Information technology has grown to reach new levels in just about every facet of business today. And when it comes to your product line, digitalization of that information is imperative to stay competitive in today’s market. 

From streamlining data entry to strategic maintenance of that data quality and storage, you need a better system. So, if you sell products then you need a robust database for your product information. And you can get this in a product information management software program. 

Don’t worry if you don’t know what that is, we’ve got you covered. Keep reading to learn everything you need to know about what PIM is, why you need, and how to best use this valuable software.

What is Product Information Management? 

You want your business to scale. And you want your product line to expand. But if you’re still using an Excel sheet to track your product information it might make you cringe each time you grow. 

If this is you, then you need to upgrade to a software program that will make your inventory tracking much easier. There is a better way, and that is having a powerful database house all your product facts and figures.

Your product line isn’t static, it’s dynamic and constantly changing. So the way you store the information about your products needs to be able to keep up with your business.

Do you have one centralized location to collect and manage all the information about your products? If not, then you need a software database that can do this for you.

A good product information management software program will do three things for your business and your product list: 

1. Collect all the important information, documents, and media files for each item in your product list
2. Maintain and organize that information while also maintaining quality control over the information
3. Distribute that information to external third-party retailer’s websites, apps, and social media platforms

A good PIM database will be robust enough to not only house all the pertinent information about the products in your product line, but it should also be able to distribute that information externally. 

With a product information management software program, you can enter your product descriptions, specifications, prices, and upload the images one time. Then the software will distribute that information to the various sales channels where you’re selling online.

Stop duplicating data entry and risking natural errors. And start automating and systematizing your efforts so you can start scaling your business today. 

Who Needs PIM? 

As a business owner, you have several tools you need to successfully run your business. Unfortunately, one important tool you might be neglecting is utilizing an important tool to manage your product information.

If you sell a product, then you need a PIM. A product information management software can make your business life so much easier by tracking what you’re selling and cataloging it for easy reference. 

Do you sell your product on various online seller websites? What happens when you add a new online distributor? Do you have an employee manually enter all the information about each product in your entire product line into that retailer’s database? 

Or would you rather be able to automatically connect your own database with your new retailer and eliminate the entire onboarding process? If you answered yes, then you need a PIM for your business. 

So, whether you’re a digital marketer or an eCommerce manager or store owner, you need a quality PIM software to streamline your work. 

What Are the Benefits Of PIM? 

A PIM gives one central location to keep all the pertinent information about your products. It also gives you one streamlined way to send that information upstream to your online sellers such as Google, Amazon, and any other retailer you work with. 

By having your product information in a database you can also link images, videos, product guides, and buyers guides so you can see at a glance all your digital assets for each product in your product line. 

Automate the process of data entry for each of your online retailers. Never duplicate your work again, enter it once and send it everywhere it needs to go immediately. Not only do you eliminate the manual entry but you also eliminating duplicating manual updating each time you update a product or image. Update once in your database, and that information is automatically conveyed upstream immediately. 

Increase productivity, reduce overhead, eliminate waste, and create a lean system to keep your product list updated and optimized. 

Not only will your team benefit from eliminating all their duplicate and manual data entry, but your customers will benefit as well. Don’t create confusion if they see your product on Amazon and the specifications or descriptions are different from other online retailers.

This will create doubt and destroy trust with your brand when they see various discrepancies about your product across the internet. Instead, ensure one unified product description across all channels so your customers can trust what they’re getting when they purchase your products. 

Why You Need PIM Systems

Data consistency and data quality can be hard to manage without proper tools or systems. Redundant systems and software programs can make your data management a nightmare as you grow your business. 

Are you relying on an employee (or worse, doing it yourself) to enter all the information each time you bring on a new retailer? By using a PIM, you can eliminate redundancy for your team. But you can also streamline the onboarding process and provide a uniform experience to all your customers who come across your product on various platforms. 

When you systematize the entire information management process for your product line you will reach a place you can scale your business to the next level. Don’t ever again feel that pit in the bottom of your stomach when your team tells you they just closed another distributor account.

Instead, celebrate the additional platform to sell your product while you quickly add your new retailer to your PIM. Watch as your entire product line is automatically uploaded to their website and mobile app. Sit back knowing that everything is streamlined and correctly classified and organized. 

This is what a PIM system can do for your business. And this is why a PIM can lead to truly being able to scale your business. So, if you’re ready to move up to the next level in your business then you need a robust PIM system today. 

What Can You Do With PIM? 

Businesses today are inundated with big data every day. Streamlining and analyzing that data has become an industry of its own. But what is a business like yours to do when managing all this data? You need a way to catalog and access this information and data quickly and easily. 

The more products you have in your product line, and the more people you have managing your product line, the greater your chances for errors and inconsistencies. This is what a PIM can do for you. It can take out the inconsistency and it can negate the need for redundant and duplicate data entry. 

You enter your product data one time and it is available for everyone on your team immediately. You update that product information over time and all your retailers are automatically updated as well. Stop worrying about whether or not the information about your product is up to date or accurate and start getting back to running your successful business today. 

So, don’t shy away from the investment in a software program that will streamline your efficiency and improve your productivity for all your teams. This is what you can do with a quality product information management software program. Your business is growing and that is good, but if you’re constantly needing to go back to previous product listings to update them then you’re not making good use of your time. 

Instead, you need to streamline your systems and manage your processes so that you can get back to growing your business. 

How to Choose the Right PIM for Your Business

There are several different types of product information software programs available. And it doesn’t matter if you choose one that is open-source, SaaS, cloud-based, or a standalone software program. What matters is that you choose the right option for your specific business. 

What does matter is that your chosen software program has the features you need to properly manage the data and information about your product line. In order to choose the right software program to properly catalog your product line, look for these important features: 

• one centralized system rather than several software programs and file sharing systems
• streamlined database management without any duplicate data entry
• standardized content publication
• integrates with all the major online retailers’ platforms and apps
• manage and create categories seamlessly
• capable of bulk editing, optimizing, uploading, and distribution
• capable of scaling on a large level

You want to grow your business. So start getting your product line into a quality product information management software system today. Don’t wait until you have hundreds of products in your line, do it now so you can grow and scale with ease. 

Don’t Struggle With Your Product Line Information Any Longer

As a business owner, you need a way to manage all the information about your product line. And you don’t want to cringe every time you add a new product or strike up a new relationship with an additional retailer.

Instead, rest assured knowing that these are great for business and your product information management software program can take care of all the details for you. Your and your team can save time, money, and several headaches by having all your product information in one centralized database.

So, don’t wait any longer, invest in a software that is powerful enough to do all this for you so you can get back to running your business. And if you’re not the decision-maker in your company, bookmark this article so you can share it with the right person to make this important upgrade so you can scale your business today.

For more great information on this and other topics, check out the rest of our blog. 

You can’t build a business without customers. Unfortunately, finding people who want to buy is one of the hardest parts of building a business. That’s why 74% of companies say that converting leads into customers is the top priority for their business.

Sales lead generation isn’t easy for even the most experienced salesperson. Keep reading to learn eight sales lead tips that will help your business acquire new customers.

1. Create a Customer Persona

You won’t go far if you try to appeal to a general audience with your marketing. Your business offers a specific solution to a specific problem. There’s a particular type of person that wants to buy what your company has to offer.

You can hone your marketing message by creating a persona for the types of customers most likely to purchase from you. Figure out how old they are, what business they’re in, and what they’re interested in.

When you have this information, you can craft your ads and sales calls to what will resonate with these individuals. You’ll probably have more than one customer persona, so be sure to create one for every type of customer.

2. Learn About Your Customer’s Problems

You might be great at building products. The question is, do you know how to communicate the problem your product solves to your customers?

Try to set up meetings with potential customers to learn more about them and the problem that your product can solve. Even if you do have the answer, it has to be something that people are willing to pay for.

These conversations will help shape your messaging and optimize your product offering. You’ll be able to focus more on the more significant pain points to make a more compelling sales pitch.

3. Invest in CRM Software

If your sales team is doing its job, they will be in touch with many potential leads. The question is, what system do they have to keep track of these conversations?

CRM software is a system to organize and track your current and potential customers. Instead of coming up with makeshift organization systems, a CRM solution will keep all your company contacts in one place.

Doing this means you have one central place to view your sales progress. You can track communication, find social media accounts, and keep track of the personal information of your leads. This system will keep things organized and provide a better way for your sales team to work together.

4. Qualify Your Leads

It isn’t enough to have a lot of contacts in your sales pipeline. You don’t have an unlimited amount of time. It would be a waste for you to spend time on people that will never buy from your company.

You need a methodology to qualify the leads in your sales pipeline. Test your leads to see if there is a genuine interest in your products.

Ideally, you should have a list of questions for anyone that shows interest. These questions should be designed to disqualify people. You might not be able to create this list initially, but as time goes on, you should be able to figure out which people are most likely to buy.

5. Build a Blog

Making calls isn’t the only way to generate leads for your company. There are a countless number of searches every day on Google. If you want to put your website to work making sales, you need to start a blog.

You can start by researching the most common questions in your industry. Your goal is to create blog posts for these questions and provide the best answer to your readers.

Doing this will solidify your company as a leader in your industry. You want to show that you’re knowledgeable and can solve any problem a potential customer has.

6. Track Everything

You probably won’t have much data to make decisions on when you first start your business. Things change once you gain experience and have done more sales work.

Track as many data points about your business as you can during the sales process. This includes metrics from your website to the best talking points in sales calls.

When you quantify what works and doesn’t work with data, you’ll be able to make better decisions. You can track this in a spreadsheet or use a paid program designed to produce analytic reports.

7. Watch Your Competitors

The chances are that you aren’t in your industry by yourself. You probably have several competitors out there. It’s a mistake to ignore what they’re doing.

Keep an eye on their products and their marketing message. If you see a drastic change, they may have discovered something you haven’t yet. Investigate the change to see if it’s something you can take advantage of.

8. Work With a Lead Generation Company

Nobody knows your product like you and your team. In many cases, you’re the most qualified people to sell your product. This is both a good and a bad thing.

You have a limited amount of time to dedicate to selling when running a business. If you’re new, you might not have the budget to hire a dedicated sales force. A lead generation company can fill in this gap.

Lead generation companies know how to generate leads and can get up to speed on your products and services in no time. Sit down with one to learn their process so that you can figure out if this service is right for your business.

Keep Your Business Growing With Sales Lead Generation

You can’t afford to rest easy when you have a steady stream of clients. You never know when a disaster will happen that will cause you to bleed customers. Make the most of sales lead generation to make sure your customer pipeline is always full.

If you want to learn more about talking with potential customers, our blog will help. Read more of our articles to discover how to sell the solutions you’re offering to your customers.

Cryptocurrency continues to grow. It has gone from being a fad to a serious form of currency. Investing in cryptocurrency is becoming more popular than ever.

One thing many cryptocurrency investors need to invest in is a cryptocurrency wallet. Especially if you hold Bitcoin. Bitcoin remains the most valuable cryptocurrency on the market. As a result, it’s imperative that you keep your Bitcoin safe.

So how do you do this? You invest in the best Bitcoin wallet possible.

We’ve prepared this guide to help you decide on a Bitcoin wallet. 

Choosing The Best Bitcoin Wallet

Before you choose your Bitcoin wallet, make sure you are well-versed in how to invest in Bitcoin. We suggest reading up on more information on how to invest in Bitcoin and grow your portfolio.

Once you have accumulated a wealth of Bitcoins, you need to know about the criteria for a great Bitcoin wallet.

In short, it needs to be from a reputable brand, password-protection, and usability features.

Here are the best Bitcoin wallets that fit the bill.

1. Trezor Wallet

This is a versatile cryptocurrency wallet often favored by beginner investors. It works with Mac, Windows, and Linux operating systems. The features include a password manager, two-factor authentication, and USB connectivity.

In addition to Bitcoin, it works with a variety of altcoins including Dash and Ethereum. These are small and lightweight and can easily be carried in your pocket or your travel bag.

They are on the pricier side (retailing at $169.99) but are well worth the investment. It is a very simple wallet to use and can be managed using the in-built software.

2. Ledger Nano S and X

This is one of the most popular cryptocurrency wallets available. One of the biggest advantages is that it can store over 1,000 different cryptocurrencies from Bitcoin to Ethereum to lesser-known altcoins. The list of supported cryptocurrencies continues to increase – making this wallet a preferred option for serious cryptocurrency investors.

Another great advantage is the affordability. The Nano S is $59 and the Nano X is $119 and has added security features.

All of your cryptocurrency data is stored offline. As a result, this wallet is not susceptible to cyberattacks. All you have to do is ensure that it doesn’t get lost or stolen. This is easy because it is small and lightweight and can fight on your person or in a small case. 

If you ever do lose your wallet, you have a pin code and a recovery phrase that can help you recover your cryptocurrency. The wallets are durable and made of stainless steel – making them difficult to get damaged.

3. KeepKey

If you are a beginner to investing in cryptocurrency and are on a budget, you want to consider the KeepKey. This is part of a family of crypto devices from popular crypto brand ShapeShift.

It retails for only $49 and can store over 40 cryptocurrencies including the most popular ones – from Bitcoin to Bitcoin Cash, Ethereum, Dash, Litecoin, and more. It comes with a pin code and a recovery phrase.

The pin code automatically changes from time to time, making it less susceptible to malware attacks. The wallet can be easily carried in your bag and connects to your ShapeShift account when you want to exchange cryptocurrencies. 

4. SecuX V20

This is an award-winning cryptocurrency wallet. It works with Mac OSX, Windows, Linux, iOS, and Android operating systems. It can store over 1,000 different cryptocurrencies.

It is renowned for its military-grade security services. It comes with a color touchscreen where you can access each of your cryptocurrencies and see your portfolio.

It can be connected to your computer and mobile devices both via USB connection and Bluetooth. It’s also great if you are a merchant who wants to accept Bitcoin and other cryptocurrency payments.

To secure the device, you can create a passcode. There is also a physical confirmation option to protect the security of your crypto portfolio. Additionally, the wallet can automatically generate long recovery phrases.

The great news is that with all its features, it is sold at an affordable price of $149. While not as popular as the other wallets, this is a great option for the seasoned cryptocurrency investor. If you are a merchant, you want to opt for this wallet for your business.

5. Coinbase

If you prefer web wallets over hardware wallets, you want to go for Coinbase. This is one of the most popular and reliable websites to buy, sell, and store your Bitcoin and numerous other cryptocurrencies.

Coinbase also comes with a mobile app where you can hold your cryptocurrency in a wallet. This wallet lets you receive and send cryptocurrency directly from the app.

There are fees associated with buying and selling cryptocurrency using Coinbase. However, its ease of use is what has made it popular. If you are a beginner to cryptocurrency investing or have a small portfolio, Coinbase is a great place to start.

6. Paper Wallets

This is not an advanced method, but it still popular with many crypto enthusiasts from amateur hobbyists to seasoned investors. Paper wallets require you to store the information of your cryptocurrency wallet (Public and Private key) onto a QR code.

Using a service such as Bitcoin Paper Wallet, you can print out a small receipt with a QR code. This QR code, when scanned, will access your cryptocurrency wallet. 

If you opt for a paper wallet, you need to make sure that the paper is kept safely. Keeping it in a locker is advisable. If it gets damaged or lost you may lose permanent access to your cryptocurrency. This is a great alternative to use with an existing cryptocurrency wallet – it should never be considered as a standalone option.

As a final note, we recommend trying at least two options for your Bitcoin and other cryptocurrencies. This can include a mix of hardware, software, and paper wallets, or spreading your cryptocurrency to two or three different wallets of the same type.

Protect Your Bitcoin

Now that you know the different options available, you can choose the best Bitcoin wallet for your needs. Be sure to always keep your crypto secure. This is the currency of the future and you should treat it as you would treat cash.

Be sure to read more content on money and investing on our website.

Are you wondering how do options work? If that’s the case, this is a good place to start.

In premise, stock options are contracts that provide purchase/sale rights to the buyer. But that’s a very simple way to look at it.

In this article, we will cover stock options with greater depth, as well as provide ample examples of how they work.

So if that’s something you want to know, keep reading to learn more.

Fundamentals of Stock Options: How Do Options Work?

As mentioned earlier, a stock option is a type of contract that provides the buyer with the right to purchase/sell shares of a company at a specific price within a certain period of time.

To provide context, you are the “selling” stock option now. The person who will be buying the stock options from you will pay a premium. Depending on the type of option, the premium paid out provides the buyer the right to purchase or sell the stock. 

It’s always easier to do one of the two: buy or sell, but never both. If the buyer chooses to buy or sell a stock before the expiration date, the buyer will be exercising their option. 

And as the seller of the option, you keep the premium, whether or not they made use of their right to purchase stock. Now let’s take a look at some of the common option types.

The Call Option

A call option is a great way to develop stable cash flow, as well as reduce the cost basis for companies that a person already has stock in. 

In premise, a call option is a contract that provides the purchaser the right to buy stock or any other asset from the seller at a pre-determined price within a certain period of time.

How Do They Work?

The best way to understand call options is to make use of an analogy. For instance, you can think of it as a coupon that someone would take to a supermarket when buying their groceries at a lower price.

However, in the case of a call option, instead of taking a coupon from an advertising pamphlet, they would pay the supermarket a fee to have the coupon for themselves.

So the parties involved are the buyer and supermarket. The buyer of the coupon will retain the right to buy their grocery at a certain price. If the buyer chooses to make use of this right, the supermarket is obligated to sell them the product at that price.

Whether or not the buyer purchases the grocery, the supermarket will get to keep the fee that the buyer paid out for the coupon.

So if you bought a call option, you have the right to purchase underlying stock from the seller at the specific price during a specified time frame. If you are the seller, you are obligated to sell the stock at the specified price. 

The Put Option

The put option is basically the complete opposite of the call option. In this contract, the buyer buys the right to sell the stock to the seller at a pre-determined price within a specific time frame.

With a naked put, one does not need to short the underlying stock. When you sell your put option, you are willing to buy a stock at a price that is lower than that of which you are selling for currently.

While waiting for the price to get lower, you will earn some income, and when the price does come down, you will be happy to buy again at a lower price than sold.

How Do They Work?

The put option increases in value as the underlying stock and its price decreases. Selling naked puts is a great way to earn money when you are definitely sure of the value of the business.

However, the only problem with using naked puts currently is that you might have to buy the stock at greater prices than that of which you are selling your stock.

A put option becomes more valuable as the price of the underlying stock decreases.

For instance, XYZ is selling their stock for $40 a share. You like it at $30, so you sell an option for somebody to sell their stock at $30. They pay you $1 for the option. 

Then the stock starts tumbling down to $20. The option holder will require that you buy the stock at $30. 

And because of the option, you are obligated to do so, so you’re stuck for 30% devaluation. 

Buying Stocks vs Trading Options

You purchase and sell options on an exchange, similar to how you would purchase and sell stocks regularly. However, there are some very distinct differences that are worth noting. 

For instance, the main difference between the two is that stocks will provide you with minuscule ownership of the company, while an option is simply a contract that provides you with buy/sell rights upon a stock.

Another difference is that option trades are not great for the long-term, and as many investors vividly speak out about stock, they mention that if you buy stocks, you should plan to hold on to them.

By the merits of their character, options are risky. However, the market will establish exactly how much risk is involved. In any case, you simply need to find trading strategies that work.

Stock Reviewed

We’ve answered the question of “how do options work?” so, now, you are well on your way to try making use of them if you deem so appropriate. In any case, it’s your money and your risk, so do what you must.

If you’re interested in similar articles, feel free to check out the rest of our finance-related categories.