“limited Editions”

November 14, 2006

What a great marketing tool…  “limited Editions” are not restricted to the collectors marketplace.  Building demand by putting limited quantities of a potential “HOT” product in distribution is another form of “limited edition” marketing. 

Let’s look at some examples.  Cabbage Patch Kids is probably one of the best examples of “limited Edition” marketing.  When they first came out they were in very “limited” supply & everyone went crazy.  Prices went sky high and every kid had to have one.  The “craze” lasted for a few months and then died down.  Today it is the latest Tickle Me Elmo.  Try to find it at a retailer near you and at the Manufacturer’s suggested retail price.  Good luck!

Car companies have tried “limited edition” models like the Eddie Bower edition or the LL Bean edition.  With limited success I suspect. 

Of course, there are many examples of collectibles which have been successfully marketed around the world.  The Franklin Mint and The Danbury Mint are just two examples of very large Companies whose businesses are focused on limited edition collections.  There is an obvious need/desire on the part of consumers to own something that is “rare.”  From the simple figurine for $25 to the Picasso for millions.  I guess it is part of our nature.

Can this concept be applied elsewhere in other products or services?  I believe it can.    Use your creativity when you approach “limited edition” marketing but remember,  your limited edition must be perceived as real and meaningful from a consumer point of view.  Can you imagine if Coca-Cola had a limited edition can and only 100 were produced????

 Rich

Bizvice:  Strategy, Marketing & Entrepreneurship

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: