Background: Rolex is the world's leading luxury watch brand started way back in 1905. It's worn by Roger Federer (immediately after he steps off the court) and the watch of choice for celebs like Rihanna, David Beckham and Brad Pitt.

What happened: These babies are real luxury. In fact, the cheapest watch is US$5,700. And it's because of Rolex's 'craftsmanship, design, and time-testing quality'.

What else: Just like every other company over the last 18 months, Rolex was hurt by some serious supply chain issues. But this just makes their watches even MORE expensive because of the limited supply.

So what's the key learning?

💡Scarcity marketing is a marketing strategy that capitalises on a customer's FOMO - aka, their fear of missing out. It's based on an actual psychological principle that people want what's tough to get.

💡You can think of it like simple supply and demand. When there's a low supply, and a high demand for a product, that product will naturally increase in price.

💡The De Beers Group specialised in this. It controlled a large portion of the diamond trade - this meant it could manipulate the supply (by reducing production) and increase demand (with clever marketing campaigns 'diamonds are forever'). Yep, your life is a lie. But in this case, Rolex says that ain't the case.