Build Your Own Brand!
Build Your Own Brand!
Other studies have proven that if we present a group of product offerings (i.e.: create a customized catalog version) tailored to a specific audience segment, we'll get more sales.
Well, this article made me think about customization in a whole new way. From The Economic Times (of India Times), the article discusses product customization "to enhance the terms of endearment with their consumers". It cites examples of brands that are introducing products that are easily and quickly customizable. One example:
Wrangler Jeans came out with its "Build Your Jeans" kit last year that provides consumers with tools to design the fit and enable them to accessorize their own jeans. “It made us differentiate ourselves from other jeans brands. Those who did not buy Wrangler, also started purchasing them,” says Janani Subramaniam, business head of Wrangler. For the denim marketer, this move saw sales skyrocket by 30%."
Other examples from the article include travel agencies who offer customizable trip packages and auto manufacturers who are giving buyers more and more choices to make their car their own.
The article states: "Brands are banking on this concept to add value and build customer loyalty." I tend to agree with them. The concept of ultimate customization builds on a few key marketing premises:
1. Listen to your customers and give them what they want. What better way to serve your customers than to let them essentially build their version of your product? You're changing the paradigm from one where you (as the seller) are pushing generic products out to your buyer to one where your buyer is purchasing exactly what he/she wants.
2. Engage your customers. An engaged customer is much more likely to purchase from you. And, what better method of engagement than to let a customer customize what they're purchasing? Once they've invested time with you (deciding on options, etc), they're much more likely to complete the purchase.
3. Grow value for each sale. The article discusses how customized products come at a premium price (the winning number seems to be 20-30% higher than off-the-shelf products). Adding customizable options may allow you to increase your price, hence grow overall profit.
With all of this said, it may be time to review your product and positioning strategy, with an eye towards customization. This is definitely something to consider as you look ahead in your marketing strategy.
Build Your Own Brand - To learn more about this author, visit Nancy Arter's Website.
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Customization has long been a hallmark of direct marketing. For example, direct marketers have figured out a way to personalize almost every inch of a direct mail piece or e-mail creative. We've all received those mail pieces with our names slapped all over them. Studies repeatedly show that personalization improves open and response rates.
Other studies have proven that if we present a group of product offerings (i.e.: create a customized catalog version) tailored to a specific audience segment, we'll get more sales.
Well, this article made me think about customization in a whole new way. From The Economic Times (of India Times), the article discusses product customization "to enhance the terms of endearment with their consumers". It cites examples of brands that are introducing products that are easily and quickly customizable. One example:
Wrangler Jeans came out with its "Build Your Jeans" kit last year that provides consumers with tools to design the fit and enable them to accessorize their own jeans. “It made us differentiate ourselves from other jeans brands. Those who did not buy Wrangler, also started purchasing them,” says Janani Subramaniam, business head of Wrangler. For the denim marketer, this move saw sales skyrocket by 30%."
Other examples from the article include travel agencies who offer customizable trip packages and auto manufacturers who are giving buyers more and more choices to make their car their own.
The article states: "Brands are banking on this concept to add value and build customer loyalty." I tend to agree with them. The concept of ultimate customization builds on a few key marketing premises:
1. Listen to your customers and give them what they want. What better way to serve your customers than to let them essentially build their version of your product? You're changing the paradigm from one where you (as the seller) are pushing generic products out to your buyer to one where your buyer is purchasing exactly what he/she wants.
2. Engage your customers. An engaged customer is much more likely to purchase from you. And, what better method of engagement than to let a customer customize what they're purchasing? Once they've invested time with you (deciding on options, etc), they're much more likely to complete the purchase.
3. Grow value for each sale. The article discusses how customized products come at a premium price (the winning number seems to be 20-30% higher than off-the-shelf products). Adding customizable options may allow you to increase your price, hence grow overall profit.
With all of this said, it may be time to review your product and positioning strategy, with an eye towards customization. This is definitely something to consider as you look ahead in your marketing strategy.
Build Your Own Brand - To learn more about this author, visit Nancy Arter's Website.
Like this article? Share it with your friends
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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