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What Is Hunger Marketing? Hunger Marketing In A Nutshell
Hunger marketing is a marketingstrategy focused on manipulating consumer emotions. By bringing products to market with an attractive price point and restricted supply, consumers have a stronger desire to make a purchase.
The company is well-versed in bringing products to market with an attractive price point to lure potential customers. An imaginary shortage is then created which appears to restrict supply, allowing Apple to raise prices and maximize profits.
While Apple has a proven track record in releasing innovative products, it’s important to understand that consumers are also buying from the company because it is manipulating their emotions. Indeed, hunger marketing is a psychological strategy that increases the desire level of an individual through scarcity. Regardless of whether the scarcity is real or manufactured, dwindling supply attracts consumer attention and increases the perceived value of the product.
As a result, many consumers make irrational and emotional purchasing decisions in these scenarios. It is thought the motivation to buy a scarce product is driven by a consumer’s desire to be seen as unique and respected by their peers.
Let’s now take a look at three ways businesses create scarcity:
Limited stock – perhaps the most common form of hunger marketing. If a consumer finds it difficult to purchase a product because of limited supply, they tend to believe the product is popular and valuable. Many eCommerce companies also provide real-time information on low inventory level products to motivate customers to purchase.
Limited time – here, the business places a limit on the amount of time a product is available to take advantage of the fear of missing out. Limited time scarcity takes the form of daily deals, coupons with expiry dates, and promotions associated with major events or holidays such as Black Friday.
Special discounts – companies also create scarcity with discount pricing strategies because price is a significant driver of consumer behavior. Discounted pricing has a strong emotional attraction to consumers and may cause them to spend more money than usual. Special discounts are commonly used in conjunction with time constraints.
A hunger marketing campaign will work in most cases for the psychological reasons mentioned earlier.
However, the chances of success can be improved by paying attention to the following factors:
Ensure the product has high brand equity. Do consumers understand the brand personality and image? Do they resonate with the major product benefits? High brand equity is critical to the success of hunger marketing as a strategy because it stimulates emotions.
Consider a diverse range of marketing channels. The business must also determine where its audience resides and target the appropriate channels to create awareness. The value of a product then increases as word-of-mouth advertising creates a snowball effect of perceived scarcity.
Use the strategy in moderation. If hunger marketing is used too frequently, there is a chance the consumer will become wise to the strategy and wait for the imaginary supply shortage to be rectified. Some will also become tired of waiting in line, so to speak, and seek out similar products from a competitor. This may also occur if a product fails to live up to consumer expectations.
Hunger marketing involves launching products with an attractive price point and then restricting supply. Consumers then become motivated to make irrational or emotional buying decisions.
Hunger marketing can be accomplished in a few different ways: limited stock, limited time, or special discounts. Some businesses may opt to use a combination of all three.
Hunger marketing works best for products with high brand equity that target the right channels. If used too frequently, the strategy can alienate consumers and result in them purchasing a rival product.
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