Analysis: How to Do Hunger Marketing?

NEW YORK, July 23, 2013 /PRNewswire/ -- Give a surprising price to lure potential customers and then restrict the supply, resulting in an imaginary shortage of supply and thus raises prices and earns higher profits. But the ultimate role of "hunger marketing" is not the regulation of the price, but the added value generated to the brand. Soobest.com believes that this added value can both be positive and negative.

A commodity provider intends to reduce production in order to achieve the regulation of supply and demand, making demand an "illusion" for the purpose of higher prices and profits. This is the so-called "hunger marketing." It is the adjustment of the amount of supply to affect the prices of the products or services to achieve the purpose of increasing prices.

Apparently, hunger marketing is simple to operate. Give a surprising price to lure potential customers and then restrict the supply, resulting in an imaginary shortage of supply and thus raises prices and earns higher profits. But the ultimate role of "hunger marketing" is not the regulation of the price, but the added value generated to the brand. This added value can both be positive and negative.

"Brand" is a factor that runs through the whole hunger marketing operation. First, the operation of hunger marketing must rely on a strong brand appeal, and also due to the "brand." Hunger marketing can be a double-edged sword.

Once the "sword" is greatly used, it adds value to the brand. And once the "sword" is badly used, it will hurt the brand appeal and thereby reduces its value. But here one must understand that the ultimate effect of hunger marketing is not just to raise prices, but also to create higher added value for the brand, so as to establish a high-value brand image. How then should we operate hunger marketing in the end?

1. A psychological resonance
Good products need the recognition and acceptance of consumers. Only with enough market potential can hunger marketing be fully operated, or else it is all in vain. Persist in exploring human desire in order to highlight the product's functional benefits, brand personality, organizational brand image, and emotional relationships to meet the regional market psychology and reach a psychological resonance with consumers. This is the principle of "hunger marketing."

2. Operate according to your capability

Some auto manufacturers need to operate based on their own product characteristics, human resources, sales channels, and marketing capabilities. Any blind self-expansion of economic behavior is doomed to failure. Blindly whetting customers' appetite is destined to consume the patience of the customers, making them turn to your competitors once it breaks through their psychological bottom line. The automotive manufacturers must always consider this factor. Because there is a certain degree of "uncertainty" in the market, it is important to take this as a top priority.

3. Promotion campaign
Motivating customers' desires is the main line of hunger marketing. Therefore, promotional campaigns have been an essential part of an enterprise's marketing. New listings, hard and soft ads, television advertising, radio, newspapers, magazines, and other media ads, celebrity endorsements, auto shows, authoritative guidance of professional evaluations, unified sales channels and others all have their own advantages. The manufacturers need to choose the best way for promotion according to their characteristics.

4. Consider the situation
In non-unity experimental conditions, consumers' desires are partially affected by the impact of competitors' market activities, and sometimes result in customers' irregular behavior changes, emotional transfer and impulse purchases. Therefore, it's important to keep a close monitor of the automobile manufacturers' market strategy trends in order to improve the mobility of rapid response. However, some auto manufacturers' proposals are too simplistic to be referred to.

It should be noted that the success of "hunger marketing" attaches great importance to market competition, consumer maturity, and product irreplaceability. In other words, when the market is competitive, the consumer is not mature enough, and the competitiveness of products is irreplaceable, "hunger marketing" will play a better role. Otherwise, it will be wishful thinking by the manufacturers.

SOURCE Soobest.com