Customization is the future of entrepreneurial success. If you want to start a company in 2021 and beyond, your business model should include a customization aspect that caters to your clients’ unique desires. Buyers want to feel like they are getting an exclusive experience.
Large scale retailers have been providing micro versions of custom experiences for decades. Department stores offer an inclusive customer experience: you can ask for help while shopping, for product recommendations, and returns should an issue arise with your product. This was the precursor to the customized experiences customers crave now.
Ecommerce shopping ultimately created this desire for custom experiences. Think about it this way: through the use of on-site cookies, shoppers received customized recommendations for nearly every ecommerce purchase they made. Studies have shown that customers now crave this experience. According to research by Accenture, 91% of consumers prefer to work with a brand that offers them recommendations and remembers their preferences.
Customization is the future of business and the future of entrepreneurial success. Here’s what that looks like in practice.
Customized Price Points
By creating a business model that allows for customers to pick from various price points, or work within a budget, the breadth of available clients automatically expands. Where many custom or luxury brands are only available to the upper echelon of spenders, a business model that allows clients to work within a budget will make those products available to every level of purchasing power.
Custom jewelry designer Flawless Diamonds Co. has built this concept into their business. Owner Nicholas Flathau wanted to ensure that every client’s needs could be met, without sacrificing the value of his company’s quality and design. The company creates unique pieces for each of their clients and they make the process more accessible for a wider range of buyers by offering a wide range of materials. Two buyers with vastly different budgets can come into the store and have a quality custom design created, without stretching beyond their financial means.
Exclusivity isn’t necessarily going to work in your favor as an entrepreneur in 2021. Instead, build an inclusive business model that serves various price points and lifestyles so you can offer a customized experience to a broader range of clientele.
Customization of Products or Services
Buyers want to feel like they have purchased something special, whether a product or service. Historically, these things have come at a higher price. Industry innovators are changing these long-exclusive concepts, and making custom experiences more accessible. Take, for example, interior design company The Inside. They offer custom furniture design for accessible prices.
They do this by offering a small range, but still a variety, of furniture styles and a selection of unique fabrics. Built into their business model is the expectation that customers will choose both a style of construction and a unique fabric. Every customer can choose their own preference, instead of having to pay a premium for a custom design.
A custom service experience could mean that clients pick which elements they value, or the style of product they want used, and so on. Either way, it puts the decision making power in the hands of the customer and gives them more control over how they spend their money.
If you’re looking to succeed in 2021, think about how you can create a unique experience for your customers. This has become the new normal in consumer desires and we will see an increase in personalized experiences in the next few years.