This post is part of the 📖 Oversubscribed series.
Today, I am reading PHASE 3#: OVERSUBSCRIBED RELEASE: COMMUNICATING DEMAND AND SUPPLY TENSION BEFORE ALLOWING PEOPLE TO BUY section from BUILD-UP: WARMING UP THE MARKET WHILE SENDING AND COLLECTING SIGNALS chapter of PART 2 of the book Oversubscribed: How To Get People Lining Up To Do Business With You written by Author, Daniel Priestley.
Are you constantly chasing customers? Why does it seem like some businesses have their customers begging to purchase their goods or services?
Learn how to get your business oversubscribed in a crowded marketplace to make your business stand out and get people lining up to do business with you.
The Book Oversubscribed is the guide to transforming your business into one which customers fight over! This invaluable guide will teach you how to drive demand for your products or services far beyond supply and will dramatically increase the success of your business.
Yesterday, we read EDUCATE AND ENTERTAIN.
PART II
PHASE 3
OVERSUBSCRIBED RELEASE: COMMUNICATING DEMAND AND SUPPLY TENSION BEFORE ALLOWING PEOPLE TO BUY
MEASURING INTEREST
Knowing that you’re oversubscribed is an important part of the process. It can be costly to educate and entertain people, and if you overinvest in marketing efforts, you might get yourself broke before you have a chance to sell anything substantial.
The guidelines I’ve given require you to measure two factors:
The quantity of the signalled interest – This represents the number of people who are signalling interest in your campaign. This could be downloads, competition entries, surveys, views, tickets, pre-sales, deposits, email enquiries, opt-ins, registrations of interest.
The quality of the signalled interest – The quality of signalled interest relies on three variables: the time people invest in sending a signal, the money they spend in sending the signal and the suitability of the person sending the signal.
Not all signals are equal; the signals’ quality requires you to make a judgement call about the level of commitment a person has given you to send that signal.
Hot signals – The highest quality signals require target customers to spend time and money sending a signal.
If a perfect prospect spends $500 to attend a full‐day workshop learning about your product, that is a very strong signal because they invested both time and money.
Warm signals – A moderate signal involves an investment of time or money but not both. People who attend a free two‐ hour seminar have invested some time to learn, but no money has changes hands yet.
SUFFICIENTLY OVERSUBSCRIBE YOUR CAPACITY
If your capacity number is 100, you’re slightly oversubscribed at 101. Being slightly oversubscribed isn’t good enough, though. You’ll need to have several units of signalled interest for every unit of capacity you want to sell.
That’s it for today. Tomorrow, we will continue to read PHASE #3: BUILD-UP: WARMING UP THE MARKET WHILE SENDING AND COLLECTING SIGNALS from the Part 2, of the following section THE CAMPAIGN‐DRIVEN ENTERPRISE METHOD: TURNING PRINCIPLES INTO STRATEGY.
PART 1: PRINCIPLES (We read & understand 8 principles)
- ONLY OVERSUBSCRIBED BUSINESSES MAKE A PROFIT.
- THE ONLY PEOPLE THAT MATTER ARE YOUR PEOPLE.
- FIRST MAKE YOUR MARKET THEN MAKE YOUR SALES.
- PEOPLE BUY WHEN THE CONDITIONS ARE RIGHT.
- BE DIFFERENT AND SET YOUR OWN RULES.
- VALUE IS CREATED IN THE ECOSYSTEM
- MEET PEOPLE WHERE THEY ARE, SPEAK TO THEM IN THEIR LANGUAGE
- NOTHING BEATS BEING POSITIVELY REMARKABLE
Currently, reading 👇
PART 2: TURNING PRINCIPLES INTO STRATEGY
- CAMPAIGN PLANNING: KNOW YOUR CAPACITY, WHO IT’S FOR AND WHEN YOU CAN DELIVER IT.
- BUILD-UP: WARMING UP THE MARKET WHILE SENDING AND COLLECTING SIGNALS
- OVERSUBSCRIBED RELEASE: COMMUNICATING DEMAND AND SUPPLY TENSION BEFORE ALLOWING PEOPLE TO BUY
Author(s): Daniel Priestley
Part 24 of 32 in the 📖 Oversubscribed book series.
Series Start | Oversubscribed: How To Get People Lining Up To Do Business With You - Day 23 | Oversubscribed: How To Get People Lining Up To Do Business With You - Day 25