This concept can be elevated by a company through mass customization. Whenever a business is able to efficiently mass produce products that meet individual consumers' desires, they're offering their customers an opportunity to be unique. For example, a basic model of a car can be customized through different features e.
Adding personalization allows you to charge more for products because people understand the setup is more intensive than a cookie-cutter approach.
Studies show people are willing to pay about 20 percent more for a personalized product. However, adding personalization may not cost you much at all, if you are strategic about the way you add the customization.
Keep in mind, you can create a template and adjust it for each customer. Things Remembered is a good example of a company charging a bit more for personalized products.
Source: Things Remembered. Consumers search for the item they want, then add on their customization options. If customers can get the exact item or service they want from you, they will come back again and again. The key to building loyalty through customization is to first make sure your options are unique from what your competitors offer. Perhaps your competitors offer an option to add a first name to the back of a white T-shirt.
This is a BETA experience. You may opt-out by clicking here. More From Forbes. Nov 11, , am EST. Nov 10, , pm EST. Nov 10, , am EST. For example, if you sell leather handbags, you could use a UV LED printer to print directly onto the leather , or you could use a desktop impact engraver to personalise stitch-on metal plates. Customer data, consumer trends and buying habits are strong tools to have in any business arsenal. Having your own means of gaining an insight can give you a strong competitive advantage.
Business without a product personalisation offering can only gather data on the items they have in stock. With technologies like CRM and data analytics, companies can save the information of each customer and use it to offer products or services adapted to their tastes and preferences.
Good personalisation goes hand in hand with analytical technology. When they can personalise products according to their tastes, your customers get exactly what they want, and their satisfaction level goes up to eleven! They see the product as a unique item, with added value and designed to meet their specific needs. Once they have that connection with your brand, your competitors will have to try even harder to get their attention.
Remembering that all of your customers are different, is critical to create a product that is attractive to as many people as possible. Instead of being just generally suitable for your clientele, you can customize your product to be specifically perfect to every different segment of users. Millennials are particularly attracted to the idea of customization. Customization is a great business strategy because it makes customers happier; and happy customers are repeat customers!
For the very simple value that customization brings to the customer. Customers who can customize their experience find value either through exclusivity, in the form of a personalized, unique product, or specificity in the form of a feature that works in a way that they would like.
It takes time and money to offer multiple versions of the same product. Your development team needs to dedicate resources to building out new customization options.
In retail, this might look like you are shipping the wrong customized product. In software, you might see bugs pop up as there are more and more different ways to use your product, that you may not have even thought of testing yet. All this means that you need to treat customization like any other feature in your product. How much time will it take to build and support this feature? What else will be impacted by this customization?
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