Recently, we are witnessing collaborations and limited editions popping out everywhere, from cosmetics and fashion to video games and luxury cars. Even during seasonal festivities, brands take advantage to release themed limited editions.
But how come these limited editions are usually successful and customers always quiver to get them?
Limited edition products are a huge selling point that attracts customers to buy or become interested in any new promotions related to the company. In addition, limited-edition products can help increase product profits and brand awareness.
According to MBAknol.com, “A limited-edition marketing strategy carries a sense of immediacy and exclusivity as the products would only be available for a short time and/or in limited numbers.”
In particular, concerning packaging, a limited edition design gives the product, and the customer, a greater sense of prestige. These products have something more than the original ones, increasing the emotional connection between the owner and the object in question.
Defining limited-edition products
The given definition of limited edition is “an issue of something collectible (such as books, prints, or medals) that is advertised to be limited to a relatively small number of copies.” However, one important aspect about these products, is that what is promoted to be a limited edition most of the time is not that far from the original product.
Usually, barely any new features, or just aesthetic ones, are released with these products.
Therefore, the reason why the product becomes a limited edition is the change of packaging or the addition of product design details that were not on the original product.
But having said that, customers agree with the fact that through these products, brands tell them who they are, their values, and where they fit. This means that products and packaging that reflect consumers and talk to them directly will eventually create a strong emotional fusion that can be leveraged for purchase. This robust fusion can result as well in a long-term commitment of the customer towards the brand.
Apart from the aesthetic changes, limited edition products have a time window in which they can be purchased before becoming unavailable. Some of the limited editions are part of an entire concept dedicated to the notion of planned scarcity.
Since scarceness carries of sense of immediacy and strikes into the fear of missing out, it results in a rise in demand and value of the product in question.
Think about the renowned Dior and Air Jordan collaboration last year. At the Fall 2020 Men’s show in Miami, Dior and Kim Jones teamed up with Jordan Brand to unveil the limited edition Air Jordan 1 High OG Dior sneakers. The number of sneakers made available to the public (the public in question was composed of 5 million people that gained access to the pre-sale) was only 8000 with an additional 5000 pairs gifted to VIP clients of the Maison and celebrities. Once they were made available online it took very little to sold-out, and in the reselling market, they reached a price of up to 8500$ making them the most expensive sneakers of 2020.
How can you adopt a limited-edition strategy for your business?
To be able to answer this question, we first have to consider a couple of things.
- What is your business? Depending on your activity, your limited edition offer can vary. If you are a makeup company you could offer a limited color palette, while if you are a wine and spirits firm your limited edition can consist of a designer bottle and so on…
- What do you want to accomplish? Are you thinking about pushing your seasonal sales or creating a buzz on social media? Concerning social media buzzes, one company that managed to create a huge one was Oreo. 3,000 packages of Oreo Thins were made available for the “Thins Protection Program” partnered with Green Giant, Ford, Hanes, and Better Homes & Gardens to create packaging that looks unlike the traditional cookie one and can be hidden in plain sight. Whatever you desire to accomplish, this question could help you out finding the right stimuli.
- What is your target audience? Limited editions could represent a great opportunity to explore or satisfy your customers’ needs. Bentley realized a Bentayga Falconry by Mulliner kit specially made for its clients into this hunting practice. Remember to take into account demographics and desires. Sometimes the customer knows best!
Go beyond obvious moments, like the aforementioned holidays, and “find a unique occasion to celebrate with your customer base or stand out from the crowd.” Like Rolls-Royce managed to do with its limited-edition Wraith Kryptos. This bespoke series hides a secret message that has to be encrypted by the lucky 50 owners. The code is so secret that only two people at Rolls-Royce know the solution to the sequence: the designer and the CEO. In addition to the riddle to solve, this limited edition has a unique color pattern and cryptic signs all over the dashboard.
As we said before limited editions tend to hold up their value as they are scarce and time-limited. Anyway, due to a series of reasons, your special product might not get the value and recognition it deserves, maybe because of time and extreme use. Just think about a special edition vintage car that has gone through different restoration phases, or a pair of shoes as well. In these cases, platforms like MyLime’s come in handy.
Through the use of blockchain technology, MyLime is capable of tracking and storing all product’s assembly or restoration phases and history. In this way, the digital passport of the product is created while only authorized parties can update it, thus preserving the asset value perpetually towards the years.
The last cited limited editions are meant to seek possible customers’ lifestyles and solidify a long-term connection. Yours does not necessarily have to be as fancy as these. What you have to keep in mind is to be prepared for customers having a love-hate relationship with your limited edition, but with the right combo of product and packaging, you can expect a great boost for your business.
