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5 Ways Data Governance Drives Revenue

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Everyone who works with product content knows keeping product information accurate is difficult, to say nothing of keeping data and assets, like images and videos, up-to-date. Data governance is a sure fire way to stay on top of your product content, drive team communication, and improve productivity as well as product content quality. Data governance is the way to drive sales success and grow market share today.

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5 Ways Data Governance Drives Revenue

  1. 1. DATA GOVERNANCE 5 Ways to Drive Revenue and Grow Market Share with Product Information Management (PIM) 1
  2. 2. Definition “Data governance is a data management concept concerning the capability that enables an organization to ensure that high data quality exists throughout the complete lifecycle of the data.” -Wikipedia Data governance is best suited for mid- size, medium enterprise, and global enterprise operations, because smaller, simpler companies tend to place responsibility for master data management in the hands of only a few key individuals. 2
  3. 3. 5 KEY DATA GOVERNANCE PRINCIPLES • Data quality must sit between data governance and product content. THUS 1. Identify everyone who has to use data for discoverability, decision making, analytics, and data maintenance. 2. Determine access security levels. 3. Entrust content updating to the right stakeholders in the appropriate departments. 4. Enforce the necessary quality checks at the point of data entry, in the form of system validation 5. Put the necessary review and approval steps into place to verify data. 3
  4. 4. PRODUCT DATA ISN’T ENOUGH 4 Ecommerce is visual, so assets, like images and videos, are critically important. Marketing departments require governance for data and assets. Product data include: Categorization Product Families Specifications Packaging Information Weights and Units
  5. 5. 5 WAYS DATA GOVERNANCE DRIVES SALES REVENUE 1. Product Experience 2. Time to Market 3. Buyer Satisfaction 4. Repeat Business 5. Scale 5
  6. 6. 1. PRODUCT EXPERIENCE 6 Data governance provides improved decision making PIM passes this power on to your customers Informed customers can make buying decisions with confidence Confidence comes from digesting enhanced content Accurate, up-to-date information and rich digital assets add up to enhanced content that delight and converts customers Hence, solid product pages are built on robust, enhanced content
  7. 7. 2. TIME TO MARKET 7 Data governance increases communication Better communication leads to better planning Better planning decreases wasted time Data governance increases productivity Automated messaging means work gets done when it needs to get done Product content quality improves Increased communication and productivity mean you can more reliably make deadlines: launch windows, trade shows, press releases
  8. 8. 3. BUYER SATISFACTION 8 Higher content quality draws in more potential buyers • Buyers have the information they need to make informed decision More potential buyers means more sales • High quality content converts more customers Tailored product content empowers potential buyers • Customers know exactly what they are buying, reducing returns
  9. 9. 4. REPEAT BUSINESS 9 Delighted customers who don’t return products are more likely to return to buy again, and to recommend your site to their friends and family Data governance leads to increased product content quality Buyers are delighted with the experience your site provides •This increases sales Buyers know exactly what they are buying •This reduces returns
  10. 10. 5. SCALE 10 This means data governance is your ticket to increasing market share The single most valuable benefit of data governance is product content enrichment Leverage rich content to deploy across multiple sales channels • Retail • Marketplace • Website • Third party vendors
  11. 11. 9 tips for success: 1. Eliminate data silos 2. Enforce validation rules that eliminate duplicate data 3. Tie a simple approval process, using reliable methods, to ensure data owners directly perform or supervise data entry. 4. Review specifications when data changes annually. 5. Review new types of digital asset requests annually. 6. Fix inaccurate data: incorrect or incorrectly entered data. 7. Ensure the correct people make categorization and hierarchical data decisions. 8. Implement internal communication mechanisms around data. 9. Comply with regulations by having the data needed for attributes like Prop 65. DATA GOVERNANCE IMPLEMENTATIO N 11
  12. 12. PRODUCT PAGES • All of the following should be required: 1. A spec-sheet, if applicable 2. An installation sheet, if applicable 3. A 360 degree photo 4. Several images covering different views 5. A rich description 6. An enhanced page comparing models of related products • Bonus tip for multi-lingual organizations: • Enforce a process that updates the same content across all markets when updating content in one language ©2019 Catsy. All rights reserved. 12
  13. 13. CLICK HERE TO SEE WHAT CATSY CAN DO FOR YOU Thank you! ©2019 Catsy. All rights reserved. 13

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