There are tons of marketing strategies, but one in particular stand out for its power to create excitement and desire: Hunger Marketing. To know more about this strategy, we will look at its benefits and drawbacks using some real-life examples in this blog post.
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Ever felt that pang of desire when you see a “limited time offer” sign or hear about an exclusive product release? That’s hunger marketing at work. It is based on the idea of Scarcity; by purposefully limiting the availability of a product or service, marketers aim to stimulate consumer interest and increase demand. This scarcity creates a sense of urgency and exclusivity, compelling consumers to act quickly to secure the limited offering.
Pros: Hunger marketing is a master of hype and anticipation. Apple is one of the most successful examples with its iconic product launches. The clever utilisation of scarcity by Apple, creating anticipation and unheard-of excitement surrounding each new iPhone release.
Numerous fashion labels, such as Supreme, excelled in this marketing strategy with their weekly releases of exclusive clothing. Every Thursday, Supreme release some new products, along with limited supplies and nearly all are sold out right away without a preorder. You will need to wait in line at the store if you are interested in the merchandise. As a result, those who purchased the product would feel superior because they have gained something difficult to obtain.
Cons: However, it is not without its drawbacks. If you feel that you must constantly pursue the brand’s goods, this will be negative to the long-term development of the brand. If the experience or product falls short of the expectations of the customers, it may cause them to become disappointed.
The terrible Fyre Festival in 2017 serves as a warning about the dangers of making excessive promises and falling short of them. Marketed as an exclusive experience with excellent facilities and entertainment, the event was billed as a luxury music festival situated on a private island. Nevertheless, poor accommodations, inadequate amenities, and canceled performances left audiences dissatisfied and had legal repercussions.
Since there isn’t a flawless marketing plan in existence, Hunger Marketing as well. All are double-edged swords that you must be cautious when navigating them and weigh the benefits and drawbacks. To master this strategy, make sure your offering is distinctive enough to keep customers interested in.