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Summary: Oversubscribed

8.7
A clear plan to outsell your next product or service.

Verdict

Oversubscribed: how to get people lining up to do business with you outlines the necessary principles and strategy to ensure that there always a line of clients who want to buy your products and services.

Priestley outlines the same strategy that he uses to make multi-million revenues. However, whilst the strategy is clearly laid out, don’t assume it’s easy. It will likely require a change in mindset, how you do business, infrastructure and time. The rewards however are incredible for those willing to try and to persist.

From the introduction

By the end of this book, you’ll have a method for becoming oversubscribed. I’m going to unpack a process for getting yourself in the enviable position of being in demand. Of course, it will be up to you to apply the process to your business… Stick with it though, because the payoff is extraordinary. Once you’re oversubscribed you’ll earn more money, have more fun and attract more opportunities.

Takeaways

  1. Your value is much higher than you think to a small number of people. You don’t need everyone on the planet to see you as in demand; you only need enough people who can drive your price up. If two people want your time and only one can get it, your price rises until one of them gives in.
  2. If you separate yourself from the market and build your own market, you can generate as much money as your market will allow for. You start this by building your own group of loyal fans who really love what you do.
  3. Be known for a remarkable product/service or customer service, infused with your own philosophy, that celebrates and helps your fans.
  4. Value is created in the ecosystem – in the peripheral activities that may not immediately generate income but can have a big impact, e.g. public speaking, giving away content, engaging with fans etc. It’s the ecosystem as a whole that creates the value, not any one product, service, system or person.
  5. Invest more time, money and effort actually building something special rather (i.e. investing in your product or customer service) than trying to create the perception of something special (traditional marketing).
  6. People buy people. Invest time and effort to build your personal brand. Your brand is a mixture of your past and present achievements; what you do; your beliefs, values and outlook on life; how you appear; how you communicate and how you interact with the world around you.
  7. Stop trying to go after one customer at a time. Devise campaigns that can land a large group of customers all at once (up to the maximum number you have the capacity to delight).
  8. Oversubscribed businesses more often talk about something bigger than what they do. They talk about the lifestyle of their customers, they talk about philosophy, they talk about a big problem they want to solve or they talk about the transformation they want to see in the world. You must look for the bigger game your business is playing for and beat the drum for it in your campaigns.

Chapter summaries

Principles for becoming oversubscribed

  • Supply and demand determine the price.
  • Set yourself apart from the market and create your own market.
  • The four components of being oversubscribed are:
    • Innovation, i.e. how new/fresh is your product?;
    • Relationships, i.e. become the go-to person for your customers through influence, marketing and/or great deals;
    • Price, i.e. bring down the cost of production by creating barriers to entry, streamlining operations and using technology rather than people where possible;
    • Convenience, i.e. make it easy to buy from you through better distribution, better choice/information and automation.
  • Create a buying environment, i.e. leverage social proof. If something is popular, it “must” be good. This is the principle in action when you see queues outside a restaurant.
  • Celebrate your clients. Make them stars of your show. Get famous on their success stories. Beat the drum for them, not yourself. Be their biggest fans and build the relationship. In most industries, if you genuinely focus on the success of your clients, you will become massively oversubscribed as a result.
  • People don’t buy what they need, they buy what the want. Ask people what they want; build it for them the way they want it. Explain it to them in the context of what they want. Then package up what they need along with it.
  • Share you philosophy with your fans. It’s your take on life and it doesn’t need to appeal to everyone. Your philosophy is, in part, what builds your market.Imagine if 1,000 agreed with your philosophy – there’s your market right there.
  • Be selective about who you take on as clients. Create scarcity. This isn’t a gimmick – be genuinely choosy.
  • It’s OK to make people wait for quality.
  • Do it differently to how everyone else is doing it. Go against the herd.
  • Nothing beats being positively remarkable. Invest more time, money and effort in improving your product and customer service than in marketing.

Turning principles into strategy

  • Becoming oversubscribed requires a strategy:
    1. Know your capacity – how many clients can you delight?;
    2. Do you want to serve your chosen market? Do they value you highly? Do they have the money to pay you? You must be able to answer “yes” to all three.
    3. Offer two product types. (1) a product-for-prospects aimed at generating lots of happy customers who you can then offer (2) a core offering, for a full and remarkable client relationship that evolves over time.
    4. Think in terms of campaigns. Campaigns are designed to land a large group of clients/customers in one go, not individually. Campaigns need months of steady planning to build momentum.
    5. Let the market know what you’re offering. Ask them to signal back with their interest (don’t try to go for a sale). Now you have a captive audience of interested people. Next, educate or entertain these people until they are totally comfortable with the idea of buying from you.
    6. It takes seven hours or 11 points of contact to build a relationship with a prospect to the point they will buy what you’re offering.

Quotations

  • People don’t buy what others want to sell; they buy what other people want to buy.
  • Your goal is to place a high value on what you do and work with people who do as well.
  • You can go broke trying to tell people what they need. However, you will do very well if you figure out what people want and how to get it for them.
  • You’ll stay oversubscribed when you’ve built something people feel part of that leaves them uplifted.
  • If people talk about you in a positive way, your marketing budget reduces to zero.
  • A lot of people have a fear of putting themselves out there. But you’ll need to weigh it up against your fear of being a faceless, generic business that isn’t oversubscribed.
  • Your job is to keep focusing on creating a delighted customer. Crack the code on what constitutes value for them and how best to deliver that.
  • Every business, yours included, is up to something big in the world and you need to be bold enough to share it. It takes courage to stop shouting about your products and to start talking about your big ideas but it’s worth it.
  • The best product wins. If you commit to build the best product and keep investing in it, you’re playing a winning strategy. If you surround that product with remarkable touchpoints, you’ll be unstoppable.
  • Embrace the complexity of business. If it were easy, everyone would be doing it; if it were simple, there wouldn’t be any payoff. If creating value were straightforward, it wouldn’t be valuable.

About the author

Daniel Priestley started out as an entrepreneur at age 21 and built a multi-million dollar event, marketing and management business before the age of 25. A successful entrepreneur, international speaker and best-selling author, Daniel has built and sold businesses in Australia, Singapore and the UK.

The Breakdown


Usefulness
9
Practicality
8.5
Readability
8.5




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