Today’s consumer markets are so flooded with endless options that it can be hard for new products to take hold. That’s where the concept of oversubscription comes in. Instead of competing with giants, you have to carve out your own market and create a loyal customer base that will be clamouring for every product you release – So much so that demand will exceed supply and you’ll become Oversubscribed!
From focusing on innovation to maintaining great customer relations, Priestly offers a lot of different ways to get our brands to stand apart.
There’s nothing mysterious about this since it all comes down to popularity and scarcity: When everyone else has a certain thing, we want to have it too. And when something is so popular that it’s hard to come by, that’s when something becomes really desirable – and often at a high price.
Like me, you probably learned the laws of supply and demand in school, but these days, the secret of success is in the laws demand and supply. When there is more demand and buyers than there are products and supply, this causes a business to become oversubscribed. This might sound bad, but it’s actually a good thing. Indeed, it’s a powerful means of generating profit.
Priestly describes how the 1980’s plastic surgery industry was oversubscribed, with a handful of doctors that charged enormous fees and still fully booked. But after thousands of doctors joined in, prices had to be greatly reduced in order to remain competitive.
His advice… to remaining oversubscribed, carve out your own niche market with loyal customers.
We all like to think of ourselves as independent thinkers – people who make our own unique and meaningful decisions. But the truth is, we’re all heavily influenced by what those around us are saying and doing, and any long-lasting, successful company will try to use this to its advantage.
Nowadays, this means going beyond traditional advertisements. So, forget about traditional marketing and make something that people will talk about.
Since buyers now have expert reviews and a wealth of customer options to sort through, the best thing we can do is get other people talking about our product or service. Once we begin to get honest, glowing reviews from customers, we’ll be on the way to renown as a reliable, trustworthy brand.
Once our customers are subscribed, it’s like having a captive audience, and what we do with that audience will determine how successful we’ll be.
Oversubscribed will influence the way you think of your products and services from the design, the marketing and right through to how you deliver them.
Join the Renegade INNOVATORS today and you’ll get your copy of the Renegade Book of the Month in the post every month, along with many other additional benefits. Go to 729renegades.com/innovator/ to find out more.