For best results, its safest to hand wash your knit in cool water using a mild soap.  If your item has a faux fur pom pom, try to avoid getting it wet.  Reshape and lay flat to dry.  If your pom pom gets wet, or squished during storage, simply blast it with cool air from your blow dryer, and it will be fluffy once again.

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Warning, to please never put your knits in the dryer.  Wool shrinks, a lot, so just don't do it.  Even if your item is made of fully acrylic yarn I wouldn't suggest it.  The fuzziness created by the dryer is not a great look.