Author: Dave Higashi / Category: Strategy
WHY LIMITED EDITION CAMPAIGNS ARE IMPORTANT TO EVERY CREATOR
Limited Edition Campaigns can create "Fear of Missing Out" scarcity that encourages buyers to purchase.
Having merchandise is different than having a merchandise strategy. Having a plan to get your products to market is just as important as creating quality merchandise. One important part to every strategy is having occasional Limited Edition Campaigns.
A Limited Edition Campaign is any product sold in some sort of scarcity, whether it is time, quantity, or style. It's often used for special holidays, occasions, or just as a tactic to generate a burst of sales and interest in an overall store.
What is important about a Limited Edition Campaign is it's ability to drastically improve conversion rates. By putting a limit on the availability of a product, buyers feel pressure to purchase immediately.
That kind of motivation is what generates sales for creators.
FOMO is a thing.
This graph shows the typical purchasing behavior we have seen from most creator stores. The first 30 days have small steady sales, but it is followed by an immediate explosion of purchases (red line). This is the first day of a 10-day, limited edition campaign.
The excitement generated by the promotion of a limited edition campaign usually leads to a strong peak of sales on the first day. However, in this age of digital media attention always fades quickly and sales taper off. This creator however, did another promotion, leading to a second spike in sales.
"Only three days left, get your limited edition item before it's gone forever!"
Buyers will react to this fear of missing out. They truly want your products, they just need to be reminded to get them now.
With proper planning, it's possible to dramatically increase sales using FOMO strategies.
So how do I plan a Limited Edition Campaign?
From screen printed shirts, to hyper limited foil apparel, no two campaigns are exactly the same. The most important thing is to plan ahead, some products may take weeks to months to bring to life properly. If you have an idea you want to make in to a campaign be sure to reach out to your Crowdmade Account Manager to get you started.
If you don't have an idea, get subscribed to our regular news letter. In it we'll let you know of upcoming marketing events and new products that can really boost your sales.