To wait or not to wait. That is the question for many manufacturers that are eager to profit off product accessories. Jumping the gun is dangerous for any business, but so is acting too slowly.
Risks and Rewards for iPad Case Manufacturers
For example, manufacturers of iPad cases aren’t given any advanced warning about the timing of a new iPad release or the new dimensions and button placements they have to work with. But some manufacturers hope to get a big advantage over their competition by making an educated guess weeks before the official announcement comes from Apple. If they’re wrong even by a couple of millimeters, they could wind up with a lot of unsellable products. But if they’re right, they’ll be in a perfect position to sell their cases on Day 1 of the new iPad’s release.
Other manufacturers are more cautious. They wait until they are able to purchase a new iPad and redesign their case to fit it exactly. However, waiting has its own risks. Manufacturers who delay will likely miss out on a lot of initial buyers who want to get an iPad case right when they buy the new device. They need to act quickly to make up for this handicap and get their cases in stores. Despite these disadvantages, this strategy could help these manufacturers in the long run because they could earn a reputation for high quality and craftsmanship while other brands are mainly trying to be faster.
Which Strategy Is Better?
So which of these manufacturers is using the smarter strategy? On the one hand, the greater the risk, the greater the reward. On the other hand, slow and steady wins the race. No matter how good you are at guessing, you’re bound to make mistakes from time to time. And those mistakes could cost a lot of money and time.
Probably a more reliable business strategy is to be flexible enough to jump on opportunities when you have all the facts you need. If you can get that information before your competitors, then more power to you. You can still use intuition, but you need to temper it with facts. Businesses often enjoy long-lasting success by finding a happy balance between these two things.
The Tortoise and the Hare
It comes down to Aesop’s old fable “The Tortoise and the Hare.” If you want to be more like the Tortoise (steady and successful) and less like the Hare (fast but sporadic), you should definitely use manufacturing inventory software. With this software, you’ll be able to speed up your production lines and make sure that when you make a design decision, you can put it into production quickly. Learn more by clicking the link above.