img src: https://www.dovile.co/personal-branding
Promoting Novelty:
There's a reason that people would sleep outside certain stores like "Apple" waiting for to buy the new product. According to neurological studies, being exposed to something new and novel will increase how much dopamine is released into our brain.
Stores add new products every few months to keep displays fresh and exciting.
Create a Sense of Reciprocity:
Stores, especially grocery stores, offer samples for free. This will probably make you feel a little obligated to buy that item; after all they gave you something for free, so you should give back, right? This powerful tool is the principle of reciprocity.
Build a Community:
People, especially shoppers, like to feel like they belong to something. Brands have the opportunity to make every shopper feel like they belong to something bigger than just a sale. For example, retail company 'Revolve' gives customers a chance to be featured on their Instagram account by using #REVOLVEme hashtag. This creates a sense of belonging to this brand and makes you feel a part of the group.
Invoke Urgency:
People don't like missing out on things. Urgent situations promote quick decision making which is handy in marketing. Words like "Flash Sale", "limited edition", "few items left in stock " make buyers think that they must take immediate actions.
Telling a Story:
Studies show that reading stories activate neurological senses, including oxytocin which powers trust and empathy. Telling a story behind an item create value. Brands explain to where the item came from, who made it, its history; which creates transparency for people.
Luxury brands uses this a lot especially heritage brands with long history and story behind it.
Power of Exclusivity:
It starts with "Scarcity Principle" which implies that the more rare or un-attainable something is, the more valuable.
Luxury brands create limited quantities and set qualification for people to buy.
Hermes has mastered this concept, you can't buy what you want even if you are a millionaire. They decide what you can get and when, they create a wish list and a waiting list for their costumers. People need to build up credit to be able to get an Hemes bag. First you buy accessories and spend 8000$-11000$ to be able to buy a Birkin bag (worth 12000$).
Photos are not mine, they are sourced through different sites.
