In a competitive market, customized products help your business stand out. According to a study from McKinsey, 76% of consumers say they’re more likely to purchase products personalized to a certain brand. Unlike generic products, they best suit the needs and demands of your customers. However, many small businesses and new entrepreneurs still turn to wholesale products to sell to their customers. Finding a custom manufacturer and understanding the process can be daunting for a new business owner. But, it doesn’t have to be. We are here to demystify the process of receiving custom manufactured products, so you can have a leg up on the competition.
Table of Contents
Breaking Down the Cost
A major deterrent for many business owners is paying more than their business can afford for custom manufacturing. While there are plenty of wholesale products that businesses can bulk buy, that may not always be the best option. Custom products involve designing, engineering, prototyping, and manufacturing a product. Although that may seem like a lot, it also leads to a better-quality product. In turn, this can lead to higher customer satisfaction and even increased demand in your products.
There are ways in which businesses can save money on the cost of custom products. Manufacturing overseas allows businesses to reap the benefits of low-cost labor that other countries offer. For example, the cost of labor in the United States is significantly higher than the cost of labor in China, Taiwan, and Vietnam. All three of those countries are powerhouses when it comes to their manufacturing sectors.
Your business does not have to go directly through the process of outsourcing manufacturing to another country. There are plenty of U.S.-based businesses that handle the entire custom product development process for you. These types of businesses have reputable manufacturing facilities that they work with and will quote you the unit price of your custom product, so you know exactly what the cost of your custom product will be.
The Product Idea
If you or your business already has the means of marketing and distributing a product in place, you are in a great spot to work with a custom product development firm. The next step is ensuring that you have a solid idea that appeals to your target customers. An idea for a custom product is limitless, but there are ways to narrow it down. You know your customers better than anyone, so you understand the needs and wants of your customers. Making a product tailored to those needs can lead to increased brand satisfaction. You will also want an idea of how much you are willing to sell that product for. If your idea might lead to a costly product, but you sell to customers with a very low income who are looking for cheap products, the idea may not work.
Outsourcing Product Development
Getting custom products is all about finding an ideal partner for the product development. An ideal partner is a company that can work on the areas of product development that your business cannot do itself. These processes are often engineering, prototyping, and manufacturing. Once you have a firm to partner with, you will have set yourself up with a perfect custom product plan!
