Oversubscribed by Daniel Priestley
Learn how to make your products demanding in market
New items struggle to find hold in today’s packed consumer markets. The idea of oversubscription, however, provides a solution. Demand for your items can outpace supply if you develop a niche market and loyal consumers, which will bring about success. Innovation, strong relationships with clients, and copying the tactics of popular firms are all ways to achieve this.
Create demand, find niches, and exceed supply for business success.
Every year, new and expensive gadgets emerge, creating desire despite being unnecessary. Popularity and scarcity drive this phenomenon. To succeed, businesses must understand the laws of demand and supply. Oversubscription, where demand surpasses supply, becomes a profitable strategy.
Apple’s iPhone exemplifies this, with high demand and pre-sale sellouts. However, sustaining desirability amidst competition is crucial. Responding to a flooded market requires carving a niche with loyal customers, as seen with Moet & Chandon’s luxury champagne brand.
Make a unique strategy to disrupt the market
Finding a niche market and introducing a product that is actually unique are necessary to build an oversubscribed business. But it’s easier said than done to complete these responsibilities. The iPod is an excellent instance of success through originality. It had no rivals when it was introduced in 2002 since it was the first user-friendly, well-designed MP3 player, which allowed it to take over the market.
Strong relationships are essential to preserving client loyalty when competition comes. A common strategy is to use contracts to tie clients to a certain provider, ensuring their loyalty and disrespect for alternatives. Offering a more practical variation of an existing good or service is one way to avoid oversubscription. For instance, Amazon transformed the way people purchase online by providing a huge selection of goods, customer reviews, and simple a single click ordering—a convenience that traditional shops find difficult to match.
Providing a cheaper alternative is yet another path to achieving oversubscription. UNIQLO, a global clothing company, exemplifies this strategy. By securing exclusive deals with suppliers, UNIQLO can purchase fabrics at wholesale prices and pass on the savings to customers, offering quality clothing at a lower cost. In the subsequent discussions, cost-effective methods of expanding the customer base will be explored, aiming to help businesses grow without straining their financial resources.
Generate demand through limited access and unique customer engagement.
Desirability lies in the allure of a book embraced by friends rather than one incessantly advertised on multiple platforms. People generally respond more positively when products aren’t aggressively pushed onto them. Think of street vendors loudly promoting their wares, often yielding limited success. On the other hand, consider the exclusive Chanel counter at Gallery Lafayette in Paris, where one customer at a time can indulge in the latest handbag. The long line symbolizes not just the store’s popularity, but also generates excitement and curiosity about the personalized treatment awaiting each customer. This exclusivity fosters a sense of specialness, leading to loyal patrons.
Exceptional customer experiences allow businesses to gather compelling stories through well-crafted questionnaires. These testimonials, highlighting the positive impact of products or services, become powerful tools to expand the customer base. Sharing these narratives via social media or captivating videos can ignite curiosity and fuel the desire to be part of the extraordinary experience. By creating an atmosphere of exclusivity, personalized attention, and genuine value, businesses can cultivate a devoted and enthusiastic customer following.
Abandon traditional marketing and ignite contagious conversations.
In today’s world, relying solely on traditional advertisements is insufficient as consumers are influenced by the opinions and actions of those around them. To achieve long-lasting success, companies must leverage this dynamic by generating conversations and buzz.
Simply stating in an advertisement that your cameras produce outstanding photographs is no longer effective. With easy access to the internet, customers can compare your camera against countless others and rely more on authentic customer reviews than catchy slogans. The key is to get people talking about your product or service and receiving genuine, positive reviews from satisfied customers, establishing your brand as reliable and trustworthy.
In the digital age, the ultimate marketing tool is to encourage discussions about your business on social media, YouTube, and online publications. Customers place greater trust in the experiences shared by fellow customers rather than corporate messages or catchy jingles. The best part is that satisfied customers are happy to promote what they like without any cost, such as posting glowing reviews on Twitter with your company name as a hashtag.
Once you begin to garner those invaluable tweets and build a reputation as a trustworthy brand, expanding into new products, services, and platforms becomes easier. For example, if your underground music blog develops a loyal following, you can confidently venture into starting a podcast or YouTube channel, knowing that your brand recognition and trust will carry over. This successful expansion can then lead to launching a music label, with customers expecting your expert taste to translate into delivering quality music.
Utilize updates to create anticipation and secure subscriptions.
The collectables industry’s immense value stems from people’s desire for unique and exclusive items. By utilizing business-to-customer signaling, your business can tap into this excitement, generate anticipation, and create a sense of something special about to happen, such as the launch of a limited-edition product. A prime example of effective anticipation-building is demonstrated by the Glastonbury Music Festival in England. Throughout the year, people can subscribe for updates and early access to tickets for the highly anticipated annual concert. The festival expertly teases the lineup of musicians, fueling excitement until the moment 350,000 subscribers fiercely compete for the limited 120,000 early-bird tickets that sell out within minutes.
This process of signaling works both ways, with potential customers expressing their excitement and interests to the business. By allowing people to subscribe for updates on specific products, you gain valuable customer insights, forecast future sales, while providing customers with advanced notice to prepare their finances. Offering customers, the opportunity to subscribe for updates creates a mutually beneficial relationship. It strengthens the connection between the business and customers, generates anticipation for future releases, and allows customers to feel special by receiving advanced notice on the exact things they are interested in.
Capture your audience's attention with engaging and educational content.
Once you have subscribers, how you interact with them will determine your success. While sending regular newsletters is effective, the content must be captivating. Rather than relying solely on humor and jokes, focus on providing valuable information that showcases your expertise. Considering people’s limited time, it’s crucial to offer content that adds value. Newsletters or blogs can play a significant role in customers’ research process before making a purchase. By offering statistics, how-to-guides, expert insights, and other valuable information, you become an important resource. The more you engage potential customers, the higher the likelihood they will choose your product or service.
Remember, information can be entertaining too. For example, if you run a car-sharing service, you could share a funny YouTube video that also highlights the environmental benefits of car sharing. However, it’s essential to strike a balance between providing information and entertainment to avoid confusion. Adhering to the 80-20 Rule can help guide your content strategy. Just as you wouldn’t want comedy to dominate more than 20 percent of an in-store workshop, ensure your content aligns with the expectations and interests of your audience. Building a strong and recognizable brand is the ultimate goal, rather than keeping customers guessing.
Armed with these success strategies, it’s time to generate buzz and spark conversations about your business!