Good quality product information is very important to the success and long-term growth of a business. But for so many companies the data is disorganised and inaccurate. Product details are hiding away in emails and word documents. Duplicate copies of the same data file are scattered between employees in different departments. It's a chaotic picture!
Although it requires some effort and investment, the organisation of product information is crucial for manufacturers and retailers. It can be a progressive step for a business to take. So let's explore 5 reasons why product information is very important.
Let's start with the most important reason then, safety. Customers need to know all the details of the product you are selling so they know how to use it safely. It might contain materials which do not mix well with what the customer is planning to use it with, or they could be allergic to a substance in the product.
Detailed product information is crucial to avoid these kinds of problems. It prevents you or your business from getting into trouble but most importantly, keeps users of your products healthy and safe.
We know that no one would ever intentionally harm a customer. But it can happen when product information is not kept accurately and displayed prominently.
More Efficiency and Productivity
There is no doubt that good product information improves the efficiency and productivity of a company.
Businesses that have their data accessible to customers and staff members, spend less time having to deal with it. They then have more opportunities to be productive elsewhere.
The effects of this can be seen across the company. No time is lost between departments finding data and these little time savings multiplied out over many weeks can be a huge productivity boost.
Greater Customer Satisfaction
Product information improves the customer experience regardless of what sector you're in. Buyers always want more information about your product, to answer any purchase objections. The more conclusively you can answer their questions, the higher their satisfaction.
If you're operating an eCommerce business, then you'll know all about how important rich product pages are. Your website needs to be filled with detailed information and images on your range. Nobody is interested in buying from a sparse website with hardly any information, they want the important details laid out so they can make an informed decision.
It's the same story if you're a manufacturer. Potential customers need to know all the information about your products. If you are able to provide this product information quickly and accurately, they're going to enjoy doing business with you and likely return for more.
Transparency with Customers
Business is about trust at the end of the day. Custom is built on an individual trusting a company to provide a good product. So being transparent about all the details of your products is certain to enhance that trust and develop a relationship.
In 2021, hard selling is becoming a thing of the past. Business is a friendlier world now and people generally don't respond well to pushy sales techniques. They want you to answer any questions they have and fully understand the product they are purchasing before buying it. To deliver that, good product information is key.
Another Unique Selling Point
With many businesses so poor at managing their product information, doing it well could act as a unique selling point and provide more marketing opportunities. As I mentioned before, customers love buying from companies that have detailed information about their products, so they're bound to choose you over your rivals if that is what you provide.
As marketplaces grow even more competitive, anything you can do to distinguish yourself can help. Product information quality is certainly an area where you can exploit a USP. It doesn't even need revolutionary thinking to put into place, just some of your time, some organisation and maybe some investment in PIM software.
With the amount of regulation and competition around now, product information is just becoming more important for a business to flourish. Don't miss the boat and get your data in order before your rivals beat you to it!