A random scan of national newspapers showed us that over the last three months there have been at least 20 special or limited edition brand rollouts in India. That’s an average of seven special edition brands a month, with Vespa India being the latest to hop onto the bandwagon with a new limited edition scooter dubbed the 946 Dragon. The scooter’s body features stunning dragon decals, which helps it stand out.
Yes, special editions are not a new idea but there has been a flurry these past two months. The thing is, FOMO is a real thing and the one thing shoppers hate is missing out on a good deal. No one knows that better than marketers and that’s why many of them create this faux scarcity and urgency to drum up some FOMO. They bank on the fact that if a shopper comes to know that there are only a few items left on the shelf or that a deal isn’t going to last beyond this weekend, they’ll make a dash for it before it’s too late.
Though you cannot quantify the results or corelate an offer with market share growth, limited/special editions do help build anticipation and excitement. Says business strategist and growth advisor Divya Dixit, “When you say limited edition, all of a sudden, everybody is keen to know what is new/different about this limited edition product. It brings a brand into the conversation.” The hope is that such conversations will lead to a temporary spike in sales, if not a long-term connect with the consumer. A spokesperson for Noise says a well-executed limited edition can, in fact, lead to a personal connect between the brand and the customer. “This exclusivity not only positions the product as a premium possession but also enhances its perceived value among customers, providing a compelling reason to choose the brand,” says the spokesperson.
As a step ahead, brands have also forged brand collaborations to turn a humdrum product into a viral sensation. The Stanley X Starbucks Valentine’s Day Quencher H2.0 Tumbler is a good example. The 40-ounce tumbler generated long queues of people clamouring to grab the tumbler. After the early hype, the tumbler became a collectible of sorts, garnering a resale value that was a whopping 500% mark-up over its initial price. Then there are brands such as McDonald’s that collaborate with young stars like Kartik Aaryan to stay top of mind. It roped in K-Pop idols for a limited edition BTS meal last year which was a sell-out but brand experts don’t see such collaborations as a win for the brand. “The use of a celebrity for a limited edition begets a bigger question: Is the consumer buying the limited edition because of the brand or the celebrity?” asks Neeraj Bassi, CGO of Cheil X, which executed a recent campaign for MG Motor India showcasing its history and introducing its limited edition range.