{"id":97483,"date":"2023-04-04T10:00:00","date_gmt":"2023-04-04T14:00:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=97483"},"modified":"2023-04-04T11:58:29","modified_gmt":"2023-04-04T15:58:29","slug":"oversubscribed-by-daniel-priestley","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/oversubscribed-by-daniel-priestley\/","title":{"rendered":"Oversubscribed by Daniel Priestley: Book Overview &#038; Takeaways"},"content":{"rendered":"\n<p>What does &#8220;demand breeds demand&#8221; mean? What&#8217;s more effective than mass marketing? When should you bring your product to market?<\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.shortform.com\/blog\/subscription-fatigue\/\">Oversubscribed<\/a><\/em> by Daniel Priestley starts with an unusual premise: Get more people interested in your product or service than you could possibly serve, and don\u2019t start selling it until that happens. He discusses why and how to do this and explains how to run a successful <a href=\"https:\/\/www.shortform.com\/blog\/how-to-create-a-successful-marketing-campaign\/\">marketing campaign<\/a>.<\/p>\n\n\n\n<p>Continue reading for an overview of this <a href=\"https:\/\/www.shortform.com\/blog\/practical-books\/\">practical book<\/a> that can get you on the path to solid sales.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-overview-of-oversubscribed-by-daniel-priestley\">Overview of <em>Oversubscribed<\/em> by Daniel Priestley<\/h2>\n\n\n\n<p><em>Oversubscribed<\/em> by Daniel Priestley gives you a method that practically guarantees profitability for your product. Priestley says you can minimize the risk and maximize the profit of running a business by leveraging supply and demand\u2014ensuring that there\u2019s always more demand than supply. The rest of the book teaches you how to attract that level of demand.<\/p>\n\n\n\n<p><a href=\"https:\/\/danielpriestley.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daniel Priestley<\/a> is a serial entrepreneur who\u2019s founded <a href=\"https:\/\/www.forbes.com\/sites\/danielpriestley\/?sh=1c7af27221b3#:~:text=Daniel%20Priestley%20is%20a%20successful%20entrepreneur%20who%27s%20built%20businesses%20in%20Australia%2C%20Singapore%2C%20and%20the%20UK.\" target=\"_blank\" rel=\"noreferrer noopener\">several<\/a> multi-million dollar businesses around the world, as well as co-founding <a href=\"https:\/\/www.dent.global\/\" target=\"_blank\" rel=\"noreferrer noopener\">Dent Global<\/a>, which offers entrepreneurial training programs. He\u2019s also the author of <a href=\"https:\/\/danielpriestley.com\/daniel-priestley-books\/\" target=\"_blank\" rel=\"noreferrer noopener\">four bestselling books for entrepreneurs<\/a>; <em>Oversubscribed <\/em>is the <a href=\"https:\/\/www.goodreads.com\/author\/list\/5541524.Daniel_Priestley\" target=\"_blank\" rel=\"noreferrer noopener\">most popular<\/a> of these. Enterprise Nation named Priestley one of the UK\u2019s <a href=\"https:\/\/uk.linkedin.com\/in\/danielpriestley#:~:text=Top%2010%20Business%20Advisor%20(Winner%3A%20Leadership%20and%20Management)\" target=\"_blank\" rel=\"noreferrer noopener\">top ten business advisors<\/a> in 2018.<\/p>\n\n\n\n<p>First, we\u2019ll discuss why and how you should build demand for your products before starting to sell them. Then, we\u2019ll explore Priestley\u2019s instructions for how to run a successful marketing campaign.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Create More Demand Than You Can Meet<\/h3>\n\n\n\n<p>Let&#8217;s examine the foundational lesson of <em>Oversubscribed: <\/em>Attract more customers than you can serve to maximize your profits.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">The Core Message: Exploit the Law of Supply and Demand<\/h4>\n\n\n\n<p>Priestley explains that the law of supply and demand influences the price of a product\u2014the harder something is to get, the more that thing costs. So, if there\u2019s more demand than supply for a product, you can charge high prices for it, thereby making a significant profit.<\/p>\n\n\n\n<p>Furthermore, <em>demand breeds demand: <\/em>people are more likely to want something that\u2019s very popular and hard to get. Therefore, make sure to continue advertising even after customer demand exceeds your supply.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Build Demand Through Word-of-Mouth<\/h4>\n\n\n\n<p>Priestley warns that mass marketing strategies like commercials and printed advertisements aren\u2019t as effective as they used to be. Rather than mass marketing, Priestley says that word-of-mouth is the best form of advertisement\u2014<strong>in short, people will buy what their friends are buying.<\/strong> In fact, <a href=\"https:\/\/www.shortform.com\/blog\/word-of-mouth-marketing-strategy-2\/\">word-of-mouth marketing<\/a> is more effective than ever because social media allows your customers to advertise your company to their connections quickly and easily.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Method 1: Differentiate Yourself<\/h5>\n\n\n\n<p>The most effective way to stand out is to offer something truly unique. If you can\u2019t create a <a href=\"https:\/\/www.shortform.com\/blog\/what-makes-your-product-unique\/\">unique product<\/a>, then you\u2019ll need to give yourself an edge over your competitors. One strategy is to undercut their prices; if you can provide similar products at a lower price than your rivals, people will tend to favor your company. A third way of attracting attention is to offer a product that\u2019s more convenient than the current options.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Method 2: Advertise Your Company, Not Just Your Products<\/h5>\n\n\n\n<p>Almost any popular product\u2014no matter how innovative\u2014will soon face competition from imitators and cheap knockoffs. Therefore, you need a customer base that\u2019s loyal to your <em>company<\/em>, not just to your products.&nbsp;Priestly says that you can <strong>create a market niche and build brand loyalty by carefully designing your company\u2019s image<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Advertise your company values.<\/li><li>Focus on <a href=\"https:\/\/www.shortform.com\/blog\/what-is-great-customer-service\/\">good customer service<\/a>.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Drive Interest With Campaigns<\/h3>\n\n\n\n<p>Priestley says that <strong>running a successful business\u2014one with more demand than supply\u2014requires you to be a <em>campaign manager<\/em> rather than a salesperson.<\/strong> In other words, he suggests that you connect with large numbers of people at once through special events and mailing lists rather than trying to draw in one customer at a time.<\/p>\n\n\n\n<p>We\u2019ve organized Priestley\u2019s method into five steps.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 1: Determine Your Supply<\/h4>\n\n\n\n<p>Priestley says that you need to figure out exactly how much supply you have\u2014in other words, how many customers you can serve and how often. <strong>Only once you know your business\u2019s capacity can you start making plans to exceed it.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 2: Prime the Market<\/h4>\n\n\n\n<p>You need to know who you\u2019re selling to<em>. <\/em>What kind of people would you enjoy working with? Would those people want what you\u2019re selling? Can they pay your prices?<\/p>\n\n\n\n<p>Let those people know what you\u2019re selling and get them interested in buying from you. Priestley suggests sending regular newsletters with information about your products and services, upcoming sales and special events, and what you\u2019re working on next. Aside from a general newsletter, you might offer customers subscriptions for updates about specific products.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 3: Reach Critical Mass<\/h4>\n\n\n\n<p>Priestley sets three different goals and says that, if you\u2019re meeting at least one of them, you\u2019re in good shape to bring your product to market:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>If people express strong interest, sell when there\u2019s five times as much engagement as there is product.<\/li><li>If people express moderate interest, sell when there\u2019s 10 times as much engagement as there is product.<\/li><li>If people express mild interest, sell when there\u2019s 100 times as much engagement as there is product.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Step 4: Make the Sales<\/h4>\n\n\n\n<p>Once you\u2019ve got enough engagement to be confident that your product will succeed, it\u2019s time to actually make the sales. <\/p>\n\n\n\n<p>Priestley says that this is where a lot of new companies stumble. People often feel uncomfortable asking for customers\u2019 personal information and money, so they waste time with small talk and fail to actually close the deal.&nbsp;Just remember: If you\u2019re having a <a href=\"https:\/\/www.shortform.com\/blog\/sales-conversation\/\">sales conversation<\/a> with someone, it\u2019s because that person has already expressed interest in buying your product. In other words, <strong>you and the customer both know that the purpose of the conversation is to collect information and money, so there\u2019s no reason to feel uncomfortable about it<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 5: Keep People Talking<\/h4>\n\n\n\n<p>When fulfilling orders, Priestley suggests giving your customers more than you promised. Note that exceeding expectations doesn\u2019t mean you have to work harder or strain your resources; you can accomplish the same thing by setting <a href=\"https:\/\/www.shortform.com\/blog\/consumer-expectations\/\">customer expectations<\/a> a little lower at the start.<\/p>\n\n\n\n<p>Finally, when you start your next advertising campaign, make sure to broadcast how successful your business already is. Remember:<strong> Demand breeds demand, and people want what\u2019s hard to get.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What does &#8220;demand breeds demand&#8221; mean? What&#8217;s more effective than mass marketing? When should you bring your product to market? Oversubscribed by Daniel Priestley starts with an unusual premise: Get more people interested in your product or service than you could possibly serve, and don\u2019t start selling it until that happens. He discusses why and how to do this and explains how to run a successful marketing campaign. Continue reading for an overview of this practical book that can get you on the path to solid sales.<\/p>\n","protected":false},"author":9,"featured_media":79689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,104,103],"tags":[960],"class_list":["post-97483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-marketing","category-sales","tag-oversubscribed","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oversubscribed by Daniel Priestley: Book Overview &amp; Takeaways - Shortform Books<\/title>\n<meta name=\"description\" content=\"Oversubscribed by Daniel Priestley starts with an unusual premise: Attract more customers than you can serve. 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