Many businesses struggle with the idea of diversification. However, businesses that are in an industry filled with constant innovation are likely to be left in the dust by their competitors who decided to diversify. Sometimes, companies decide to diversify too late. This reduces the chances of them maintaining customers who are looking for the next big thing or those who enjoy the convenience of purchasing different goods and services from the same company.
A great boost to your brand could be from introducing the customizability of the product or service you offer. Due to the pandemic, people seek more thoughtful gifts to re-establish the connection that may have faded during isolation. For instance, you can earn money with a laser cutter that can engrave pots, mugs, keychains, or any other kind of item you offer. The customizability of your product shows you what your customers are interested in. It will also establish a more personal connection between you and your client and can help you realize a direction for the company’s growth. Although reproducibility and accuracy are a concern in customizable products, using a machine for the process can ensure a fast production of a recurring design.
1. Earning Through Indirect Market Research
When you offer customizable products, the customer will be able to request the designs they prefer. This allows you to earn while conducting a kind of primary research on what your clients enjoy. It will keep you on top of buzzing trends because the designs they pay for can be representative of a recurring demand.
A willingness to meet specific customer requests can also guide you through other possibilities with your business. For example, a client might want you to incorporate designs for a company because they are interested in using them as a year-end gift for their employees. Aside from having a large purchase order, you will also get the idea that office party favors may be an option for you to include in future campaigns. You could start offering your service of custom gifts to other companies as part of incorporating a positive work culture and a subtle way of advertising to their customers.
2. Loyalty From Customer Interaction
Clients that have a specific design in mind tend to return to the business that can handle their requests. If you completed an order for them in the past, with the quality they were looking for, they are likely to recommend you to other people who are looking for a similar standard of production for customizable goods. At the same time, they will know that your company ought to be the first one they call in case they need a similar order to be fulfilled.
Customizable products also tend to bring about personal information along with their personal preferences. Through consultations, you and your customer will get to know each other better and can become accustomed to the type of relationship between service providers and their clients. This means that, in the future, when they need the same services, they will return to the company they are most familiar with. It offers a sense of security among customers because they know you. They will also be aware of the more human side of the company and believe that it is not all about getting their money but also a means of providing a significant service to the community.
3. Guide for Company Growth
By analyzing the data you gather from the primary research mentioned earlier, you or an entrepreneur can have an idea of what is trending or which parts of the industry contain a market gap. When there is a demand for a particular service or product, and if there are not enough businesses to fulfill that demand, a market gap arises. These are opportunities for business owners to realize the direction toward which they should diversify. It is a safe investment because the data is there to show you a growing demand in that area and, therefore, will be profitable. An excellent example of this is if you own a keychain company and there are a lot of customers who are asking if you can make the same high-quality custom designs on a tumbler, it might be time to consider experimenting with that idea.
Although diversification comes with a risk, businesses must thrive. Without a progressive outlook on a company’s future, they might get left behind by competitors who are willing to take the risk and offer something new to customers that are looking for innovative products.