Limited Editions are not always 'Limited Editions'!
Vinod Hari
Board Member & Digital Strategist: International Committee for Marketing & PR, ICOM, Paris
#TheClaruzjournal
- Day 24
'Limited Editions'
The role of limited editions and innovations in a product or service has moved a long way from actually being 'limited editions' and 'innovations'!
Earlier, organizations used to declare limited editions of their products or innovation updates, only when it mattered.
But now the idea is mostly about creating a marketing campaign wave.
Do you think that Apple couldn't afford to launch the red-colored iPhone along with the other colors?
Or do you think Facebook hasn't thought about a dating app to date?
It is more of a marketing gig than an actual cause.
Whenever a new product launches, the interest factor goes up exponentially, until it is launched.
After a while (3-6 months for a phone manufacturer or a year for a software giant), the spike goes down.
That is where an update, limited edition, or an innovation helps!
The amount of cost incurred in marketing cannot be repeated every 3-6 months, by any company, until it can create another wave of customers.
Most of the time the updates, limited editions, and innovations are not intended to be converted into a purchase; rather, it is placed cleverly to make another wave of marketing (with less investment) and build a new set of customers for the older products.
Every time when the update hits you, over a news article or social media, you suddenly think about what had happened before that.
Most of the time the limited editions are so overpriced so that it creates a purchase decision for the previous generation product, which would cost less than its launch period, when you fancied about it.
Chances are that you will decide to buy the old version, and think of it as a bargain when compared to the new one with almost double the price tag and mere variations in specs.
Almost like how iPhone XR was there to help the previous generation iPhone X!
The idea of innovations on a platform or hyped sales figures could also be a pointer to the shareholders, to reiterate the fact that they are not losing the market!
After all, how long can you keep on acquiring other companies!
Every player has a slightly different game plan, in terms of pricing, releases, and offers.
So the next time when news about innovations, limited editions, or sales figures, hit your screen; think about it twice!
Is it worth it, or is it just another thrust?
Use your thoughts wisely and invest in the best!
Cheers!