Personalization is the future of entrepreneurial success. If you want to start a business in 2021 and beyond, your business model should include an aspect of personalization that meets the unique desires of your customers. Buyers want to feel like they are having an exclusive experience.
Large-scale retailers have been providing micro versions of personalized experiences for decades. Department stores offer an inclusive customer experience: you can ask for help with shopping, product recommendations, and returns if something goes wrong with your product. It was the forerunner of the personalized experiences that customers are now looking for.
Online shopping ultimately created this desire for personalized experiences. Think of it this way: Through the use of on-site cookies, shoppers received personalized recommendations for almost every ecommerce purchase they made. Studies have shown that customers are now looking for this experience. According to an Accenture study, 91% of consumers prefer to work with a brand that offers them recommendations and remembers their preferences.
Personalization is the future of business and the future of entrepreneurial success. Here’s what it looks like in practice.
Custom price points
By creating a business model that allows customers to choose from different price points or stay within a budget, the range of available customers automatically expands. Where many custom or luxury brands are only available for the upper echelon of spending, a business model that allows customers to work within a budget will make those products available at all levels of purchasing power. .
Custom jewelry designer Flawless Diamonds Co. has incorporated this concept into his business. Owner Nicholas Flathau wanted to make sure that each client’s needs could be met, without sacrificing the quality and design value of his business. The company creates unique pieces for each of its clients and makes the process more accessible to a wider range of buyers by offering a wide range of materials. Two buyers with very different budgets can walk into the store and have a quality personalized design created, without exceeding their financial means.
Exclusivity won’t necessarily work in your favor as an entrepreneur in 2021. Instead, build an inclusive business model that serves different price points and lifestyles so you can deliver a personalized experience to one. wider range of customers.
Personalization of products or services
Buyers want to feel like they’ve bought something special, whether it’s a product or a service. Historically, these things have come at a higher price. Industry innovators are changing these long-standing exclusive concepts and making personalized experiences more accessible. Take, for example, interior design company The Inside. They offer bespoke designer furniture at affordable prices.
To do this, they offer a small range, but still a variety of furniture styles and a selection of unique fabrics. Part of their business model is the expectation that customers will choose both a construction style and a unique fabric. Each customer can choose their own preference, instead of having to pay extra for a custom design.
A personalized service experience can mean customers choose what items they like, or what style of product they want to use, etc. Either way, this 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 be successful in 2021, think about how you can create a unique experience for your customers. It has become the new normal in consumer desires and we will see an increase in personalized experiences over the next few years.