This post is part of the 📖 Oversubscribed series.
Today, I am reading a chapter ONLY OVERSUBSCRIBED BUSINESSES MAKE A PROFIT from the PART 1 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 started reading part 1 and left in the middle of the THE ONLY PEOPLE THAT MATTER ARE YOUR PEOPLE chapter.
THE ONLY PEOPLE THAT MATTER ARE YOUR PEOPLE
You don’t need to create a massive market for yourself to be oversubscribed. Being smaller can be an advantage when it comes to getting yourself oversubscribed.
Two bidders who really want something can be enough to make the price rise.
A lucrative lifestyle business may need only a few thousand loyal customers – a relatively small, dedicated fan base of people who really love what you do.
A $100 million enterprise might need to appeal to just 25,000 customers who passionately engage with a product that speaks directly to them.
FAMOUS FOR A FEW
You don’t need to be on the big screen, talked about on gossip blogs or forever on the paper’s front page to have a fantastic business or life. You just need to be famous for a few thousand people.
The brain forms connections based on three key ingredients:
Time: If you spend a lot of time with people, they start to bond with you. In particular, research into bonding behaviour suggests that spending more than seven hours with someone moves you beyond the “acquaintance” category and towards being a “friend.”
Interactions: Having frequent exchanges of communication builds connection. A research paper called “Zero Moments of Truth,” a Google thought leader discovered that when people had about 11 interactions with a brand, they were considerably more likely to buy from that brand.
Locations: Seeing people in different places is another way stronger bonds are built. People who see each other only at work are not as bonded as people who also see each other in social settings or at sporting events. The magic number is four locations, according to research into trust-building.
If we spent 7 hours together, had 11 interactions between us and met up in 4 separate locations, there’s little doubt we would feel a bond. It would seem like we are more friends than acquaintances.
Therefore the key to carving out your own market is in the formula of 7‐11‐4.
The more people you can clock up time, interactions and locations with, the more people will see you as different, unique and part of their tribe.
That’s it for today. Tomorrow, we will continue to read the PRINCIPLE 2 - STANDING OUT IN A NOISY MARKET section.
Author(s): Daniel Priestley
Part 4 of 32 in the 📖 Oversubscribed book series.