Oversubscribed | Daniel Priestley

Summary of: Oversubscribed: How to Get People Lining Up to Do Business with You
By: Daniel Priestley

Introduction

Embark on a journey to discover the secrets of oversubscription and how to have customers lining up to do business with you, as we summarize the key concepts of Daniel Priestley’s insightful book, ‘Oversubscribed’. Learn to harness the fundamentals of demand and supply to generate profit, identify niche markets for exclusivity, and foster unwavering customer loyalty. Find out how to create unique and innovative products, leverage convenience and cost-effectiveness, and utilize customer satisfaction to boost your brand’s reputation. Ultimately, uncover the importance of understanding customer behavior and generating excitement around your offerings.

The Laws of Demand and Supply

Do you often wonder why people buy things they don’t need? It all boils down to popularity and scarcity, which are the main drivers of demand and supply. The success of any business lies in its ability to stay oversubscribed by creating a high demand for its products. Companies like Apple and Moet & Chandon have demonstrated that carving out a niche market with loyal customers is key to remaining oversubscribed. However, demand can shift over time, so businesses must constantly adapt to remain competitive. By understanding the principles of demand and supply, companies can create powerful means of generating profit and ensure they remain desirable in the eyes of their customers.

The Path to Oversubscription

To start a successful and oversubscribed business, you need to come up with a unique product. The best way to do this is by being truly innovative. When competition arises, building strong customer relationships can help retain them. Another way is to make a more convenient version of something already in the market. Providing a cheaper option that still retains quality is also a way to achieve oversubscription.

The Power of Exclusivity in Marketing

Rather than aggressive advertising, offering exclusive, personalized service can attract and retain customers. The Gallery Lafayette in Paris is an example of a business that generates excitement and loyalty through their exclusive Chanel counter, which makes customers feel special. A great customer experience can lead to effective testimonials that attract even more customers. The key is to ask the right questions, gather compelling customer stories, and share them on social media.

The Power of Customer Reviews

We all like to think of ourselves as independent thinkers, but the truth is, we are heavily influenced by the opinions of those around us. Successful companies understand this and use it to their advantage. Traditional advertising is no longer enough because customers now have access to expert reviews and numerous options online. The ultimate marketing tool is getting people talking about your business on social media and other online platforms. Customer reviews are the modern-day word of mouth and are more trusted than corporate slogans. Once you establish a reputation as a trustworthy brand, expanding into other products, services, and platforms becomes easier. The key to success is getting your customers excited and generating positive reviews.

Want to read the full book summary?

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed