Last Updated on Jan 28, 2020 by James W
All marketers focus their efforts on impressing the customers. While a lot of many marketers mass market their products, some want their customers to take control of their choices. The latter set of marketers knows that their customers want to be pampered and taken care of.
Let’s take the case of a young woman who goes out to dine in a trendy Sydney restaurant. She wants a pizza, but she also wants it to be laced with exotic stuff! You know, a typical millennial looking for something reliable but also an out of the world experience! Luckily for our millennial customer, the restaurant is too happy to fulfil this request. Although this trendy restaurant has its platter to offer, they made an exception. This is broadly an example of a customized product.
There is one significant difference between personalized and customized marketing. When marketers direct their marketing toward a customer based on his available data, that marketing is called personalized marketing.
On the other hand, when a customer has the power to make changes to his or her product, that is called customized marketing. Based on this principle, many marketing companies source products that are being mass-produced for their customized marketing. Some examples are customized T-shirts, bags, mugs, pens, etc.
Customized marketing not only makes customers happy, but it also reduces marketing costs for the business. According to this study, 1 out of every three customers wants a customized experience. Now that we have understood the meaning of customized products, let’s know its key benefits.
- Higher prices
When you offer a customized product to a customer, you can charge more from him. Let’s say a customer sees a T-shirt which has an image of a hiking trail. This customer loves hiking and wants his name on that shirt. You can sell that shirt to that customer after printing his name and charge a premium. The customer would happily pay the premium because he understands the labor you are putting on that T-shirt. Studies indicate customers are willing to pay 20% more for customized products.
- Lower marketing costs
Since you have sourced your product from mass producers and branded it, your overall marketing cost is very less. It is not mandatory to spend on expensive media channels like TV and Press. Low marketing costs mean more margins and making your business more competitive. If you are looking for trusted suppliers for your customized marketing, click here.
- Customer loyalty
If a customer is getting what she has in mind from you, why will she buy another product? She will-hopefully- continue buying your products as long as you are fulfilling her desires. The key to building customer loyalty is offering unique value to your customer again and again.
Let’s say you are offering a customized T-Shirt to all your customers. You print the first names of all the customers on the front side of the shirts. However, your rival is ready to write their names on the backside as well. Your uniqueness is gone. To bring back your old customers, you also print their Twitter handles on the backside. This is one example of being unique. Your competitors might try to copy you, but you have surely upped the game.
- Winning millennial
This is the day and age of millennial. 55% of this set of customers say they want customized products. You can win these people by giving them the power of choice. Please remember, millennial are the chief consumers of experiences, travel products and services, and hospitality brands. If you are in any of these businesses, you should start by considering customized marketing to reach out to them.