The Perfect Match: High Quality Products at an Affordable Cost
First things first – A product’s price does not dictate its quality. As consumers, we all value the quality of the products we use. Yet, somewhere along our purchasing journey, we have been influenced to believe that high-cost items suggest high-quality products. While businesses have reasons for how they price their products, our HBI team wants to share with you the many ways our customers are able to provide the high quality products you value while offering them at an affordable cost.
February 8, 2022
The Relationship Breakdown: How can your business reduce excess costs yet continue to produce quality products for customers?
Prepare For Risks
Quality is everything and should never be compromised. Taking the time to assess possible risks through proactive planning can significantly lower production costs and potentially avoid internal/external product failures. While evaluating these risks does require company attention, it is undoubtedly worth the time and preparation.
Whether it’s a production failure, defective product, or product recall, these types of risks can be expensive but are indeed avoidable.
- Ensure that any new suppliers you’re working with are vetted appropriately,
- Check that your existing suppliers are maintaining their current certifications and are routinely audited,
- Conduct thorough product inspections (during production & pre-shipment)
There is no cost for holding your supplier and quality team accountable for their performance, but there is certainly a high price to be paid for mistakes made in the process.
Avoid Becoming Outdated
Fortunately, you don’t have to sacrifice the quality of your product to ensure an affordable cost. If you’re seeking alternatives to expensive products, there’s a way to use an affordable, high-quality material. Rather than choosing a costly material for your product, educate yourself and seek an alternative that still provides your consumers with the quality they’re looking for, without the rich cost. Ask questions and have conversations with your suppliers and other packaging experts. Several years ago, what might have been a popular raw material may have become obsolete and expensive.
Back to Basics
Does your elaborate packaging benefit your customer? It’s time to head back to the basics. Consumers are seeking products that are aesthetically pleasing while functional and safe. If it’s the intricate packaging that is causing your influx in cost, perhaps there is a way that your product can remain brand consistent with less glitz.
Less is More
If you’re aware of the recent packaging trends, many eco-conscious consumers advocate for environmentally friendly and sustainable packaging alternatives. What does this mean for you and your product? Affordable, high-quality packaging. Sustainable, environmentally friendly packaging has maneuvered its way into the ‘high-quality’ packaging options, providing businesses to explore a new area of affordability while simultaneously reaping the economic benefits. As you step into the realm of high-quality, sustainable packaging, not only are you lessening your environmental impact, but you’re substituting for a quality alternative material that is highly demanded by consumers but also affordable!
Anticipate Your Consumers Needs
Unprecedented times and current supply chain issues have many companies uncertain when and how often they should place their purchase orders. Unfortunately, this has caused many companies to be overstocked and bombarded with unnecessary products in warehouses and tied up funds. Ordering products “just in case” can lead to being over-prepared. Do your best to forecast your upcoming orders and anticipate a practical timeline for your business and customers. Remember, cash flow is the lifeblood of any business.
How Can HB International Assist Your Business?
We are a Global Sourcing Agency [GSA] that works diligently with our customers to ensure their products are of the highest quality yet within their anticipated budget. Our team understands that the cost of shipping and raw materials will always continue to fluctuate; however, it is our responsibility to communicate transparency. We always want to control what we can through quality negotiation with our suppliers and acquire the most reasonable cost for your product to mitigate expenses out of our control.
