If you're like me and happen to be a huge beauty addict, you've probably had your eye on one of Kylie Jenner's lip kits, but debated whether it's worth the hype. Jenner slayed the first launch of the product, with the first round selling out in under a minute. I ended up grabbing Candy K (#sorrynotsorry) when it launched again the second time. All six shades sold out in about 20 minutes that round. Since then, Kylie's micro-launches and restocks have continuously been quick to sell out.
The whole ordeal got me thinking a lot about how on point their marketing strategy is for this product, and how we can apply similar concepts to small businesses launches.
Although the average business owner doesn't have the kind of pull that Kylie has over the purchasing decisions of her fans, I think there's still some major lessons we can learn from her launch strategy on a small scale.
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SELLING A LIFESTYLE
When people buy Kylie Cosmetics, they certainly aren't buying it because it's the only product like it in the market. They aren't buying it because they believe it's the best product. People will, however, buy a premium product because of one of the following reasons:
- Respected Recommendation - Seeing your favourite beauty bloggers or YouTubers go nutso for a product (that they very may well have received for free) creates a trusted hype. You love the way something looks on them, so you want that same look for yourself.
- Lifestyle Value - Most people are working towards financial security, freedom, and happiness. Even if you are the most rational person in the world, if someone who looks fabulous and lives fabulously sells a decent product, you are intrinsically going to desire it. Researchers find that emotional spending is actually fairly common for lower income individuals as well. Clearly, our purchasing decisions and desires aren't always logical. It's not that we are all mindless robots (although I would argue that getting into credit card debt over a lifestyle purchase is bonkers), but we are human and we live in a media subjected world that is constantly selling us products and telling us how to live and look.
- Luxe Positioning - If a product/service is branded, marketed, and priced (positioning) as luxury, it will be perceived as higher quality and desired as such. This is why brand positioning works, people. It's really that simple.
- Rewards & Acceptance - We live in a commercialized, commodity-focused world nowadays. We make purchasing decisions to be accepted by our peers or coworkers. We reward ourselves with premium purchases. Luxury brands feed off of these tendencies to sell their products.
SUCCESS BY SCARCITY
The limited amount of lip kits available for her first launch could not have been more intentional. Not only did it drive a crazy demand for the product (with some being sold on eBay for up to $10,000), but it also set up the subsequent launches for success. Scarcity makes sales time-sensitive, which encourages action. It can also create the perception that your service/product is crazy valuable.
^ Click the image to tweet ^ source
So how can we use this concept to make sales in our own service or product businesses ***without being celebrities***?
HOW TO USE SCARCITY IN YOUR BUSINESS:
- Consider a non-evergreen product with a time-sensitive purchasing window.
- Include a countdown timer in emails and embed them into sales pages.
- Offer a service or event with limited number of spots available.
- Send out "last chance" emails and posts! Make your target clients/customers aware of the scarcity.
- Even if you're taking on an unlimited number of clients, pick a "booked out" number that you can advertise your remaining spots for.
- Always advertise the scarcity BEFORE you launch and DURING your launch.
- Sell an exclusive "only available at X Location" product or limited edition.
- Set deadlines for all deals and discounts (which should be a rare occurrence if you're selling a premium product).
- Use words like "today", "this month" or "immediately" to create urgency.
- Offer a limited-time only upsell. For example, "customers that buy before __/__ will receive ____".
How do you use scarcity marketing and brand positioning in your business? Leave your thoughts in the comments below!
ABOUT THE AUTHOR
Thanks for dropping by! I'm Caileigh and I create killer brand identities and offer coaching for creative entrepreneurs with gumption. When I'm not helping people build profitable businesses, I document love stories as a fine art film photographer.