Please enjoy this guest blog from the experts at Akeneo as they share the value of product experience and how to asses your strategy.
How important is product experience?
It can be easy to dismiss product experience in favor of other (seemingly unrelated) initiatives, such as customer experience and revenue. But have you considered that good product experiences are actually the foundation for creating exceptional customer experiences and for driving revenue?
For example, would you purchase a coffee table if you didn’t know the dimensions? Would you order a sofa if you didn’t know the size and material? Would you buy a package of your friend’s favorite candy for them if there wasn’t a picture on that specific listing online?
Chances are, you would want all of that information (and more) before making a purchase. Your buyers do too – and that’s just scratching the surface of what is needed to create memorable product experiences that keep customers coming back and ideally making referrals.
So where do you begin with creating solid product experiences? You start with a Product Experience (PX) strategy.
The Value of a Product Experience Strategy
A PX strategy sets the foundation for companies to deploy phenomenal product experiences that drive sales, reduce returns, and improve time-to-market across any sales and marketing channels.
Companies have experienced real results in these areas, such as increasing eCommerce sales up to 60%, reducing returns to increase margins by $1M, and reducing time-to-market from 24 hours to 15 minutes.
There are of course other benefits to the teams that manage and work together on product and product data, which increase the value of having a product experience strategy.
Assess Your Product Experience Strategy, Or Get Started with Custom Insights
So if you’re ready to assess your product experience strategy – or if you’d like custom insights for your business, you can take the PX Strategy Assessment (5 – 6 minutes).
In the assessment, you will answer questions about the Vision, People, Processes, and Technology related to how your business is managing product experiences. Ideally, the person taking the assessment will have a thorough understanding of your business’s goals and key performance indicators around product experience.
After completing the assessment, you will receive an overall score between 1 to 100 and individual scores across each category: Vision and Process, People, and Technology. You can review your score in comparison to others’ to understand where you are. You will also receive recommendations on how to create omnichannel product experiences specifically for your business.
After receiving your results, you can consider which areas you want to focus on improving. Some improvements may be able to be implemented very quickly for quick wins. Others may take longer and may require involvement from other teams.
Creating a PX Strategy Roadmap can help you prioritize how to focus your efforts and to align with goals for your business. If you’re invested in creating customer experiences that result in greater revenue and fewer returns, assessing your Product Experience strategy is a great starting point.
Sitation is an Akeneo Gold Partner and award winner. Please also enjoy Akeneo’s 2022 guest blog on product readiness.