Mako Strategy: The Appeal of Limited-Edition Products
As we reach the last quarter of the year, consumers see a slew of continuous holidays and events that elicit thousands of limited-edition products to celebrate the holidays. Even during the off-holiday seasons, companies and brands release promotional items that follow certain themes and concepts and market them as “limited edition.” Limited-edition products are definitely a huge selling point to entice customers to purchase or take interest in any new promotional events that are relevant to the company or business, not only that, but limited-edition products make for a great marketing and product strategy to boost product profits and brand awareness.
Defining Limited-Edition Products
We hear and see “Limited-Edition” everywhere on products nowadays. However, one aspect that confuses consumers is that when a limited-edition products is released, it doesn’t stray to far to the original product at all – almost barely any new features are released with limited-edition products. The reason for this is that limited-edition products are more of a product strategy more than they are a release of a new product. Companies and businesses will release “limited-edition products” which are usually just renditions of an original best-selling product that already exists. What makes the product “limited edition,” however, is the change in packaging or an added product design detail that was not on the original. Along with the change in aesthetics, limited-edition products always come with a time window in which consumers can purchase the special product before it is not available. Meaning that companies re-design one of their products and only manufacture a certain amount to be specifically sold for a temporary promotional period.
The Appeal of Limited-Edition Products
If we understand that limited-edition products are simply just the company’s original product but with a redesigned exterior or added feature, why do they perform so well? The reason for why limited-edition products are so popular can mainly be attested to the time length in which they are available for purchase. When a time period is present, consumers begin to feel as if they have less or no time left to purchase what is offered to them before it’s gone forever. The fear that a product to purchase can only be available once and never again gives consumers a reason to purchase the product in order to not feel any regret later on. Additionally, consumers tend to prefer owning things that are more special or different than what the majority of audiences have. The appeal of having something “special” or “limited” is a reason that entices people to jump at the chance of purchasing limited-edition products simply for bragging rights, or in order to feel more exclusive with a product they love.
How Limited-Edition Products Can Help Your Business
Limited-edition products are a great way to implement a new product strategy into your business, especially when you feel like your sales have been in a lull lately. The process in releasing a limited-edition product is fairly easy as all you need to do is choose your best-selling product and redesigned its product packaging or add some bells and whistles to the products functionality and head to the markets. The key in benefitting and gaining the most profits from your limited-edition products is to make sure to advertise the release of your limited-edition products as much as possible. Once your product is released, as long as you have maintained a loyal and dedicated customer clientele, fans of your business and product will be ecstatic to see a new edition of their favorite item. The surge in sales can not only help you in supporting your business financially but can also reveal to you what is popular for your customers and what they want to see in your future products. Ultimately, releasing limited-edition products is a great product strategy that not only helps promote your business and brand, but also shows you future patterns about what can work for the future of your business’s product.
Want to see an example of some interesting limited-edition products? Check out this blog on inventions created from the pumpkin spice trend!
If you have a great new invention and you’d like to learn more about this process, get in touch with MAKO here and visit our website to find out more. Feel free to give us a call at 1-888-MAKO and we can set you up on a call with our product analyst!
Article Author: MAKO Design + Invent
MAKO Design + Invent is the original firm in North America for providing world-class consumer product development services tailored to startups, inventors, and small manufacturers. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices from coast-to-coast to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories.
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