We've all heard the saying "you can't teach an old dog new tricks," but you can give an old product new life.
You're familiar with releasing a 'Limited Edition' of an existing product with new packaging for a limited time. This is the most common form of re-releasing an existing product.
Limited edition products are unique branded items that are created and sold for a certain set time period in a specific market.
Like all marketing efforts, a limited edition campaign must be backed up by a strategy.
Before coming up with a new product, think of what you are trying to achieve. For example.
- 50% increase to first-time customers,
- boosting sales in a quieter period or
- more buzz on social media, etc.).
Next, determine the customer base that can help accomplish those goals. Your research should take into account the following
- the demographics of a selling area
- the type of product customers want
- how they want it branded and packaged
- and finally how that limited edition item can be best rolled out into the market.
The concept of a limited-edition isn’t just product-based either. Every time a restaurant or cafe announces a daily special that has been
popular in the past, it is, in its own way, boasting a limited edition product.
It’s all about determining what customers want and tapping into the urgency of that desire.
Limited edition can also be as simple as taking one of your products and making it available only in-store, rather than through your online shop. Or it can be the stocking of a set number of items from a popular brand. Study the customer and product trends that have been successful in the past and incorporate that research into your strategy.
Coca-Cola is one of the most masterful marketers of the limited-edition product. Their hugely successful “Share a Coke” campaign allowed for a limited time, customers to buy Coca-Cola bottles and cans emblazoned with their name or the name of their loved one. This campaign gave customers a sense of urgency to find their name on a bottle — before it was too late. After the campaign, the Coca-Cola blog published an article about the strategising that went into the campaign and the impact it had on sales and brand awareness.
If deciding to try out the limited edition model, make sure you do your research first. Create new and exciting items that mesh with customer data around what has sold well in the past. Success will come when you strike the balance between scarcity and demand.
Talk to us today about rebranding or reselling a limited-edition product.