Product personalization is all around us, especially online. Your favorite social media website, e-commerce store, and movie streaming service, all adapt their recommendations based on your search and purchase history.
Brick and mortar stores can also leverage personalization to gain a competitive advantage. Getting a product especially customized for them not only increases options for your customers, but it also strengthens your brand value.
At Professional Success South, we help businesses across San Diego, CA, with sales training and business development. Click here to learn more about what we do. Today, we are going to list down five benefits of using product personalization to boost your business.
1. Generate Repeat Business
To start off, personalized products keep customers satisfied and keeps them coming back for more. You will notice increased brand loyalty and word-of-mouth popularity. Customization also means more trips to your store, which again leads to more sales over time.
2. Add Value
Research shows that customers are not only willing to wait longer for a personalized product or service, but they are also likely to pay more. In fact, you can charge as much as 20% more for a personalized product. In other words, product personalization helps shift the customer’s focus away from price to value.
Not to mention, creating custom products also increases your profit margins. For example, investing in a desktop UV LED printer can help you create limited quantities of personalized items without outsourcing printing.
3. Reduce Inventory Costs
This follows from the previous point. With product personalization, you can reduce or even eliminate inventory costs. You can personalize your existing inventory with some creativity instead of throwing out the current stock and buying a fresh batch.
Moreover, with product customization, you don’t have to stockpile quantities of your product; you can simply create personalized designs as each order comes in.
4. Know Your Customers
Product personalization also helps you gain a competitive advantage by providing greater customer insights. Customer data and buying habits are goldmines for any business. And if you sell personalized products, you can gain valuable insights about your customers in a way your competitors can’t.
This is where CRM and data analytics come in. Technology enables businesses of all sizes to record, save, analyze customer data, and then use it to personalize their products and services further.
5. Kick-start Your Online Business
Finally, personalizing your products can help you take the plunge into online sales. Many stores face a hard time breaking into e-commerce after they have spent a lifetime selling physically. However, with a personalized shopping experience, both you and your customers will find it easier to adapt to online shopping.
Ultimately, product personalization helps you stand out among the competition. Given a choice, most customers will always go for a product that is totally unique and personalized according to their preferences.
Hopefully, you now have a clue on how to use personalized products to your advantage. At Professional Success South, we help businesses across San Diego, CA, boost their sales and build a strong brand. Click here to learn more about what we do.