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Oversubscribed: How to Get People Lining Up to Do Business with You

Tags: #business #marketing #sales #entrepreneurship #customer experience #growth #strategy

Authors: Daniel Priestley

Overview

In a world overflowing with choices, the ability to become ‘oversubscribed’ — having more demand than you can handle — is the key to achieving remarkable success. This book provides a practical roadmap for entrepreneurs, business leaders, and anyone seeking to create a thriving enterprise in today’s dynamic marketplace. 7 core principles underpin this approach, beginning with the fundamental economic principle of supply and demand. By intentionally creating a state of oversubscription, businesses can command premium prices and break free from the constraints of a saturated market. This means focusing on a specific niche, cultivating a loyal following, and delivering an exceptional customer experience. The four drivers of market imbalance — innovation, relationships, convenience, and price — provide further strategic tools for creating a unique position and attracting a devoted customer base. Importantly, businesses must embrace their individuality and develop a strong philosophy that resonates with their target market. This involves being comfortable being different, saying ‘no’ when necessary, making people wait for quality, and challenging industry norms. Creating a holistic ecosystem, where products, services, and experiences work together to create value, is vital for long-term success. Finally, by focusing on delivering remarkable experiences that are worthy of discussion and praise, businesses can harness the power of organic marketing fueled by satisfied customers. This book challenges traditional business thinking and encourages readers to embrace a more strategic, campaign-driven approach. It emphasizes the importance of building a strong team, leveraging technology, and telling compelling stories that connect with their audience on an emotional level. In a world driven by word-of-mouth and online reviews, authenticity, innovation, and a commitment to delivering exceptional value are paramount for achieving lasting success.

Book Outline

1. Principle 1: Demand and Supply Set the Price

The foundation of success lies in the fundamental economic principle of supply and demand. When demand surpasses supply, a state of being ‘oversubscribed’ emerges. It is this imbalance that allows for premium pricing and profitability. Businesses often get caught up in complex strategies but overlooking this core principle can hinder their growth and success.

Key concept: “Markets go up because there are more buyers than sellers . . . and that’s it!” This fundamental truth of economics, the basic principle of supply and demand, underscores that market forces ultimately determine price.

2. Principle 2: Separate Yourself From the Market

Instead of trying to appeal to everyone, businesses should focus on creating their own markets within their industry. This involves identifying a specific niche, cultivating a loyal following, and separating that group from the broader market. The power of a dedicated customer base cannot be overstated. You don’t need to cater to the masses, a smaller, passionate group can be enough to drive your success.

Key concept: Instead of catering to the market, let’s get better at finding your market. And your market is made up of the people who really care about what you do. Identify your niche, cater to them specifically, and watch your success soar as their demand fuels your oversubscription.

3. Principle 3: The Four Drivers for a Market Imbalance: Innovation, Relationships, Convenience and Price

There are four primary drivers of market imbalance that lead to being oversubscribed: innovation, relationships, convenience, and price. Each of these drivers requires a specific approach and understanding. By focusing on and mastering one primary driver and potentially incorporating another as a secondary focus, businesses can create a strong position in their market.

Key concept: If you look carefully at large and established markets you’ll see that there are often four big players who each occupy one of these market positions… Essentially, the big brands focus on dominating one of these four market imbalances and choose one of the others as a secondary. These four market imbalances are powerful tools for creating a successful business. Businesses should carefully consider each driver and choose the one that best aligns with their offerings and target market.

4. Principle 4: Buying Environments Create Buyers

People make purchasing decisions based on the buying environment rather than purely logic or reason. Creating a sense of excitement, urgency, and social proof can significantly impact buying behavior. Businesses should focus on developing campaigns that tap into these psychological triggers, encouraging a ‘mad dash’ towards their offerings.

Key concept: The herd moves when the herd moves. Trying to get one member of the pack to run forward is hard unless they are part of a stampede. Your goal as a “Campaign Driven Enterprise” isn’t to engage people one at a time – it’s to cause a mad dash all at once. Creating a buying environment that encourages collective action and a sense of urgency is key to achieving oversubscription.

5. Principle 5: It’s OK to be Different

Embracing individuality and having a strong philosophy is essential. This means being comfortable being different, saying ‘no’ when necessary, making people wait for quality, and bucking industry trends. By having the courage to stand out, you create a unique appeal and attract a loyal following who resonate with your distinct approach.

Key concept: Your philosophy is made up of your strongly held beliefs and opinions. It’s your take on life and it doesn’t need to appeal to everyone. A clearly defined philosophy not only attracts like-minded individuals but also establishes a strong brand identity. By being true to your core values and beliefs, you create a distinct position in the market, attracting a loyal following.

6. Principle 6: Value is Created in the Ecosystem

In today’s interconnected world, businesses must focus on creating a holistic ecosystem where products and services work together to provide a complete and satisfying customer experience. By shifting away from isolated offerings and towards a more integrated approach, businesses can create greater value and foster stronger customer relationships.

Key concept: None of it works on its own; all of it works together. Your job is to create a remarkable ecosystem that delivers a positive experience and keeps people coming back for more. Building a holistic business ecosystem, where products, services, and experiences work in synergy to create value, is essential for long-term success.

7. Principle 7: Nothing Beats Being Positively Remarkable

Focusing on delivering exceptional and remarkable experiences should be a top priority. In a world dominated by social media and online reviews, word-of-mouth marketing is more powerful than ever. By creating products and services that are worthy of praise and discussion, businesses can significantly reduce their reliance on traditional marketing.

Key concept: I would go as far to say you should take at least 50% of your traditional marketing budget and transfer it to the “being remarkable” budget. Shifting focus from traditional marketing to ‘being remarkable’ is key in today’s word-of-mouth driven market. By investing in exceptional products, services, and customer experiences, businesses can leverage organic marketing fueled by satisfied customers.

8. Phase 1: Campaign Planning: Know Your Capacity, who It’s for and When You can Deliver It

Becoming oversubscribed involves understanding your capacity, identifying your target market, and strategically planning your campaigns. It’s about knowing who you want to serve, how many you can serve exceptionally well, and when you can deliver. This requires meticulous planning, setting a schedule for your campaigns and ensuring everything is in place for a successful rollout.

Key concept: Signalling is about telling people what’s going to happen before it happens. It’s about explaining your process and your terms in advance so that the market can prepare itself. It is also about getting your market to signal their intentions back to you before they act, rather than asking people to take action. Transparency, clarity, and setting expectations in advance are vital for creating a sense of anticipation and desirability.

9. Phase 2: Build Up to Being Oversubscribed

Building anticipation and creating a sense of scarcity is essential. This involves signalling your intentions to the market, naming your terms, and asking for expressions of interest rather than directly asking for sales. Transparency in this process, showing the demand and limited capacity, further amplifies the desire to be involved.

Key concept: Signalling is a big part of getting yourself oversubscribed. Companies that are not oversubscribed don’t do much of it, and don’t ask their clients to do it either. Proactive communication and transparency in your processes creates a sense of trust and allows your market to align with your intentions.

10. Phase 3: Release When Oversubscribed

Knowing when to release your product or service is crucial. Releasing too early can leave you scrambling to meet demand, while releasing too late can result in missed opportunities. Oversubscribing your capacity – having more demand than you can handle – is the key to maximizing your results.

Key concept: Exceeding any of these three targets will give you the confidence that you’re sufficiently oversubscribed. These benchmarks provide clear guidance for determining the optimal time to release your offering.

11. Phase 4: Remarkable Delivery

Delivering a positively remarkable experience is crucial. This involves surpassing expectations, creating moments of delight, and leaving customers feeling uplifted. In a world driven by word-of-mouth, positive experiences translate into organic marketing and a stronger brand reputation.

Key concept: The old adage of “Sell the sizzle not the steak” is over. We live in a world whereby if the “steak” is no good, the business is over. Focus on delivering exceptional value, let your customers be your marketing team.

12. Phase 5: Celebrate and Innovate

After a successful campaign, take time to celebrate, reflect, and innovate. This involves sharing the success stories, analyzing the data, identifying areas for improvement, and rewarding the team. Continuous innovation and celebration are vital for maintaining momentum and staying ahead of the curve.

Key concept: There’s a lesson here for any company that wants to punch above its weight and stay oversubscribed: tell your stories. Authentic storytelling humanizes your brand and resonates with your audience.

13. Part III: You, Your Team and the Crazy Times We Live In

In today’s rapidly changing business landscape, success requires a strategic approach and a commitment to continuous growth. This involves embracing technology, building a strong team, and understanding the dynamics of the modern marketplace. It’s about adapting to new trends, staying ahead of the curve, and continuously striving for excellence.

Key concept: The dream people are sold is that business is a barrel of laughs. Being an entrepreneur is a path to freedom and adventure. I can tell you that most business people I meet aren’t living the dream. But the successful ones I know have something in common: they are oversubscribed. Oversubscription is the gateway to freedom and achieving the dream of a fulfilling business.

14. The CDE Team

To achieve oversubscription, it is essential to build a strong team. This involves recruiting the right people, fostering a high-performance culture, and clearly defining roles and responsibilities. The CDE (Campaign Driven Enterprise) Team consists of a Key Person of Influence, a Head of Sales and Marketing, a Head of Operations and Product, and a Head of Finance, Logistics and Reporting. Each role plays a vital part in the success of the campaigns and the overall business.

Key concept: These days, there are three layers of branding your business needs in order to really take off: Product, Company, and Personality. Cultivate a strong personality brand alongside your product and company brand for lasting impact and influence.

Essential Questions

1. What does it mean to be ‘oversubscribed’ and why is it crucial for business success?

In an era of abundant choices, oversubscription is achieved when demand significantly outweighs supply. This creates an advantageous position where businesses can command premium prices, attract loyal customers, and experience greater profitability. To achieve this, the book outlines a structured approach that involves focusing on a specific niche, developing a unique selling proposition, and meticulously planning and executing campaigns designed to generate a surge of interest and demand. By intentionally engineering a state of oversubscription, businesses can break free from the constraints of a competitive market and dictate their own terms.

2. What are the four key drivers of market imbalance and how can businesses leverage them to become oversubscribed?

The four drivers of market imbalance are innovation, building strong relationships, providing exceptional convenience, and strategically leveraging price. By focusing on and mastering one primary driver and potentially incorporating a secondary driver, businesses can create a distinct position in the market. This allows them to attract a specific customer base and command a premium for their offerings. Each driver requires a unique approach, understanding, and implementation strategy, and choosing the one that best aligns with the business’s goals and target market is essential for success.

3. How does the concept of ‘buying environments’ influence consumer behavior, and what strategies can businesses employ to create favorable conditions for oversubscription?

Creating a ‘buying environment’ is about strategically framing your offerings and creating a sense of scarcity, urgency, and social proof. Techniques like signalling your intentions, setting deadlines, offering limited editions, and showcasing the demand for your product or service can significantly influence purchasing behavior. By tapping into these psychological triggers, businesses can orchestrate a ‘mad dash’ towards their offerings, resulting in a surge of interest and a state of oversubscription. Essentially, you’re creating a scenario where people feel compelled to act quickly to avoid missing out, thereby amplifying the desire to do business with you.

4. What is the CDE Team, and what are the key roles and responsibilities within this framework?

The CDE (Campaign Driven Enterprise) team consists of four key roles: the Key Person of Influence (KPI), the Head of Sales and Marketing, the Head of Operations and Product, and the Head of Finance, Logistics, and Reporting. Each role has a distinct function and is vital to the overall success of the campaigns and the business. The KPI is responsible for driving the vision, building relationships, and securing buy-in from key stakeholders. The sales and marketing role focuses on generating leads, converting them into sales, and fostering referrals. Operations ensures the smooth delivery of products or services and focuses on exceeding customer expectations, measured by the Net Promoter Score (NPS). Finally, the finance role focuses on optimizing cash flow, securing investment, and ensuring the financial health of the operation. A strong, collaborative CDE team is essential for executing successful campaigns and achieving oversubscription.

5. Why is it often more effective to focus on achieving a ‘lifestyle business’ before aiming for ‘high performance’?

Moving directly from a struggling business to a high-performing one is often a recipe for disaster. It’s like trying to climb Mount Everest without first acclimatizing at base camp. Instead, the book advises achieving a ‘lifestyle business’ first—a business that generates good revenue, allows for a balanced lifestyle, and is run on a sustainable campaign schedule. This provides a solid foundation for growth, learning, and refinement. Once you’ve mastered the art of running a successful lifestyle business and have become comfortable with the CDE method, you can then expand your capacity, run larger campaigns, and aim for high performance. This staged approach allows for sustainable growth and increases the likelihood of long-term success.

Key Takeaways

1. Give away valuable information and charge for implementation.

Freely sharing valuable information establishes your expertise and builds trust, attracting a wider audience to your work. It allows potential customers to sample your knowledge and approach, making them more comfortable investing in your premium offerings. This model shifts the focus from selling information to selling implementation, recognizing the abundance of free information available online and the increasing demand for tangible results.

Practical Application:

An AI product engineer could create a free online course or webinar series that teaches the fundamentals of AI, demonstrating their expertise and attracting a targeted audience. They could then offer premium consulting services to those who want deeper guidance or custom AI solutions, thereby creating a pipeline of high-value clients.

2. Create a sense of scarcity and urgency.

By actively creating a sense of scarcity and urgency, you amplify the desire for your product or service. This can be achieved by limiting the availability of your offering, setting deadlines, or showcasing the high demand from others. The goal is to create a ‘mad dash’ towards your offering, making people feel compelled to act quickly to avoid missing out.

Practical Application:

A tech startup could create a ‘beta launch’ campaign for their new AI-powered application, inviting a limited number of users to try it out for free. They could leverage social media and email marketing to create a buzz and showcase the early adopters, generating excitement and a sense of exclusivity.

3. Tell compelling stories.

Authentic stories humanize your brand and create a deeper connection with your audience. They make your brand more relatable, memorable, and trustworthy. Stories also provide a platform to showcase the value and impact of your offerings, demonstrating how you have helped others achieve success. By sharing your journey and the journey of your clients, you inspire others to embark on their own journey with you.

Practical Application:

Instead of just listing the features of their AI software, a software company could share stories about how their technology has helped businesses solve specific problems and achieve measurable results. This could involve creating case studies, testimonials, and video interviews with satisfied clients, showcasing the real-world impact of their AI solutions.

Suggested Deep Dive

Chapter: Phase 2: Build Up to Being Oversubscribed

This chapter provides specific techniques for creating a sense of anticipation and scarcity, leveraging principles of behavioral economics to influence consumer behavior in a positive way. These strategies are particularly relevant for AI product engineers as they navigate the challenges of launching new products and gaining traction in a crowded marketplace.

Memorable Quotes

Principle 1: Demand and Supply Set the Price. 21

“Markets go up because there are more buyers than sellers . . . and that’s it!”

Principle 2: Separate Yourself From the Market. 28

You start this by building your own group of loyal fans. Cultivate a tribe of people who are loyal to your business, your products, your personality and your philosophy.

Phase 2: Build Up to Being Oversubscribed. 46

The herd moves when the herd moves. Trying to get one member of the pack to run forward is hard unless they are part of a stampede. Your goal as a “Campaign Driven Enterprise” isn’t to engage people one at a time – it’s to cause a mad dash all at once.

Principle 7: Nothing Beats Being Positively Remarkable. 81

Your businesses must begin investing more money into your products and your customer service and less money into advertising and traditional forms of marketing.

Phase 2: Build Up to Being Oversubscribed. 111

Signalling is about telling people what’s going to happen before it happens. It’s about explaining your process and your terms in advance so that the market can prepare itself. It is also about getting your market to signal their intentions back to you before they act, rather than asking people to take action.

Comparative Analysis

“Oversubscribed” shares a conceptual kinship with books like “Purple Cow” by Seth Godin and “Blue Ocean Strategy” by W. Chan Kim and Renée Mauborgne. All three emphasize the importance of differentiation and carving out a unique space in the market. However, “Oversubscribed” goes beyond simply being different. It provides a structured approach, the Campaign Driven Enterprise (CDE) method, to intentionally create a state of oversubscription, where demand exceeds supply. While “Purple Cow” focuses on being remarkable and standing out, “Oversubscribed” offers practical steps to achieve that remarkability and leverage it to build a thriving business. “Blue Ocean Strategy” encourages businesses to create uncontested market spaces, while “Oversubscribed” acknowledges existing markets but focuses on creating a dedicated sub-market within them. Priestley’s work emphasizes building personal brands and leveraging relationships in a way that the other books don’t, highlighting the increasing power of personal influence in today’s business landscape.

Reflection

“Oversubscribed” provides a compelling and actionable framework for achieving business success in a competitive market. While the book’s primary focus is on traditional businesses, the principles and strategies it outlines are equally applicable to the world of AI and technology. The emphasis on building a personal brand, creating a strong team, and delivering exceptional customer experiences resonates strongly in a field where innovation, expertise, and relationships are paramount. However, a skeptical perspective might question the feasibility of achieving oversubscription in a rapidly evolving technological landscape where barriers to entry are often lower and competition is fierce. Additionally, the book’s emphasis on scarcity and urgency could be viewed as manipulative in certain contexts. The book’s strength lies in its practical, step-by-step approach and its wealth of real-world examples. By shifting the focus from traditional marketing to creating genuine value and a sense of excitement, “Oversubscribed” offers a refreshing perspective on how to achieve sustainable business success in any industry.

Flashcards

What is oversubscription?

A state where demand for a product or service significantly exceeds the available supply.

What are the four drivers of market imbalance?

Innovation, Relationships, Convenience, and Price.

What does ‘creating a buying environment’ mean in the context of oversubscription?

Creating an environment that encourages collective action and a sense of urgency, prompting people to act quickly to avoid missing out.

Name the four key roles in a Campaign Driven Enterprise (CDE) Team.

Key Person of Influence, Head of Sales & Marketing, Head of Operations & Product, Head of Finance, Logistics, & Reporting.

What is Net Promoter Score (NPS)?

A measure of customer satisfaction and loyalty, asking how likely they are to recommend your business to others.

What are products-for-prospects?

Products or services offered for free or at a low price to educate, entertain, and engage potential customers. They help build relationships and drive interest in your core offering.

What is ‘signalling’ in the context of oversubscription?

Signalling your intentions to release a product or service in advance, setting expectations, and giving your market a chance to prepare.

What is a Campaign Driven Enterprise?

A structured approach to business where activities are clustered into larger campaigns, creating critical moments and events rather than linear, one-at-a-time interactions.