We all remember the importance of supply and demand from high school economics – the greater the supply, the less people will want it. But the less the supply? Demand becomes unstoppable.
Supply and demand runs rampant on social media. People are driving in droves to be one of the first to have Snap’s new Spectacles that are only available via a vending machine bot which travels to just one location around the country. lululemon’s SeaWheeze half marathon sold out in 4 minutes. Both lululemon and Snap have something that many don’t – a sleek, cool brand that people are willing to shell out over a hundred dollars for their supply. Both these brands rely on social media to elevate their role and social media is the first place people go to talk about their newest hauls.
The more people post about not being able to get one of these hot items, the more people learn about it and the more people want it. Every tweet helps escalate the hot item, spreading both awareness about the product and desire. Social media over-demand and reality’s small supply helps keep these products elite, exclusive and buzz-worthy for months to come.
We often want to give everyone what they want, allowing everyone to get a piece of the pie. But when you’ve already got the reputation and awareness, you’re better off only letting a few get what they want. Not everyone can get what everyone wants, but that’s what makes this such a smart marketing move.