250 - Have People Lining Up To Do Business With You — with Daniel Priestley
It’s common sense to think “I have a business. I should sell as much of my product to as many people as I can”. So why do companies, like Rolex or Ferrari, make so much money by limiting the amount of product that they sell? Why would anyone throw up road blocks in front of their own potential customers? And why is creating tension in the supply and demand equation a way to get people to want to buy from you? Daniel Priestley returns to talk with Chris about his concept of being “Oversubscribed”. Daniel asserts that many marketers have forgotten the number one rule of marketing - An imbalance in supply and demand sets both the price and the profit of a product. An “oversubscribed” business, then, is simply one that has limited or constrained supply, and there are more people that want that supply than is available. Daniel argues that you can create this tension between supply and demand by creating an official capacity, make sure people know what it is, and understand that it’s in hot demand. But that’s just simple supply and demand, right? Well, yes, but Daniel is going to take you through some of his methods for artificially creating the tension between supply and demand, so that you can get your business to the point of being oversubscribed. He’ll discuss the three ingredients you need to get people to buy, why “signal collecting” is so important, and the five phases of a bullet proof campaign. Learn more about your ad choices. Visit podcastchoices.com/adchoices