The Delicate Art of Generating Long-Lasting Customer Demand

We're all well aware of those 'must-have' products that take the world by storm every now and then. It could be the latest iPhone or that essential bestselling novel; the actual product itself doesn't really matter too much. What matters most is the demand that's created for that product. And believe us, the demand is almost always created intentionally. Today we'll explain the mechanisms that feed into this process – and how you could potentially leverage them yourself.

The "I'm missing out" effect

One of the core psychological principles at play with any purchasing decision is the “I’m missing out” effect. The iPhone is a fantastic example of this, and much of it comes down to sheer numbers. Every time a new iPhone is released, waves of eager early-adopters queue up to get it first. From here, the product spreads further and further, until such time that almost everyone seems to have one. With the product so prevalent, people can’t be blamed for feeling like they’re missing out by not having one. It may seem like a shady psychological trick, but it’s the driving force behind many best-selling phenomena.

Creating artificial demand

The “I’m missing out” effect in some ways generates ‘real’ demand, at least in the sense that this demand is created internally by each consumer. But there’s another way that companies can actually create demand artificially, and it’s something that many large businesses do all the time. Artificial stock restriction is a tactic companies employ to ensure that there aren’t enough of a certain product at launch. Nothing gets folks clamouring for a product than being unable to get one! When demand outstrips supply in this way, (even if it’s artificial), the effects can be long-lasting and cumulative – so every new product receives additional attention, and potentially pre-orders too.

Create something original 

If you think about those products that have become sales phenomena in the past: Buzz Lightyear dolls, new Harry Potter books, Tamagotchis… etc. you’ll notice a common thread. All of these products are one of a kind. At the time of their launch, consumers were unable to find anything that matched up either in terms of originality, form, or function. This exclusivity feeds into the demand cycle and stokes the fires of consumer desire. If you’re simply creating products or services that are a variation on existent products, it’ll be much harder to hit a product release home-run in the way the items above did. So consider your offering and try to tweak it in a way that makes what you’re selling completely unique to you. 

Once you’ve mastered the art of generating long-lasting demand, you’ll need a little help with the deluge of new customers. That’s where the AutoVu CRM system comes in handy. Explore the site today, or call our expert team now on 0845 474 8824.