Exclusivity can be a very potent tool in marketing, making a business's product sound very luxurious or highly prestigious. The businesses can make the target audience feel that by using this particular product or availing of this specific service, they get to access it exclusively; it is all about meeting the need for status and exclusiveness in customers. Listed below are some of the benefits that can be reaped from using exclusivity in advertisements.
1. Sense of Urgency: The offer of a limited or exclusive edition product might make businesses create a sense of urgency amongst the consumers. This has the effect of increasing sales and creates a buzz about the product.
2. Brand Perception: It improves the sense that the brand represents, which is prestigious and high–end. This, therefore, attracts high-profile consumers that value exclusiveness and class.
3. Creates Brand Loyalty: Firms can inculcate brand loyalty in customers by giving customers exclusive access to products or services. Customers exhibit more loyalty to the brand entity when they feel part of a chosen few.
4. Encourages word-of-mouth: Exclusivity will talk a product or service, which Warburgs in the mouth of people. Any consumer who feels they are part of a special group will freely share experiences with friends.
5. Boosts sales and revenue: Making people feel that they are part of something unique will raise demand, hence an increase in sales and revenues for the products or services of such a company.
It can, therefore, be a very effective business marketing strategy to use exclusivity only to achieve that sense of luxury or prestige for the product or service being sold. Exclusivity adds value to a business through the creation of a feeling of urgency, enhancement of brand perception, creation of customer loyalty, word-of-mouth marketing, and increased sales and revenues, through which it enables businesses to stand out in crowded markets and attract the high-end consumer. Want to bring your ads to the next level? Consider how to work exploitation of feelings of exclusiveness when selling a high-end product or service.