Customisation is an increasingly popular trend in businesses in almost every industry. Customers want to choose the designs on their products, choose how they are marketed to and how companies communicate their messaging.
But while customisation is great for customers, how is it for businesses? Is customisation beneficial to them too? Well, the answer is yes.
There are several reasons why your company should consider offering mass customisation in terms of your products, your designs and your marketing. With that in mind, this blog post is going to go over five benefits of mass customisation that make your company more competitive.
Differentiate Yourself From the Competition
One of the biggest reasons for customisation from a company standpoint is that it can differentiate your business from others in the space. Standing out in business is hard, but it is very important when it comes to getting in front of more eyes.
For example, if you specialise in graphic design and make products or websites, the more options and features you can offer your clients, the better. If they can get the same options from elsewhere, it doesn’t give you much of an advantage. You want to identify ways to provide them something they can’t get anywhere else.
Of course, the overall art of graphic design is still challenging. So before you focus on differentiation, ensure you check out this article on Ponoko, so you can be sure you know the basic elements and factors of graphic design.
It Can Increase Your Sales and Profit
When you offer more customisation options, your internal costs will likely rise. You will need to be able to do many different things, and be aware that every customer may request something a little different. Despite this, offering customisation to your customers will generally increase your profit.
A big reason for this is because of increased sales and the fact you can often charge more for custom products than ones that are cookie cutter. People will spend a few more dollars to be able to fine-tune something in a way they like, which can increase profits.
Of course, as more and more companies offer mass customisation, it won’t be quite as profitable, as customers may have more places to go for their unique and personalised requests.
Customization Can Reduce Your Inventory Costs
One area where customisation can actually reduce your costs comes down to inventory. Many traditional companies hold a ton of inventory they built or purchased, and they don’t get paid until it sells. While everything is great if you sell out, if you don’t, you may find yourself in a tough position.
But when you sell products that can largely be customised, you don’t hold onto a ton of inventory. This is because they can use the just-in-time manufacturing strategy. This ensures the company only orders and creates what they need for the orders they have, and don’t get stuck with excess inventory.
This reduction in held inventory also means you need less space, as you don’t need a warehouse to hold all of your unsold merchandise. While this customisation might increase the shipping time a little, it prevents you from having to hold a ton more inventory than you are comfortable with.
Offering Customized/Personalized Options Can Increase Loyalty
Another benefit of mass customisation is that it can increase customer loyalty. Giving more control to customers, listening to them, and being able to give them the exact products or services they want can go a long way in helping them to stick around. Your products eventually become a joint venture between your base product, and their ideas/preferences, which helps form a great relationship.
Another big part of loyalty comes down to satisfaction. If customers are consistently satisfied with what you are offering, they will continue to purchase from you. Customisation is important for satisfaction, as people love things made or altered especially for them.
Help You Better Reach New Customers
Being able to customise a variety of things within your company is also a great way to better reach new customers. Many customers know exactly what they want, and if a company can’t offer it, they will move onto the next. If you have mass customisation in place, there is a good chance you’ll be able to offer what they desire.
This is especially true for younger customers. Personalised experiences, products and services are very important to this sector. If you can provide them options, you may have a customer for life. For example customised printing (PrintUK.com) can be a fantastic tool to reach new customers.
In conclusion, these are just some of the many benefits of mass customisation for your small business.