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Selecting the best ideas can be time consuming. Crowdsourcing Country Email List example: Threadless – unique designs and insight into customer needs For Threadless, crowdsourcing is the foundation of the company. The company invites designers around the Country Email List world to design and submit T-shirts to the platform. Customers can vote for the designs they like best. The T-shirts with the most votes are produced and marketed. Designers receive compensation when their design is put into production. Also read: 4 common online business models & their key metrics 3. Custom Design The complete focus on tailor-made products and services. The design, production and sales Country Email List are tailor-made and according to the wishes of the customer. Advantages. Align the offer better with individual Country Email List customer wishes. Possibility to appeal to a group with purchasing power who are willing to pay more for customization. Savings on inventory costs. There is no stock of finished products and the stock of raw Country Email List materials is often low. Challenges: Production is often labour-intensive and considerably more expensive. Country Email List Lower delivery capacity than mass production. Chance of long delivery times. Example custom design: Rolls Royce – Handmade artwork, tailored to customer needs custom design At Rolls Royce, the British Country Email List prestigious car brand, the customer is king. Those who find a 'normal' Rolls Royce too ordinary can enjoy themselves. Bespoke department. In this department, cars are Country Email List completely decorated to the wishes of the customer, where no wish is too crazy. About 95% of the cars sold go through the Bespoke department, which gives Rolls Royce a nice extra income Country Email List stream. 4. Decoy pricing The phenomenon in which the choice between two alternatives creates a greater consumer preference for one of these two options, as a result of the addition of a third Country Email List decoy option. Benefits: Can be a powerful means of influencing customer choice. Can be a powerful means of maximizing profits. Decoy pricing can help customers make decisions faster and easier. Challenges: Counterproductive if customer realizes that decoy pricing is being applied. Example decoy pricing.