Scarcity in branding is not a new phenomenon. The idea of vintage, limited quantity merchandise has allowed many industries to sell their products at a premium including the fashion and beauty industry.
The psychological benefits of “when it’s gone, is gone” has helped many firms succeed.
Brands like Hautelook, a Nordstrom brand, focuses on flash sales which bring premium branded product to consumers in limited quantities feeding consumer hysteria.
Taking this idea further, Kylie Jenner’s cosmetic brand “Kyle Cosmetics” has seen enormous success following this model.
Utilizing various social media platforms including SnapChat, Instagram, Facebook, Twitter, and her personal app, Kylie announces launch times and with her viewers will countdown the swiftness at which she sells out of merchandise during her flash launches.
This scarcity marketing strategy has helped expand her cosmetic line to various product types and from a pure e-commerce firm to a brick & click in less than 16 months.
According to an article by Forbes, “This is a very good piece of marketing, scarcity is really going to do wonders for you in the marketplace,” said Zhang. “With something that people desire in short supply, you’re going to generate that frenzy.”
After the first initial launches in early 2016, buyers were selling Kylie Cosmetics at a high premium markup, capitalizing on the phenomenon. In fact, according to the same article by Forbes, there were 326 listings in February 2016 for Kylie Cosmetic products, some lip kits being sold for by $3,000, a huge markup from the $29 retail cost.
Marketing Lesson: Utilizing social media to advertise your products can be a great tool however taking it to the next level by implementing further strategies like limited quantities in selling can help grow your firm.
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