Most, if not all of today’s markets tend to be competitive to the max, so it’s important to do what you can to stand out. One of the things is custom-tailored or personalized products. This doesn’t just increase your chances of making a sale; it also serves as a great stepping stone upon which to build customer loyalty. In fact, some of the world’s most successful businesses are built around the concept, and today, we’re going to look at why that is:
1. People love knowing it’s about them
There is a reason why savvy marketers are quite liberal with the word ‘you’ in their sales copy – they realize that people tend to be self-centered, so it plays on that psychological phenomenon. In other words, your customers love it when they feel welcome, appreciated, and having their needs tended to. Knowing this, let your products and services reflect this and always emphasize it in your own marketing materials instead of rambling on and on about how great your company is (it may be true, but it bores your customers to tears).
2. Better profit margins
Whereas you’d have to be a bit more restrained when selling generic products, your customers are prepared to pay a premium for customization and personalization, so you don’t have to be too reserved with the price tag. Hence, it’s easier to turn a profit with job shop manufacturing and similar operations because you always know there will be a sizeable profit margin left for you at the end of the day. The downside, of course, is that you will be working on demand instead of stockpiling on wares in advance, but that’s the price of business!
3. It gets you noticed and reduces the risk
Why be the millionth vendor selling generic t-shirts when you can fulfill custom orders on demand? This not only helps you get noticed, but also eliminates the risk of not being able to sell your supplies. With custom-tailored and on-demand order fulfillment, unless something goes horribly wrong in the execution phase, every product made is a product sold. If you want to keep the costs (and thus the risk) down even more, you could enter print-on-demand greetings card services. That way, you could possibly utilize the equipment you already have on hand.
4. You get to capitalize on knowing your customers
In the recent times, customer insights and demographics have become all the rage. Do you spend a lot of time analyzing your customers’ behavior, wants, and needs? Well, you should be. After all, efficient product customization runs on the backbone of laser-targeted customer demographics. To illustrate the point, selling customized biker gear takes a whole different approach than if you were targeting stay-at-home moms, for example.
To summarize, custom-tailored and personalized products mean more sales, better profits, a lower risk, and a good way to stand out from your competitors. If the idea of facing high competition makes you run for the hills, perhaps now might be the time to give this tried and proven business concept a whirl.