Whether you are a marketer or consumer, limited editions hold a special place in your heart. Perhaps you have bought a limited edition item, or perhaps you want to use the allure of limited editions to sell a new collection. Either way, you need to know what makes limited editions so alluring. Knowing this will help you market your products better or, if you are on the consumer end of things, how to only buy into limited editions you truly want
It can be very hard to pass up on a limited edition item or short term deal, and here’s why:
It Allows Brands to Do Something Different
One big benefit of putting out a limited edition item for brands is that it allows them to try out something new. Whether this something is a new feature on the menu, or a new capsule collection of bright colors in an otherwise minimally styled fashion brand. If it doesn’t work out, then the investment was minimal, but in more cases than not, their customers will be interested in these new styles. Limited edition means it doesn’t compromise your brand, while still giving your brand a fresh new take.
In some cases, limited edition can refer to one item in a collection. Take some online clothing websites, for example. Some clothing websites offer a vintage section where there is only one of each item in a curated collection. Though buyers can easily find their perfect retro coat online, they might still be tempted to buy immediately because if they don’t, that one coat will never be theirs.
It Allows Brands to Connect to an Event or Movement
Another benefit to limited edition items is that it helps a brand to connect to a movement. Perhaps there is a hashtag that has been trending, or an activist movement or event. You can create products in support of this, and therefore gain the attention of that movement. Just remember to keep the values in line with the movement. If you wanted to create a t-shirt that has the words “Feminism” or “Future is Female” or “Representation Matters” then you better ensure your supply chain and marketing reflect that.
It Puts a Time Limit on Buying
Some clothing brands put out a few new items every week, and once it’s gone, it’s gone. It is for this reason that that brand has such great sales. You cannot personally wait for items to go up on offer, because they won’t be restocked. This encourages consumers to buy an item while it is there in their hands. Limited Edition items are the same; if you don’t buy it now, you may not get another chance. Limited edition items are so alluring, therefore, because they tap into your fear of missing out.
It Artificially Creates a Demand Frenzy
Makeup is guilty of creating limited edition items to create a demand frenzy. Essentially the idea is to put out a new limited edition item in small quantities. Even a moderate interest will mean the product will sell out fast, which can then be sold on to the media about how in-demand this new product is.
It Encourages Buyers to Return
Finally, limited editions items encourage your customers to return. Take a new menu item – you might be tempted to return just to try it out, just because there is something new.