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Reverse Auction Marketing Tactic

We have this fashion product. It's high end, new, and priced accordingly. We are thinking about a international campaign to sell this specialty item in low volumes and get people excited about it. We value personal expression and sharing; and the product helps people do this fashionably.

There are only around 200 pieces.

This is a bit rough, but as I am not a marketing expert, I'm testing the idea out on the FD community. Thanks for listening!
HERE IT IS:

There is a website with a contest. People will send us images, picts, videos of themselves and how they want to use this wonderful expressive wearable design. These images make up the page of the site; we can see how people would express themselves with our product. The winner will win one item for sure AND whatever left over product there is. The more they share, the more people add, the more chances everyone has to express themselves and hopefully win. The group will vote on the ideas (though ... this needs some thought).

FOR THE SELL;
1st WEEK THE PRICE IS, let's say $4,000
2nd WEEK THE PRICE IS, $100 less
This continues till $2,800 (est.)

I've not seen this and curious if others have used this method for a campaign?

8 Replies

Paul Bostwick
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Paul Bostwick Entrepreneur
Researcher and Self-Employed Product Designer
Interesting. I know you said it was rough so maybe this is a burr that needs to be ground off? "whatever left over product there is" suggests that anybody who paid even the last price level was a sucker (in auction speak.) This will be important as the psychology of the high end fashion consumer is particular I'll should stop now because um. faded jeans and a 20 polo shirt and up late NOT MAKING the scene but answering emails while computers process = poor perspective on this consumer. At the last FD Event I did not feel alone in this. Are the "here for a contest, look at me!" online participants also the "Here is $3,000+ for a new thing nobody else has and I have not seen in person but hey could be cool" people? I doubt it but maybe they are (see above)? I do think they'd tell you in advance and ask good (or at least revealing) questions. -Paul
John Wallace
1
1
John Wallace Entrepreneur
President at Apps Incorporated
Why buy something today when I may be able to buy it tomorrow for less? In the stock market, when prices are falling people tend to sell rather than buy. They only start buying again, en mass, when the price starts rising.
Mike Brunzell
0
0
Mike Brunzell Entrepreneur • Advisor
Director Digital Platforms at Benjamin Moore & Co.
Aside from the Auction tactic, which I agree with John above, how are your potential customers going to know about this web site? "There is a website with a contest" assumes a great deal of work and socialization has already occurred. Is there a plan for that?
Bill Hludzinski
2
0
Bill Hludzinski Entrepreneur
Technical Lead at Davidson Kempner Capital Management
Do a survey on AYTM.com - you can get feedback directly from your target market. Bill
Reem K. Yared
1
0
Reem K. Yared Entrepreneur
CEO at Help Around Town, inc.
I don't see why people would share.
Their odds of winning are higher if they don't share AND their loot is higher if they don't share.
They won't share.
"The winner will win one item for sure AND whatever left over product there is. The more they share, the more people add, the more chances everyone has to express themselves and hopefully win."
Alison Lewis
0
0
Alison Lewis Entrepreneur • Advisor
CEO/Creative Director
I was responding and got cut off, so this isn't as elegant as I'd like it to be.

1.I HEAR YA! Who wants leftovers. Agreed. No incentive there. Thanks for supporting my gut feeling... couldn't put my finger on it... but I was like. Hmmm. this isn't right.
2. Have you seen something like this before? What about A google glass style givaway, something you have to sign up to get and there are limited numbers; we're in a similar capability category (though not ugly glasses)
3. I found this site:http://www.wowcracy.com/ that looks very interesting for high quality fashion campaigns.
4. AS for getting traffic to the site; that's in play and we're preparing a plan for that. I'd like to know how to integrate it better.
5. We'll have people who see the prototype on a int'l brand for a press piece; then hopefully if they want to know more; they will get to our site. The plans of best way to do that is still unkown.

6. WHO else has launched an elegant high priced item for limited run to get the funding; which in turn gets you the big bucks you need to get the price down and keep going out to the masses. PeBBLE is good, but under the $200 mark; we're way higher.
Marcus Siegel
0
0
Marcus Siegel Entrepreneur • Advisor
Product Design
Hey Alison,

I'm not that familiar clothing sales, but I am familiar with the concept of offering a reward to get people creating content on a product page - something you mentioned in your initial question. I'm working on something tangential so I'll share what I've learned.

For the past ~6 months I've been helping create a social-marketing system for a company that solves a lot of similar needs. It hosts contests where a reward/opportunity is offered for the best user-submitted content relevant to the contest objectives. Participants are encouraged to promote their own submissions to receive upvotes, and all audience actions (vote, rate, view, submit) create social stories using facebook open graph.

The goal is to achieve a system where a dazzling opportunity can generate bottoms-up marketing through effective game mechanics and social integrations. Right now I'm building the facebook page integration for admins to publish and sponsor through the brand voice for campaign activation and engagement, so there is a media component as well.

So far it's performed pretty well as a self-sustained marketing machine. Customer adoption has been generated mainly from a strong sales / bizdev presence. Here's a live examplehttps://create.it/campaigns/red-bull-crashed-ice-wildcard-online-qualifier (the product works better than it looks! - about to push a redesign).
Alison Lewis
0
0
Alison Lewis Entrepreneur • Advisor
CEO/Creative Director
Thanks Marcus. I'm forwarding onto my partner who will be handling the implementation. Alison Alison Lewis, CEO, Switch [removed to protect privacy] *"Stop Tuning Out and Turn On!"*
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