Brian Wallace, Founder & President, NowSourcing
Product Configurators – these are two buzz words in the words of business today. How do we create a unique and customizable experience for consumers while keeping the price tag down that is associated with customization?
Consumers want a customizable experience, it is the way businesses like Chipotle thrive. When it comes to tangible products however, you can’t just add extra guacamole on them to make it thrive. Customization is not always the right answer. With high costs, high efforts, and low scalability offering a truly customizable product experience is not economically for many businesses.
This is where product configuration comes in. Product configuration provides a mass produced customizable solution. By using data to determine a customizable experience for all allows businesses to partake in a multitude of benefits that product configuration has to offer.
These benefits include the increase in brand loyalty, revenue growth, improved engagement, reduced reworks and a widened customer base. Studies show that configurable products can boost revenue by 8%, increase price of product by 10%, and can accelerate launch dates by 10%. It is also proven that companies who invested in product configurators are more likely to reach production goals than companies who abstain.
There are some key elements to consider when looking for a product configurator. These include 360-degree visualization, real-time pricing, consumer experience, and early data availability.
360 visualizations allow you to view the product from each and every angle as well as helps to ease the customer experience. Real-time pricing helps consumers make informed decisions about their purchases and helps you maximize trust in your brand.
Customer experience enhanced by a product configurator should make the interaction with your product stupidly simply. There should never be a doubt in the customer’s mind with a good product configurator. Early data availability allows consumers to make your life easier. When missing a part, data entry allows the consumer to enter relevant information to help solve the problem quicker.
There is a different product configurator for every business so it is important that you find the one that can best meet your needs. However, every business can and will benefit from a product configurator so it is imperative that you find the best fit so that you can unlock the benefits product configuration has early on.
With consumer trends increasing more and more in favor of customization, starting product configuration now will ensure you don’t get left behind in the future.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked