The Meaning of Limited Edition as an Industry Strategy, Also Know Its Function!

Kapanlagi.com - When hearing an advertisement with a limited edition label, someone who is a fan of a certain brand may feel excited. The feeling to immediately own the item can sometimes be hard to resist. The meaning of limited edition attached to a certain product can indeed be very impressive for consumers.

For consumers who already have high loyalty to the brand, the meaning of limited edition can even be considered as a surprise or gift from the manufacturer. However, the item still needs to be paid for.

Considering the huge influence of this label as an industry strategy, it is not wrong for you to learn about it. Understanding the meaning of limited edition will be very useful for entrepreneurs who are just starting a business.

1. The Meaning of Limited Edition

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In Indonesian, the meaning of limited edition can be understood as a limited edition. This means that products with limited editions can be owned or collected, but are intentionally advertised in limited quantities because the number of copies is also small.

According to another definition from the Cambridge Dictionary, the meaning of limited edition is a collectible item that is only made in a certain quantity. Furthermore, once it is sold out, the limited edition item will not be produced again. The form of limited edition items can vary, ranging from books, clothing, makeup, dolls, food, albums, shoes, and many more that can be found in daily life.

The term limited edition is close to the feelings of consumers who are driven to own the item. This is because limited edition products are usually made to create a sense of scarcity. Clearly, this is done to attract the attention of consumers that the item is an exclusive product that must be purchased. In addition to limited edition, the term for rare and unusual items is also called special edition, collector's edition, and deluxe edition.

The practice of attaching limited edition labels is not actually new. If viewed from a historical perspective, this has been practiced by a number of artists who have produced limited edition works since the 18th century. Usually, limited edition paintings are marked with the artist's signature and number.

Not only in the art world, wine and whiskey are also limited edition items that are sought after by investors. You can see this in the events of 2018 when a rare whiskey from 1926 was sold for more than 1.5 million US dollars or more than 21 billion for the exchange rate at that time. Speaking of drinks, in the same year a bottle of Burgundy wine from 1945 was sold for more than 500,000 US dollars or more than 7 billion for the exchange rate at that time.

2. Industry Strategy

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In addition to the explanation above, the meaning of limited edition can also be understood as a business strategy. This sales strategy deliberately positions the product as a limited item to make it seem rare. As a result, limited edition products have a high selling price. Furthermore, when the item is sold out in the market, the same product will not be produced again. In essence, limited edition products are made to attract consumer attention through the feeling of wanting to own a limited and special item.

This feeling of wanting to own it can be driven by the idea of its limited quantity, limited owners, and better quality than usual products. Unlike in the past when this term was associated with antique and exclusive items such as works of art, now this term is also attached to everyday consumer products. These products can be called fast-moving consumer goods, such as clothes, pants, food, and even cigarettes.

3. Function of Limited Edition Labels

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After knowing the meaning of limited edition as an industrial strategy, of course you are also curious about its function in more detail. Well, to answer that curiosity, please check out the following information.

1. Promotional Media

As mentioned above, the limited edition label can create a certain sensation that affects consumer feelings. After knowing there is a new product, consumers will immediately get it because they are influenced by the word "limited". With that, sales targets can be achieved more quickly.

2. Increasing Consumer Loyalty

For consumers, new products with limited editions can be considered as gifts or surprises given by the manufacturer to consumers. Especially if the manufacturer makes it with a clear segment to people who have been consuming it. By taking these steps, customer loyalty will increase.

3. Market Testing

If you as a producer want to conduct market testing, you can try with a limited edition product strategy first. You can see its development until you get a decision whether to extend the product cycle or immediately change, replace, or even remove it from the market.

In essence, the above function has the aim of increasing the added value of the product. If you want to try it, you can make special products on certain days, such as Valentine's Day, Christmas, and even the country's independence day.

Well, KLovers, that's an explanation of the meaning of limited edition as an industry strategy and its function that you may need to know.

(kpl/gen/ans)