FOMO (Fear of Missing Out)
Brands have always created a strategy of limited editions from Louis Vuitton's Murakami bags and most recently, a footwear brand called Nobull, who's niche is the Crossfit enthusiast. In their latest product launch, they are promoting the Lifters but in limited runs, As a consumer, you aren't even able to purchase this product but instead, need to enter your name into a lottery for the opportunity. This is such a simple but effective sales tool yet not many do it right.
Apple has done this, not sure if intentionally, with the release of their iphone and sneaker/street brands do it all the time. But why are consumers willing to wait in line or enter their names into a lottery to spend money? The acronym FOMO (Fear of Missing Out) has been a constant phrase in social media and brands are using it to their advantage. It will be interesting to see how quickly the Nobull Lifters sell out and which of the lucky few who win the lottery will share their success via Instragram.