a well established DAM system, images and operations are easier to manage and control. DAM systems are critical for companies with a lot of digital assets that need to be accessed by multiple groups within the company and also shared with customers and trading partners. It may be typical for your Marketing or eCommerce manager to spend hours looking for the right digital asset; which can cause process delays. With a DAM, you can cut down this time spent searching for assets (or re-creating them) and use it for better purposes.

PIM and DAM Integration

Why should I use both PIM and DAM?

While a PIM and a DAM share some similarities, they differ greatly and are a smart investment for companies that want to improve their business performance. PIM is designed to manage and centralize all product information; DAM manages and centralizes images, logos and videos, PDFs etc. It is important to note that such images, logos and videos are also part of the product information that is useful to customers to help them search, evaluate, and purchase products. The combination of both will dramatically decrease the time it takes to prepare product data for selling across channels. A decrease in such time spent will decrease the time to market your products and increase your marketing ROI.

digital_asset_managementSource: FinancesOnline.com

For best practices and assistance with how best to integrate PIM and DAM systems, feel free to reach out to us. We are here to help! StrikeTru has a history of positive outcomes and customer satisfaction. We look forward to assisting you and helping you take your business to the next level.   

MDM & Data Governance Summit Speaking Engagement – Akeneo PIM Case Study

StrikeTru will be speaking at a major IT industry conference, MDM and Data Governance Conference 2016, in New York City on Nov 9, 2016. StrikeTru and SHOP.com will present an Akeneo PIM case study on how SHOP.com used PIM to modernize its IT & digital commerce operations.

Below is a copy of the official session abstract.

CASE STUDY: Enterprise-Grade Open Source PIM – An Important Option for Modern IT

Vik Gundoju, Partner, StrikeTru
Kyle Christiansen, Applications Architect, Market America/SHOP.com

Legacy operations involve high cost and complexity in aggregating, managing, and sharing an ever increasing amount of product information with customers, trading partners, regulatory agencies, and consumers. A PIM solution makes it easy to manage and distribute product data. An enterprise-grade open source PIM solution has the best chance of helping IT reduce costs, operate more efficiently, and gain quick access to innovations in PIM. Despite the success of well-known commercial open source technologies, many IT leaders often do not fully understand the benefits and value of open source technologies.

This session will review key open source MDM capabilities including: master, reference and metadata management; digital asset management: data governance: marketplace connectors; and product data synchronization between ERP, PLM, sales, and marketing applications.  Specific attention will be given to Akeneo which is the market-leading open source enterprise PIM.

To further the understanding of open source PIM, a case study discussing Shop.Com’s leverage of Akeneo to modernize its IT landscape will be presented.  This enabled the enterprise to become more agile in managing its global, multi-site, multi-language, multi-currency, and multi-channel commerce operations.

To highlight how open source PIM can accelerate enterprise success, StrikeTru and Shop.Com will present these topics:

  • Understanding the business & technology benefits of enterprise-strength open source technologies for PIM
  • Overcoming the prejudices & misinformation that plague open source decision-making
  • Planning for the next generation of digital commerce

The 11th annual MDM and Data Governance Conference will be held Nov 8-10, 2016 at the Hilton Hotel in Midtown, New York City. It will attract an audience of over 500 Master Data Management (MDM) professionals at all experience levels looking to exchange ideas and build connections with the MDM community.

Vik Gundoju from StrikeTru will share the stage with Kyle Christiansen, an Enterprise Applications Architect at MarketAmerica/SHOP.com, a StrikeTru customer.

For more information including the full conference schedule, visit http://www.information-management.com/conferences/mdmnewyork/.

Typical PIM Problem Statements

These are typical problem statements we heard from companies that invested in PIM. Often times, these problems exist because product data is managed in a fragmented fashion across disparate systems and spreadsheets. If you’re experiencing similar challenges, please contact us for an introductory chat to explore how we can help you. As McKinsey said, integrating data sources into a single system that is accessible to everyone in the organization will improve the “clock speed” for innovation. In other words, the organization will become “agile”.

“It takes us 5 times longer to roll out products compared with our best-in-class peers.”

“Our customer base thinks we are inept – we deliver data in weeks versus days for our competitors and it makes us look bad. Sales people must focus their time on smoothing over data management issues instead of building relationships and up-selling accounts.”

“Online sales grew from 20% to 50% of total sales in just 3 years – we simply need better product data management capabilities”

“Catalogs take too long to produce, and they are out of date by the time they’re printed.”

“30-50% of time spent compiling and sending product data to our customers is wasted effort due to redundant work”

“A key distributor removed us from its website because we missed their deadline for providing product data”

“5-10% of our product data is bad, and could result in $55,000 in penalties for just one customer alone”

“The same product is branded 4 different ways across our print & web channels”

“Our agency spend is excessive, we’d like to reduce it by 50% in 2 years”

“We acquire companies routinely and have significant challenges in introducing their products to our channels and geographies quickly”

StrikeTru completed implementing Akeneo PIM for a retailer

We recently completed implementing an Akeneo based Product Information Management (PIM) system for Steal-A-Sofa, a furniture retailer. Akeneo is an open source PIM system that is specifically targeted for retailers looking to replace their cumbersome excel based product information management processes with an simple and easy to use web based system.

StrikeTru rolled out a Nuxeo based PIM and DAM system

We recently wrapped up the implementation of a Nuxeo ECM (Enterprise Content Management) platform based Product Information Management (PIM) and Digital Asset Management (DAM) system for PTS America, one of the world’s largest vertically integrated manufacturer of ceramic tableware. StrikeTru managed a vendor selection process and helped choose Nuxeo based on a number of criteria that were relevant for this specific client’s needs.

Phase 1 of the project enabled the client to start migrating and enriching existing products and digital assets. Phase 2 of the project rolled out functionality to orchestrate new product development processes by configuring appropriate workflows and reporting.