Scarcity Marketing: #PepsiPerfect Campaign
This week there have been some great examples of Scarcity Marketing. Some successful and some not so much. Scarcity Marketing can be a great tool when it comes to products. It does, however; have its drawbacks and benefits like any form of marketing.
What is Scarcity Marketing?
Scarcity marketing involves motivating people to buy something by telling them there is a shortage in what is available and a limited time to act. The goal is to create a sense of urgency through an aggressive call to action; to make people scared that they will not be able to acquire something that they want if they don’t act fast.
Pepsi definitely hit the mark on motivating people to buy their product, "Pepsi Perfect" on October 21st, 2015 for Back to the Future Day.
October 5th, 2015 Pepsi announced: the Future is Now: posting a Pepsi Perfect ad on YouTube.
Two days later their twitter began the campaign for Back to the Future Day and the Pepsi Perfect limited release of 6,500 bottles.
Pepsi Perfect, finally makes a live appearance in New York Comic Con. creating excitement amoungst the Back to the Future Fans as the bottle Marty McFly held all those years ago in the movie can now be theirs.
The primary benefit of using scarcity marketing in your business is being able to position your products as services as a commodity. Which Pepsi Perfect did. As the date, October 21st got closer fans got more and more excited. Some staying up till midnight to get their hands on this product.
Perceived value of whats being sold and the fear the limited availability makes people act fast to purchase. So when Pepsi released the product 40 minutes early on Tuesday night, instead of on Wednesday morning. It did not benefit, but back-lashed. As fans were unhappy with being unable to purchase the Pepsi Perfect.
Scarcity can also present an opportunity to engage your audience in a new way. Allowing you to capture and keep the customer’s attention. Pepsi definitely kept our attentions with this promotion.
As you can see though, with the customer reviews for Pepsi Perfect currently, the marketing here backfired. There are always going to be drawbacks in marketing, if done incorrectly.
Pepsi is currently working on gaining its customers back with yet another limited event for these bottles.
This time Pepsi is taking orders for the bottle instead of only producing a certain amount. This will devalue the bottles that were sold today. Which is also a drawback of their marketing strategy.