When choosing a marketing strategy, you might want to consider a scarcity marketing strategy. What does that mean though, and why should people do this? Well, you’re about to find out.
Scarcity Principle
This is a unique type of marketing known as drop marketing. This is where they don't release everything in one fell swoop. Brands that do this prefer limited kinds of products with small mini launches or drops. These are done in online or physical stores, and also have specific, fixed deadlines.
This creates hype, creating excitement. It also leads to more queues too for a lot of people to indulge in.
This is a strategy that was used by Supreme, which is a New York brand. They actually launched a branded sort of brick that was just $320 to start with, and because of this, now they’ve grown into a billion dollar company.
They use the limited editions, only giving out 5-15 different products that they do at one specific time.
Another type of example is Wheaties. You probably know them as the breakfast of champions. Well, they’ve decided to take their branding to another level. They used a limited edition packaging that’s specifically for Oreo brands, and when they collaborated with supreme, this super limited edition product actually sold for over 50 thousand dollars.
Scheduled and Limited Editions
Limited editions are basically a type of progressive release. Similar to how TV series will start with just an episode a week, limited edition products are exclusives for brands, and they don't offer replicas period. It’s something that’s different, as it offers a truly immersive experience for the products within this same branding, and from the other parts of the competition. Innovation is a key part of this, and it plays a huge role.
Drop Marketing and Drop Packaging
Drop marketing and packaging is something that does work together. One example of this is Evian water. There was one designed by Chiara Ferragni, which is a product that was considered controversial, especially because of the very exorbitant price. It also was a collection that, despite the high price, sold out just a couple of hours after that.
Another example of this is the pigotta doll that was a reproduction of this same influencer. IKEA has also done this, and they created a limited edition shopper MARKRAD, which was designed by Virgil Abloh, who was the founder of Off-White, a brand. This was a brand with the goal of “ennobling the anonymous” which creates a unique object for this. They made a sculpture that was refined and crafted to look similar to the trademark book bag that IKEA has. The samples of this disappeared within a moment off their shelves and is still a sought item.
So, the main strategy behind this is to convince those that do love the brand that they need this, and they need to stay updated. They also encourage people to check social media websites and networks daily. In order to get this product and its exclusivity, they need to be loyal and learn from each of these brands. This is what encourages the clicking, the purchasing, and the adding of boxes.
Even fast food can take advantage of this. McDonald’s for example had those limited edition BTS meals that people kept buying, to the point where it was a top level product. There are other food boxes that come with this too.
If you’re someone that is interested in creating limited packaging, this is a great way to do it, as it can offer a lot of amazing benefits to your packaging experience.
