Book: Oversubscribed

"Oversubscribed" by Daniel Priestley

Overall Theme: The book focuses on how to create high demand for your products or services, leading to a situation where you are "oversubscribed" – having more potential clients than you can handle. It emphasizes strategies for creating your own market, differentiating yourself, and building strong relationships with your ideal clients. The core idea revolves around creating an imbalance between demand and supply in your favor.

Key Principles and Ideas:

1. Creating Demand is Paramount:

• "Taking a product to the market is very different to taking a product to your market. Your market can't wait to see what you are doing next; they want to engage with you more, and they're interested in your latest creation. The broader market couldn't care less."
• This highlights the importance of building a dedicated market before heavily pushing sales.
• The Samsung vs. Apple smartwatch example illustrates this: Apple carefully cultivated demand before mass release, avoiding the discounting and unsold inventory issues Samsung faced.

1. People Buy When the Conditions are Right:

• Focus on creating those conditions, rather than just trying to sell what you have.
• "People don't buy what others want to sell, they buy what others want to buy." - It's about aligning with existing desires.
• "People often judge the product by the people buying it." - Social proof is important.
• "People don't buy what they need, they buy what they want." - Focus on emotional benefits and desires, not just practical needs.

1. Be Different and Set Your Own Rules:

• Embrace a unique philosophy. "There's nothing to be gained by being boring, plain, beige and trying to please everyone...the goal is to create your own market – and to share your philosophy with them."
• "What's your philosophy? What are your strongly held beliefs about what you do? What do you stand for? What do you stand against? What is the change you want to see in the world?"
• It's okay to say no, make people wait, and be contrarian to industry norms.
• Saying no can be a powerful tool: "Only the best will say no to a person who wants a discount or to bend your rules."
• Contrarian ideas can disrupt the status quo: "If everyone in your industry charges by the hour, create a fixed price."

1. Value is Created in the Ecosystem:

• "NOTHING WORKS ON ITS OWN"
• Focus on the holistic value you provide, not just a single product or service.
• "GIVE AWAY IDEAS, CHARGE FOR IMPLEMENTATION" - Provide valuable content freely, but charge for hands-on help.
• Innovate the ecosystem, not just the "winning formula" itself.

1. Meet People Where They Are, Speak Their Language:

• "MORE DATA, MORE SALES" - Data is crucial for effective marketing.
• "HYPER-TARGETING IS YOUR MARKETING GOAL" - Focus on reaching the right people with personalized messages.
• "ALL PEOPLE HAVE THEIR OWN SET OF VALUES" - Understand individual values and tailor your approach.

1. Nothing Beats Being Positively Remarkable:

• "REPLACE YOUR MARKETING BUDGET WITH A REMARKABLE BUDGET" - Invest in creating exceptional experiences.
• "THE KEY TO MAKING MONEY MIGHT BE NOT MAKING MONEY" - Sometimes, giving away value leads to greater long-term gains.
• Focus on client success stories as a marketing tool: "Rather than beating your drum about yourself, beat the drum for your clients. Help them create a huge success story and then showcase it."
• Be worthy of being talked about: "The real test for your business to pass is whether it is worthy of being talked about."

1. Demand and Supply Tension:

• This is the core of being oversubscribed. "If you want to be oversubscribed, you'll need to get comfortable with some people missing out on what you have to offer."
• "Your price isn't fixed or set by the overall market. It's a result of being oversubscribed or not."
• Oversubscribed = Demand outstrips supply, resulting in profit being tolerated on top of normal wages.

1. The 7-11-4 Rule:

• Building desire in potential customers via the "7-11-4" rule, where they encounter your brand in seven different touchpoints, across eleven hours, and across four mediums.

1. Market vs. Your Market:

• Differentiating between the general market and your specific market is crucial. Your market is composed of people who are already engaged and interested in what you offer. "Your market are people who have been sufficiently 7‐11‐4–ed by you or your business brand."

1. Signals of Interest:

• Instead of immediately asking for a sale, ask for smaller commitments or "signals" of interest.
• "Rather than asking people to buy, ask them to signal interest...This is a much lower commitment for people."
• "A big part of becoming oversubscribed involves asking people for signals rather than sales. You need the patience to signal your intentions to the market and then let them signal their intentions back to you."

1. Capacity and Client Delight:

• Knowing your capacity to delight clients is key: "Becoming oversubscribed is about finding a market that highly values you, has the capacity to pay you and that you want to serve."
• Don't exceed your capacity just to make more money. Maintain quality and the "remarkable" experience.

1. Sales Process:

• Emphasize professionalism in sales.
• Develop tools like scripts and sign-up forms for sales people.
• Cultivate "with-or-without-you energy" through having a strong pipeline and genuine confidence.

1. The Campaign-Driven Enterprise:

• Organize your business around campaigns with specific goals.
• These campaigns should involve build-up phases, releases, and follow-through.
• Celebrate successes and debrief to learn from each campaign.

Practical Steps:

• Identify Your Market: Determine who values your offering, can pay for it, and who you enjoy serving.
• Create "Products-for-Prospects": Offer valuable, low-risk items to attract potential clients and gather information.
• Name Your Terms: Set clear expectations for working with you.
• Focus on Remarkable Delivery: Exceed expectations at every touchpoint.
• Tell Your Story: Connect with potential clients on an emotional level through compelling narratives.
• Collect Data: Use data to hyper-target your marketing efforts.
• Build a High-Performance Culture: Create a team that is aligned with your vision and values.

Cautionary Notes:

• Avoid being desperate or pushy in sales.
• Don't exceed your capacity just for short-term gains.
• Stick to your terms and promises to build trust.

Overall, the book promotes a strategic and thoughtful approach to building a business where demand consistently outstrips supply, leading to greater profitability and fulfillment.

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