13 Examples of Limited Edition Products & 4 Ways To Create Yours Too
As a business owner, I’m sure you always want to create the best products you can for your audience.
However, this is something that can be a huge challenge if you are competing with other strong brands.
If you are currently looking for a method to generate interest in your brand and your products, one thing you can do is to create a limited edition product.
Limited edition items can be a fun way to celebrate business milestones. You can also collaborate with others to create something different from the norm.
Basic economics explains that scarcity generally leads to more demand.
Many of us are used to walking into the retail shop, surfing around the same type of items we saw the previous week, wishing that producers could be more creative.
However, marketers quickly discovered this demand for something new, and they introduced what is known as the limited-edition or special edition strategy.
Because mass-produced goods line the aisles of stores and supermarkets, the idea of a special edition or limited edition goods usually sparks up the interests of individuals already familiar with the brand.
So what is a Limited Edition product?
A limited-edition product is a new incentive that is introduced into the market, either as an improvement to the product in some way of design or an introduction of a new product by a brand.
This product once sold out, cannot be sold anymore.
In other words, once this product is no longer available in the market, it cannot be bought except you intend to buy from a reseller. This is a strategy that is employed by marketers to either save a dying brand or improve consumer awareness of an existing brand.
If you are a marketer and you want to know products a company can embark on as a marketing strategy, you have landed on the right article. I have a list of products you can embark on as limited edition goods as a good business strategy.
I am going to explore how you can create a new and exciting product that can launch your business into success.
However, before I begin to list out products you can embark on as a marketing strategy; here are some successful companies that have used this strategy over and over again.
1. Coca Cola
This is one company that is very keen on incentives, improvements and marketing. In recent years, Coca Cola has released limited edition products that have done fairly well in the market. Coca Cola recently celebrated 127 years in the market, and to any marketer, that is an impressive streak considering the fact that they are still the most popular beverage in the world.
In 2017, following the rise of the Marriage Equality movement in Australia, Coca Cola released a limited-edition coke featuring the word Love. However, two cans would have to be brought together to produce the word and display a shape of the heart. This was a smart move for the Coca Cola marketers, as sales went up by nearly 80%.
This is one brand that has made Limited Edition known. They release products into the markets and sell them out almost immediately. However, once these products are sold out, they are never put out into the markets again.
This way, customers are fascinated with the idea of being part of the few people all over the world wearing a particular T-shirt. They were once a skateboard store but now one of the favourites for brand partnerships in the US.
Another brand that has made good use of the Limited Edition Strategy is the coffee company, Starbucks. There were rumours that there was something called a pink coloured Unicorn.
Starbucks with only 6.8 million likes on its Facebook page started receiving comments from customers who wanted to confirm if there was something called a Unicorn Frappuccino. It went viral on social media and started bringing in sales as well.
These are brands that have made good use of the Limited Edition strategy.
List of products you can embark on as a marketing strategy
This is a good product to be used for limited-edition marketing. 80% of women worldwide have used makeup.
However, the stats might be good but the same types of cosmetics are pushed into the markets every day, and I bet most women want something new. One brand that has begun using this strategy is Kylie Cosmetics by the popular Kylie Jenner.
7. Clothing Accessories
This is another product that can be used to embark on a Limited Edition strategy. If you are a designer and you own a clothing line, you might want to consider releasing a particular limited edition design that you will put into the market but won’t sell after it has been sold off.
This strategy has worked for brands like Supreme, Gucci and even Louis Vuitton. Most people are conscious of the kind of things they wear, and the fact that there might be just a few people wearing the same shirt they have on can be thrilling for some.
If you really want to know the effects of this marketing strategy, just ask some folks at Coca Cola. If you own a beverage company, limited-edition products of your own might not be such a bad idea.
This could be a special design on the exterior of your product. However, it could be a risky move if your customers don’t like it. It could backfire very fast and that product might not do too well in the market either.
Therefore, you might want to sit and discuss this one with your marketing team. If possible you could also hire an experienced consultant who will advise you on how and when to commence a limited edition strategy.
You might think it’s only physical products that could be used as a Limited edition strategy. However, music and art could be too. Many musicians use this strategy all the time.
They usually set release dates for an album. They, however, allow some of their fans who are willing to buy it to do before the actual release date at a better quality. This is a strategy that has worked well for countless musicians and record labels.
Similarly, as for Artists, you may decide to paint one canvas at a time, which should be a particular emotion that cannot be replicated.
Therefore, whoever ends up with that painting is sure that there is no other painting like that all over the world. Well, except for fakes. This is partly the reason why art can be so expensive. People want to have what others do not have – something rare and creative.
Most authors and marketers use books as a great example of a limited edition strategy, including your favourite author. They write a series and then release them one after the other.
The trick here is that once they release the first of the series, they do not release it again. Therefore, interested customers would have to quickly get that particular copy before it sells out.
This is a quick sales tactics that publishers use to recover the money they might have paid the author in the form of upfront royalty bonus.
11. Promotions/Concert Tickets
This has been in practice since artistes began performing live to their fans. Promoters will usually put out a bunch of tickets early, for a concert that might happen two months after.
They would then slash the price by half and fans will rush to grab this concert tickets that are 50% cheaper than the ones that will sell one week before the show.
Therefore, concert tickets are a good way to embark on a limited edition strategy.
However, you must pay attention to make sure there are no bigger bands or artistes playing around that same time. Else, your strategy might not work as intended.
This shouldn’t come as a surprise to you. Yes, automobiles can be used to embark on a limited edition strategy. Companies like Ferrari make use of this strategy to sell off most of their cars.
According to research, only about 20% of individuals all over the world can comfortably afford a Ferrari sports car.
With this kind of stats, they resolved to produce only a few units. They promote a huge limited edition, auction and sell them off as quickly as possible.
If you run an automobile shop or a dealership, a good way to start would be to promote an advertisement in your local newspaper or radio station. Call for the first 50 buyers of your cars to get a 20% discount.
This is a good strategy to draw in new customers. There is nothing more appealing than the word “free” to a consumer.
13. Tech Products
Tech companies make use of the limited edition strategy with every introduction of a new product. Once a tech company put out a particular product, they usually do not put out that product again. This is a strategy that works well for companies like Apple.
They introduce a product to their customers and once this particular product sells off, they introduce another product instead of producing a new batch of previous units.
This particular strategy has continued to amaze marketers as customers seem to patronize new products with even more enthusiasm than the previous one.
Ideas for creating a rare and creative limited product
1. Think outside the box
When developing any new product, it is important that you take the time to ensure it is unique. You should also try to offer something to your audience which no other product can.
This is especially true when developing a limited edition product because you will want it to stand out from every other product on the shelf.
Make sure you think outside the box and be creative with your thought processes.
You can even consider looking online for inspiration from other brands to see if there are any ideas you can use for yours.
2. Have fun with packaging
When it comes to creating a fun product for your audience, you need to think about bespoke packaging for it.
Limited edition products will usually be a new flavour or a colour of an existing product, and in order to make sure people know it is different, you will want to focus more on the packaging to make it feel unique.
It is a good idea for you to take a look at other limited edition product examples on Pinterest in order to create something incredible.
3. Hire an artist
One great idea which has been done by a few different companies for limited edition products is to ask an artist to design the packaging.
When you hire a real artist to collaborate on your project with you, it is mutually beneficial for you both because you will be able to gain exposure to their audience and you will be allowing them to widen their reach too.
A design created by a real artist can give your product a clean and classy look. This will make your product stand out from the crowd.
4. Create a giveaway
It is always a great idea for you to launch a limited edition product with a giveaway.
Everyone likes to have access to free stuff. With such free products, you will be able to make people share your brand with their friends and family. This will, in turn, increase your reach to the world.
You can also create a giveaway on Facebook. You can ask people to share your post and make sure they tag their friends. It can be an effective way to market your brand and share something new.
Like everything else in marketing, a limited edition plan must be backed up with a good strategy for easy implementation. You must think of what you intend to accomplish with the introduction of a new product before you even begin the process.
You might want to reach out to new customers or give your recent customers something better and new. Like Starbucks, you might start some sort of social media buzz. However, you must then decide that customer base that would help you achieve this goal.
You can achieve this by discussing with your marketing team. Back it up with research and data – may be a company that has tried that particular strategy. Then, decipher what they did wrong, should have done better, or if the strategy worked. You and your team can brainstorm on what could be done better.
The concept of limited edition isn’t just restricted to physical products as I have established above. Instead, every time a bookstore gives a discount to their first 50 customers, or a café introduces a new product to their customers, they are making use of the Limited edition strategy.
Coca Cola is one of the favourites when it comes to limited edition marketing.
Do you remember “Share A Coke Campaign” that turned the activist movement into a profitable campaign? Frankly, that is what has kept them in business despite a formidable market.
However, it is important to note that starting a limited edition strategy does not guarantee the success of your business. Not every limited edition strategy will be successful. The brand, supreme, releases a Limited edition of clothing in the very few stores they have worldwide.
Many customers have a love-hate feeling regarding this strategy since this clothing usually sells out almost immediately. Most people would have to purchase from online stores or resellers that end up hiking the price by almost 600%.
Before you decide to start a limited edition business or strategy, make sure you do your research first. You do not want to end up with a product that won’t do well in the market or worse, make you lose customers.
Don’t forget to make good use of social media if you are embarking on a limited edition product. It helps to create some buzz that will surely attract your new customers
Have you been thinking about that limited edition product you can give to your audience?
How far have you worked on it? 💡