I bet you've seen all the hype surrounding the viral sensation 'PRIME drinks' on social media, which propelled it to become the fourth most popular energy drink on the planet. Sounds insane, yet Prime Drinks' PR success can be attributed to several factors.
- Firstly, controlled supply created scarcity, sparking curiosity and desire among their teenage target demographic.
- Secondly, social media hype, specifically TikTok, played a pivotal role, amplifying hype and creating a sense of urgency to try the product.
- Additionally, the viral sensation surrounding the brand, fueled by stories of exorbitant prices and scarcity, further fueled interest and demand.
- Finally, the emergence of apps like Prime Tracker contributed to the frenzy by providing real-time updates on availability, enhancing the perception of exclusivity, and adding to the brand's allure. Early adopters like 'Wakey Wines' filled their boots but got out quick, recognizing the early signs of market saturation.
By capitalising on the initial hype and demand surge, businesses can boost profits during the peak phase. Now, with the market flooded and consumer demand declining since January—volume down 41.1% according to The Grocer—offer several valuable lessons.
- Firstly, relying solely on scarcity and hype may not be sustainable in the long term, as it can lead to an unsustainable spike followed by a sharp decline.
- Secondly, maintaining a balance between supply and demand is crucial to sustain growth and avoid market saturation. Additionally, the importance of adapting to changing market dynamics and consumer preferences cannot be overstated.
- Lastly, it's important to adapt to changes in market dynamics and consumer behaviour to offer genuine value beyond hype and exclusivity.
