Increase brand awareness by giving out limited-edition merchandise like custom shirts, tote bags, and mugs with logo! Using these can be so much more effective compared to any regular merchandise. Learn more about how you can improve your income with limited edition products.
Limited Edition Merchandise
Why You Should Offer Limited Edition Merchandise?
Value
People can only get limited-edition merchandise for a short time, so these can be so much more valuable in your customers’ minds than merchandise that businesses offer throughout the year. In case the product is quite popular, it would have an increased monetary value over time. Whenever you decide to collect limited series merchandise, they may eventually become a great collection.
Connection
Offering a limited edition product can affect the success of a business. Companies that create items with a winter holiday theme can be appealing to people who feel the spirit of festivity. Whenever you become partners with a charity or nonprofit group, you can have custom shirts designed to sell at a fundraising event or given to volunteers. People who want to support the cause will indeed feel good whenever they have a tangible keepsake.
Demand
Since limited edition products have a low supply and high demand, customers will rush to your business or shop so they can grab the product before it runs out. Having your limited edition product promoted in advance can increase excitement. Whenever you are creating a customized shirt for a weekend event, have it publicized on social media so that customers will become aware that they need to buy it immediately, or they may end up losing their chance to have it.
Limited Edition Merchandise
Learning Points:
Use limited edition merchandise as it can help increase sales by doing the following:
Generate Cash by Building Transactions
Since this encourages people to buy complementary products, it has a strategy that focuses on having a more significant average category transaction.
Every time people want to buy paint, they would also have to purchase complimentary items like masking tape, brushes, black bags, thinners, rollers, overalls, and sandpaper to finish the work.
Included in the strategies to build transactions are display items that encourage people to buy on impulse and promotions to promote an increase in orders.
Build Traffic
When it comes to building traffic, it aims to draw the people’s attention to the shop, the aisle, and a category. This strategy often gets used for price-sensitive products that people frequently buy with a great degree of penetration into a household.
One example is a way to increase your store’s traffic by having high loyalty items placed in “hot spots.” Since these places are likely highly accessible and visible, they can effectively attract customers to your shop.
Categories or products aimed to build traffic often get displayed at an eye-level. This position is what people consider as prime as it is capable of generating the most sales.
Defending the Turf
The category defending the turf got brought in to protect and maintain a market share against any competitor. Strategies that support this are often composed of aggressive strategies in promotion and pricing. These categories get ensured to become optimally merchandised and positioned. It is vital to apply turf protection for margin investment carefully. Yet, properly using a turf defending strategy can help create an excellent price image overall.
Increase Profits
It is essential to consider several vital factors whenever you identify your categories for generating profit. These are high stock turn, high GP%, higher % margin of gross profit, and higher selling price. You can find these accessories to compliment a product on generating profit.
Allow these categories to get merchandised in high traffic areas to improve your consumers’ exposure to higher-margin items.
Enhance the Image
You can use image enhancement strategies to improve your image in any of these areas: available brands, delivery, presentation, service, price, variety, and quality.
Included here are competitive pricing, various assortments of products, suggestions for meal solutions, and exclusive product offerings.
Generate Excitement
You can use this strategy to create excitement for specific categories by communicating to customers that there is a sense of opportunity or urgency. Systems that generate excitement mainly focus on providing innovative and high-class promotions or products.
This category includes limited editions, seasonal items, rapidly growing segments, unique items, latest arrivals, including things that motivate people to purchase impulsively.
Our Key Takeaways,
Limited edition merchandise effectively increases sales compared to any regular merchandise. It provides sufficient value, improves the connection, and increases the demand that can eventually highlight the brand.
Produce Great Products with The ODM Group!
Looking for Custom Free Standing Cardboard Retail Displays for your products to increase your sales? Fortunately, the ODM team can help you come up with inventive and unique product design and packaging.
The ODM Group is a Promotional Products Marketing Agency founded in Hong Kong in the year 2003. Over the years, the company has expanded its services while being rooted firmly in Asia near our factories. Because of our diverse approach, we can be a great partner to any International brand that wants to have a team to closely manage its projects.
We have expanded our scale and scope of services for more than a decade. Do you have an upcoming project where you will need our help? Contact us and let’s design and manufacture something special together.
Related Blogs:
Red Bull has given away limited-edition merchandise using the value of the brand to increase its sales.
The Gaming Industry has continuously flourished in the digital world. Using limited edition promotional merchandise in marketing has assisted in the increase of perceived value that encourages the stimulation of sales.
Rockstar Games have considered console games and merchandise as key to their marketing efforts. They used a lot of promotional merchandise to advertise their games and increase their sales. Because of that, some of the games now have a cult following with great characters and a strong image of the brand.
Starbucks in Zhuhai has consistently implemented limited series promotion. Since they are aware of their target market, they always make sure to have their promotional merchandise matched to the occasion. Because of that, the company always has a market base that can be extremely loyal.
Heineken ran the St. Patrick’s Day promotion wherein they gave away so many limited-edition custom beer products. Here, they offered highly useful promotional merchandise that people can use whenever they want to travel.
Synonyms:
rare product, exclusive commodity, special deal, collector’s goods, deluxe merchandising
Translation:
Chinese: 限量版商品 (Xiànliàng bǎn shāngpǐn)
Vietnamese: Hàng hóa Phiên bản Giới hạn
Spanish: Mercancía de edición limitada
French: Marchandise en édition limitée
Italian: Merce in edizione limitata
German: limitierte Auflage Handelswaren
