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How Manufacturers Grow Profits With Personalized Products
Personalized products — a growing trend in the manufacturing industry — give consumers a sense of comfort and can be a benefit for many companies. Often, consumers desire highly specialized products tailored to their exact wants and needs, which translates to increased prices and profits.
When given a choice, many consumers might elect to pay more money for a unique product, even when generic alternatives are readily available at lower price points. Research indicates that companies have been increasing the number of available customized options for five years and have no plans to stop. Instead, these numbers are expected to grow, especially in industries that are largely consumer-driven, like apparel, footwear, and electronics.
Customization: A Value To Your Company
Research supports the notion that the number of companies offering customized products is growing, and those that offer modern product configurators to support this strategy experience a more significant profit margin. Not only is the product more valuable to them, but the process is more satisfying, which translates to return shoppers.
Customization can also be a great way to differentiate a company from its competition, working to create a relationship between you and your customer. When a customer feels as if they can trust a company, they are more likely to spend money on a customized product. This also tells the customer that the brand is more about the customer and less about the product.
Is Personalization Right For You?
While customization provides value, it might not be the right fit for every business. The key to determining whether or not your business will profit from offering customization is knowing and understanding your base at a deep level.
Knowing whether or not your customer base will stand for measures that assist in customization (like filling out surveys), and if they’ll find the payoff worth the extra time is critical. For some products, this is a natural yes, and for others, the payoff might not be worth it for your company.
For other companies, customization may not be possible or make sense financially or practically, and that’s okay.
When Customization is the Right Option
If allowing consumers to customize a product makes sense to your business, it can be a great way to increase your business and its profits. Designing products that can be customized is easy with tools like Fusion 360, which lets you make changes at the drop of a hat. By equipping yourself with tools that simplify your process, you offer your customers a product that makes more sense, which is always good for business.
Try Fusion 360 today.