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limited marketing strategy: Definition and Tips |
In March, posts related to Pokemon Bread increased noticeably in the online community. As SPC Samlip re-launched Pokemon Bread, there was a movement to collect Tibutibu Seals, because the supply could not meet the demand, so obtaining Pokémon Bread became a star-picking in the sky.
At the entrance of convenience stores, notices such as 'Pokemon Bread is out of stock and 'Pokemon Bread is not coming' began to appear, and even an open run phenomenon occurred in which people lined up at large marts to get Pokemon Bread.
What's limited edition marketing
Also called hunger marketing, it is a marketing method that restricts the period or quantity of product sales.
It is largely divided into cases where they are sold only in a specific season or date, or they produce and sell only a certain number of products, and when they run out, they are no longer produced.
Recently, there is a method to commemorate a specific person or event, a method to sell only in stores in a certain region, and a method to collaborate with other brands and sell a small amount.
Limited Edition Marketing Type
Limited edition marketing can be divided into several types depending on what is being limited.
■ Limited quantity
A type that limits the number of products. As the number is limited, consumers who succeed in purchasing a product may feel a sense of satisfaction or superiority that they have what others do not have. In order to stimulate these emotions, products are sold by limiting the quantity.
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| limited marketing strategy: Definition, Types, and Tips |
'Nike Draw' and 'New Balance Raffle', where only the winner has the opportunity to purchase products through a lottery, are representative examples.
■ Limited time
It is a type of limiting the period of product sales and service experience, and it is a method to stimulate the psychology of 'if it is not now, it cannot be bought again'.
Types of limited-time marketing include '1+1 event', which provides coupons for the same amount of money when purchasing lectures during a specific period, and 'time sale' held during mart closing hours.
'Seasonal Marketing', which develops promotions according to special dates or seasons, such as 'new semester discount events' for new students, is also part of limited-time marketing.
■ Venue limited
It is a method to stimulate the purchase desire of consumers who visit the store by selling a specific product in a specific place.
'Starbucks' produced MD products with the characteristics of a specific region and stimulated tourists who visited the region to purchase souvenirs at Starbucks stores.
In addition, 'pop-up store' is place-limited marketing from the point of view of an offline store, but it can be seen as a mixed concept of limited-time marketing as the opening period is set.
Limited edition marketing side effects
Limited edition marketing can stimulate consumers' desire to purchase and lead to an interest in the brand. However, the side effects of the process should also be taken into account.
■ Negative image formation
Consumers who fail to purchase products accumulate dissatisfaction, which can lead to the formation of a negative image of the brand.
For example, in the case of draws or raffles, there are cases where an error occurs due to simultaneous connection attempts, and even a chance is not obtained. Although there is a low probability, if even a fair chance is not obtained, anger and criticism against the brand will spread by word of mouth.
■ The emergence of professional resellers
There are an increasing number of professional resellers aiming to make a profit by exploiting the psychology of consumers to purchase limited edition products. They purchase limited edition products in bulk through macro bots and then make profits through reselling. This ultimately leads to harm to general consumers.
Limited edition marketing is definitely a marketing technique that can attract the attention of consumers. But before that, I think building a brand reputation is a priority. When the scarcity value of our brand increases, how about conducting limited-edition marketing after determining whether a craze will arise among consumers or whether it will be eliminated from the market?
Advantages and disadvantages of limited edition marketing
Limited edition marketing has a positive effect in that it can be mentioned in various media even before its release, and can lead to brand promotion and interest in the product. Also, for successful limited edition products, there are additional benefits such as interest in the next limited edition and visits to more brand channels.
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| limited marketing strategy: Definition, Types, and Tips |
However, even with such limited edition marketing, too frequent use of limited edition marketing is easy to cause side effects.
The scarcity of branded products may decrease, and in the long run, it may lead to negative perceptions of the brand and a decrease in the desire to purchase the product as a whole.
In 2011, Hyundai Motor Company collaborated with the luxury brand 'Prada ' to launch the 'Limited Edition Genesis Prada' at a price of 17 million won higher than that of the existing high-end Genesis. It was expected to sell 2,000 units a year, but the results were disastrous. Sales were so low that exact sales figures could not be disclosed.
Why did Hyundai Motor Company fail in limited edition marketing?
- The production volume is so high that it is expected to sell 2,000 units, which has lowered the scarcity.
- Even though there is no big difference from the top-end Genesis, the fact that they have to pay a higher amount has increased the burden on consumers.
Tips for using limited edition marketing
To do limited-edition marketing, you need to check the 'self-monitoring' of the customers your main demand group or brand is targeting.
Consumers with a high level of self-monitoring also consider the design of the product when purchasing and see how much they can stand out through the purchase. On the other hand, consumers with low self-monitoring decide whether to purchase or not according to the quality and function of the product.
If the brand's core demand group or target group's self-monitoring is high, loyalty to the brand and consumption desire can be stimulated through limited edition marketing, but in the opposite case, the effect may be somewhat reduced.
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