If you’ve ever witnessed devoted customers standing in line for a new product or have personally waited patiently on the computer to purchase the first set of tickets available, you’ve experienced the power of product exclusivity. Although quality of an exclusive product is important, it is not what impels consumers to willingly put their lives on hold; rather, it derives from the restriction placed on when and whether a consumer can purchase the product. The concept promoted is, “now or never,” and it is this perception that is planted in consumers’ minds.
NOBODY LIKES TO BE SOLD
Exclusivity is incredibly significant in the retail market because it builds devotion and loyalty from consumers, a task not easily or quickly achieved. People resist the perception of being sold a product; it takes away the feeling that they are in control. In addition, the product alone lacks emotional value. People want to feel distinctive and possessing something exclusive and meaningful does just that. Branding allows a business to sell a story, an intangible thing that is more valuable than the product itself. Why? Because a product can be replicated but the emotions a consumer associates with the product cannot. Like art, it is the connection between the craft and craft maker that consumers are interested in buying.
Achieving exclusivity on a national and international level relies on the digital environment. Creating culture around a product requires stirring interest before it is available. This concept of, “now or never,” is only effective if people perceive the demand for the product as being more than the available supply. Launching a preview of the product before it is available for purchase will provide an opportunity for more people to become aware of the product, therefore creating competition over the limited availability of the product once it is ready for sale. But as a business, that does not mean that you must produce less of your product to garner exclusivity. It is the perception of exclusivity that consumers buy when they purchase the product.
Take a look at the infamous iPhone 6; while there may be a huge demand for the latest gadget, there is no real shortage of supply, only a restriction on when the supply is available. Stores that are out-of-stock of the phones don’t know when they will receive more, let alone the particular quantity, color or size. With no real threat of Apple halting production of their coveted product, the incredible exclusivity of the iPhone 6 derives from the fact that it is difficult to obtain. This perceived limited quantity places pressure for a consumer to buy when given the chance and later reaffirms the customer’s desire for distinction and feelings of importance upon purchasing the product. This perception of product exclusivity yields an incredible power and it is absolutely worth harnessing.
ReachOut is committed to offering effective marketing strategies and providing avenues your business can explore to further distinguish your product. As a business consulting firm that assists international companies achieve success entering the US market, ReachOut is an expert in the areas of sales and marketing, technology, e-commerce, operations, distribution, accounting and human resources.
