Business, Personal Brand, Marketing, Influencer
Oversubscribed by Daniel Priestley is a recipe for ensuring demand outstrips supply for your product or service, and that you have scores of customers lining up to give you money! It shows you the secrets of those people who don’t chase clients, clients chase them. In a competitive market, this book shows you why people queue up, pay more, book in advance and why some people are regularly in high demand. This is the book for you if you are looking to get a slice of that action.
Priestly outlines the importance of creating demand for your own market. Rather than releasing a product with average interest, you wait until you have “oversubscribed” interest in your product before you release it, by getting people to signal their intent to buy. Then when you do release it, you make it a limited release to an audience that is bigger than you can manage. This way you stay in demand due to the limited supply to your built-up market following.
There are 7 principles for become ‘oversubscribed’:
- Decide that you will create your own ‘market of me’ by becoming an influencer in your sector, delivered via campaign-based marketing, with a limited amount of launches per year.
- Setup your product staircase to include an effective, free lead magnet. Give away the knowledge, but charge for the implementation.
- Work out your “capacity” i.e. how much work you can handle at once.
- Put out messaging that is full of priming and social proof. Your goal is to get people registering their interest.
- Utilise a formula to let you know when it’s time to release your offering:
- Five times capacity for strongly signalled interest, i.e., you can manage 5 consulting clients a year. You need 25 to signal to you that they are ready to work with you.
- Ten times capacity for educated or entertained customers, i.e., you want to run an event for 100 people. You need 1,000 people to have experienced your events before.
- One hundred times capacity for soft signalling, i.e., you need 500 people to have downloaded your ebook before you can release your implementation consulting to 5 of them.
- When you do release and then go on to deliver your offering, do it remarkably.
- Create an overwhelming amount of social proof, film or record your customers success stories and place them online (your website / social media etc) as this will increase your oversubscribed following.
The Key Takeaways
- It’s easier to get someone to register their interest than buy straightaway
- Build your reputation on a clear, consistent message, frequently shared
- Use social proof to demonstrate success and value
- It’s the product staircase as a whole that creates the value, NOT any one product, service, system or person
- Consider running seasonal campaigns
This book is full of inspiring examples and ideas from different sectors and business types. It’s essential reading if you want to create ‘the market of you’ and control the demand and supply of your products or services.
Priestly has an easy way of writing that is simple to follow and retain. His explanatory style and the great design layout ensures that each concept and example is clearly presented and understandable.
Does what it says on the tin: 8/10
This book is not revolutionary and could be more practical in its approach, however, there are numerous great nuggets that make this a worthwhile read if you too want to be ‘oversubscribed’.