Oversubscribed. Daniel Priestley

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You send out an email to your list of contacts letting them know you are running an annual conference with guest speakers on the topic of “hiring top talent.” You let them know the times, dates and venue details, along with the biographies of the speakers and the price of the tickets. You wait to see how many people purchase a ticket and feel annoyed that the response is far less than you'd hoped for. At the last minute, you are left wondering whether to cancel the conference or hope that some people will buy a ticket the day before it starts. You send out a few desperate emails covering the same information people already have in the hope that they simply forgot.

      Approach 2

      You email you list of contacts a thoughtful piece of content discussing a recent book about hiring and managing superstars. The email signs off with “PS: I'm in contact with the author of this book about speaking at our upcoming conference – if you'd like to save the date, block out the 21st of June in your diary. Also please reply to this email letting me know the key topics that would add the most value for you so I can discuss them with our potential speaker.”

      A week later, you let people know you have secured the author as a speaker and you have also confirmed the venue. You share with them the topic requests you received via email and let them know that the guest speaker will certainly be covering these areas of interest. You ask people to pre‐register for tickets so they can access an early‐bird price as soon as tickets are available. As a bonus for pre‐registering early, people will also get a digital copy of the author's book right away.

Finally you send an email letting people know that the conference will have 60 tickets available and already there are 93 people pre‐registered. You include a link to a podcast you've recorded with the guest speaker and an article they wrote for Forbes. You let pre‐registered people know they can get a 20% discount on Monday and then the tickets will go on sale for everyone else on Tuesday at the full price.

      On Monday you watch as 47 of the tickets are snapped up. You make a few phone calls on Tuesday and sell another six tickets to the people who pre‐registered but didn't buy on Monday. Over the following week, the remaining tickets sell and you email your list letting people know the event is sold out and they can pre‐register for next year's conference if they wish.

      In the first example, a binary option was promoted with no warming up, no signalling and no indication of capacity. Tickets are on sale – take it or leave it.

      The second approach offered value at every step, warmed people up to the speaker and the topics covered and asked for small signals of interest along the way. This put the organiser in a position to communicate the capacity of the event was oversubscribed and genuine reasons to buy a ticket upon release. It also allowed the organiser to follow up with people who had signalled interest but didn't buy.

In all other ways, this conference could be the same but the number of attendees would be vastly different.

      Signal to the market what you're doing slowly and elegantly, adding value and intrigue as you do. Let them signal back to you their interest, concerns or input. Although it seems more time‐consuming to engage in this drawn‐out courtship dance with your potential clients, it's a surefire way of actually achieving the desired results.

      FOUR MARKET POSITIONS THAT GET OVERSUBSCRIBED

      The way to being oversubscribed is to achieve an imbalance in which there are more buyers than sellers in your market. There are four drivers of market imbalances where you'll often see more buyers than sellers:

       Innovation – You offer something new and shiny that no one else offers. There's only one seller (you) and a niche of new buyers who want it. There are therefore more buyers than sellers by virtue of the fact there's only one supplier and more people who want it.

       Relationships – You build such a powerful relationship with buyers that they ignore other sellers. There are more buyers than sellers because buyers aren't interested in other sellers.

       Convenience – You are answering the needs of the market with the most frictionless expression of what they want. This is about being in the right place, at the right time, with something that meets consumers' unmet desires. This creates more buyers than sellers because buyers are reluctant to invest time, money and energy finding alternatives.

       Price – This occurs when you're able to create an imbalance based on price. You've invested into an asset that creates an efficiency others don't have. Crucially, you're still able to offer your products at a price that is profitable but that price is lower than other suppliers can achieve.

      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. You can see it in hotels, airlines, banks, telecommunications, cars and computers. Essentially, the big brands focus on dominating one of these four market imbalances and let other brands fight for the alternatives.

You'll also notice that each one of these positions makes it hard to compete with the others. You can't be highly innovative and also convenient; it doesn't work because innovation takes time to roll out with consistency. You can't be super cheap and also compete on relationships; it costs money to build relationships. So you'll have to choose one main market position for your business to focus on.

      Let's look at each one in more detail to help you determine which will work best for you.

DRIVER NUMBER ONE – INNOVATION

The first way to create more buyers than sellers is to create something new that the market hasn't seen before and they now want. An iPod in 2002, a Furby in 1999, a geometric perm in 1963. On a local level it could be a new style of Reiki massage, the only organic cafe in the area, a new marketing strategy.

      Have you ever noticed that the top movie of the month is always a new movie? It never goes backwards to Titanic or The Godfather. Even if it isn't anywhere near as good as some of the classics, people love experiencing new things. The new and shiny thing you create doesn't need to be an epic blockbuster and it doesn't need to be for the mass market.

      An innovation can be subtle. It can be the way you package something up with other products and services. It can be something new you've brought in from a different market. It can be something people have seen before but with a new feature.

      My team and I created the “Key Person of Influence” programme in 2010. It's a fresh look at leadership and entrepreneurship combining elements from a Silicon Valley growth accelerator with training and development programmes. That innovation has become a global business serving thousands of entrepreneurs and leaders from several countries.

      There are three main types of innovation:

       Product innovation – You invest in a new product that people haven't seen before or modify an existing product in a new way. For example, George Lucas invented a galaxy of characters and products when he unleashed Star Wars on the world.

       Systems СКАЧАТЬ