Last Updated on January 30, 2023 by Faiza Murtaza
When launching a new business venture, an entrepreneur will encounter many hurdles. Passionate individuals with a strong work ethic will be able to navigate these challenges and lay the foundation for a successful business manufacturing. However, they cannot accomplish this alone.
In order to achieve sustained success in their endeavor, an entrepreneur must be aligned with the right people and organizations. This includes investors, business partners, material suppliers and manufacturers. While all of these entities are essential allies for an entrepreneur, manufacturers are by far one of the most important.
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The Cost of Choosing the Wrong Manufacturer
By offering a great product, entrepreneurs can captivate the interest of consumers and gain a foothold in their respective industries. However, they will quickly lose ground if their business is not being supported by a robust supply chain. In fact, choosing the wrong manufacturing and materials partners can have dire consequences, including:
Inconsistent Product Quality
If an entrepreneur sources components from subpar providers, product quality will be inconsistent at best. At worst, products will exhibit unacceptable levels of performance and a decreased lifespan.
When sourcing components, entrepreneurs must pay attention to even the most minute details. Components like rubber seals and fasteners may seem insignificant, but they will have a notable impact on the customer experience.
This is important because “experience” is one of the four qualities that consumers cite when explaining why they harbor loyalty toward a brand. Other attributes include cost, consistency and product quality.
Damage to Brand Image
When a new business is in its infancy, entrepreneurs must develop and nurture their brand image. While it is important for all businesses to maintain a strong brand image, consumers are more forgiving when dealing with established companies. Emerging businesses are given much less leeway.
While factors such as price and quality of customer support certainly influence how consumers view a brand, product quality is one of the most influential factors. When products fall short of consumer expectations, brand image suffers.
Diminished Customer Loyalty
The third consequence of choosing poor manufacturing and materials providers is diminished customer loyalty. Trust and loyalty are integral components of a person’s purchasing journey. According to Oberlo, 46 percent of consumers state that they are willing to pay more for products from brands they trust.
The aforementioned statistic demonstrates the value of investing in quality materials and manufacturing services. By prioritizing quality, entrepreneurs can protect customer loyalty even if they have to charge slightly more.
The Solution: Carefully Select Manufacturing and Material Supply Partners
If entrepreneurs want to avoid the pitfalls associated with an unreliable supply chain, they must carefully vet all manufacturing and material supply partners. By doing so, entrepreneurs can provide their clients with high-quality products that offer an enjoyable experience to end users.
Well-made products will last longer, perform better and further an entrepreneur’s long-term business goals.
To reiterate, entrepreneurs should not only pay attention to core materials and manufactured components. They should also thoughtfully choose all auxiliary components of their products, such as rubber seals and fasteners. Clearly, it is better to invest in the right manufacturing processes and good-quality materials from the outset. This is particularly important for entrepreneurs, as they are attempting to establish their brand and capture enough of the existing market share in order to thrive.