The pandemic has heightened people’s interest in e-commerce: more than 60% of American consumers avoid offline purchases. Unsurprisingly, retailers Walmart, Target, Best Buy are closing store doors and moving online. And for the rapid promotion of goods, they use the strategy of creating excitement, proven by many large brands. How to convert hype into sales? Learning from the best!
Hype as an effective business tool: 5 ideas to increase sales
The way to artificially create scarcity is incredibly effective in marketing. After all, it is based on the cultural stereotype “wanting what you don’t have”. To increase demand, two types of deficits are used: quantity and time. A striking example of such a strategy is the fashion brand Louis Vuitton, which produces exclusive products in limited quantities and carefully selects outlets for sale.
So, in 2019, he introduced the LV Trainer designer sneaker collection to Chinese consumers in the WeChat pop-up store. The mini-program also indicated two offline stores where you can purchase goods until a certain date. The combination of quantity and time limitation has caused an insane amount of excitement among the fans!
A similar model of hype was used by the British brand Burberry: in 2018 it launched a series of monthly issues, each of which was different in scale and availability. Customers got 24 hours to complete their purchase. It was suggested to follow the advertising of new products on Instagram and WeChat profiles. The brand called the goal to increase the interest of buyers with new supplies and frequent communications.
The combination of scarcity, focus on premium channels, and smart social media advertising are indispensable components of a hype strategy. This makes it possible for not only manufacturers to earn millions, but also resellers: some of the products in the Yeezy line of the sportswear and shoes brand Adidas are resold for $ 20 thousand per pair!
The ultra-limited collection of Yeezy sneakers is available in select stores only. At the same time, the brand managed to create hype without developing a new shoe model, but simply changing its color. In the days before the Yeezy Boost 350 V2 went on sale, there was an incredible hype on Instagram and on the forums. As a result, the collection was sold out in 1 minute!
Often hot offers are available for members of the “club”. With exclusive information on new product launches, subscribers feel like a select few, privy to important details about their favorite brand. For example, the NTWRK app is popular among millennials, which keeps them updated on new mega-rare products and allows them to shop online. The information is presented in the format of 15-minute video broadcasts.
The use of membership programs allows brands not only to attract an audience and increase sales, but also to collect personal data of customers (with their permission) when registering on the service for further use in email newsletters.
When big brands and famous designers come together, the result is not long in coming. So, IKEA used in the “drop model” strategy the advantages of three ways to create a hype at once: limited time and quantity, the power of cooperation. The company has developed a limited collection of furniture and decorative items in collaboration with American fashion designer Virgil Abloh. At the same time, she set a time frame: the product should be sold out in a few minutes.
World renowned collaboration between suitcase manufacturer Rimowa and streetwear brand Supreme. The collaboration was announced to the public by posting an image of the product on social media a few days before the release. The results are impressive: the collection of suitcases was sold out in … 16 seconds! And this at a price of $ 1,600!
By joining forces with a recognized brand or influencer, you can not only increase revenue, but also expand your reach to an interested online audience, which will benefit both partners. According to Launchmetrics, posts about Rimowa-Supreme collaboration were 4 times more effective than standard Rimowa posts.
True fans are eager to get their hands on a rare piece of the products of the chosen brand. And those who succeed can share their luck on social media, thereby increasing their status in the eyes of less fortunate fans. Some companies have used the drive to “win” to create hype around limited edition products.
Among them is the streetwear brand ASSC. In 2017, he teamed up with the Frenzy app in order to engage the target audience in the gameplay: those wishing to receive the product were offered to go in search of it with geolocation in Los Angeles. For example, those who arrived at the right time in the right place in the aircraft and used the application to place an order managed to get the “I’ll See You Soon” hoodie for $ 88.88.
Gamification is an original way of interacting with customers in any environment. The store does not need to have an offline office in order to find contact with customers.
When it comes to recent advances in the “art” of creating hype in sales, Nugget has done well here. Faced with difficulties in connection with the pandemic, she decided to use one of the “drop model” methods. The essence of the innovations was to organize a lottery with customer phone numbers and notification of the “win”. In order to simplify the checkout process, the company provided customers with detailed information about the purchase conditions, which helped to increase the engagement in the sales funnel.
So, if you want to connect with customers in the face of uncertainty and increase sales, act quickly, boldly and playfully. By using HYIP, you will create hype consumer demand around the best deals. This will help you stay afloat during a pandemic and get through a difficult period without losing a penny.