Oversubscribed by Daniel Priestley - A review (and a recommendation!)

In the bustling world of business, being in demand is the ultimate goal. But how do you transform your brand into a hot commodity?  Daniel's book, "Oversubscribed," offers a roadmap to achieving just that. With captivating insights and practical advice, Daniel  takes readers on a journey to understanding the art of supply and demand tension and how to get customers to queue up for your products and services.

This isn’t a book that I would ordinarily have chosen to read, I can’t entirely tell you why, it’s just some books we’re drawn to and others we aren’t. But I’m a co-host for a Business Book Club and the books are voted in by the readers, which is how this particular book came into my zone. 

I started reading it with nothing particular in mind and absolutely no idea how this book would change things for my business. I was in the process of streamlining what I offer and I can tell you this book couldn’t have come at a better time. I was hooked by the end of chapter one and couldn’t put the book down! I thoroughly enjoyed it!

As an added bonus, a member of the book club actually knows Daniel and asked him if he would answer a couple of questions from us. And he said YES!  He took time out of his day to record a 10 minute video in answer to two specific questions as well as giving us a little pep talk about the book topic. WHAT A LEGEND! 
 
Here’s what we asked him and his replies:

Question 1: You advocate for becoming oversubscribed before a product launch by being transparent about the numbers so that people can clearly see that there are many more people wanting to buy a product than there are products or spaces available.

But if you don't have a community or a space where people are gathering, (such as a Facebook group where the group numbers and chatter in the group makes it obvious that the product's oversubscribed) how would you communicate to those that have say, signed up to an email waiting list, that the amount of interest is growing and therefore it's availability is scarce.

Daniel's Answer:
So this relies on trust, you actually have to trust that the business is going to tell the truth when they tell you that the product is oversubscribed. 

Now, a great example of this is Glastonbury Music Festival.So what Glastonbury music festival does is that they get you to fill in a pre registration, then they send out an email to everyone pre registered and say we've had over 700,000 people preregister, but we only have 36,000 tickets available. It’s obvious a lot of people are gonna miss out.They don't obviously open up their database and show you exactly the data, but they do say we've had 700,000 people register for tickets and we only have 36,000 available.

So what they're doing is they're showing you or telling you with a trusted voice that they do have an imbalance of demand and supply, that the tension has arisen.

So you can launch a wait list, or a registration of interest list page and then you email back to people to let them know the numbers. Ideally there's at least a 5 to 1 ratio. A perfect example of a campaign that goes well is that you have five times the signalled interest to the spaces available. Hopefully you've got a trusted voice with your people.

You may want to record a video so that they can actually look you in the eyes and see what you have to say about the demand and supply imbalance.
Maybe you can do a screenshot that actually shows 83 people are pre registered and there's 15 spots available.
If it's possible to add a layer of transparency where people join a group or they ask a question on a LinkedIn post or something like that, that is really, really powerful.

Question 2: I'm launching a membership, it's a beta launch so I can get member feedback and guidance about what they want from the membership over the first few months. The membership is about gamification and I want the members to see how important connection to the service provider is when implementing gamification, which will mean a time commitment from me. What can I do to create scarcity but still allow for a flexible number to join the membership to balance the need for profit but also not leading to burnout?

Daniel's Answer:
The key idea with oversubscribed is that you want to create constraints and constraints could be a physical space that only holds so many people or it could be a constraint based on how many people you can take on realistically.

In my workshops, I talk about being really honest about the constraints. So for example, if you're a business coach and you can comfortably see three clients a day, but you could squeeze four or five in if you really tried, but it would diminish the experience for everyone, I advocate for not doing that. I advocate for taking on just three clients per day and having a protected capacity.

So in this case, the person who asked the question is concerned about burnout. There's obviously an upper limit to the number of clients they can take on before they start to seriously worry about burnout, in which case, use that to your advantage, state that you can only take 30 clients into the beta group because of the amount of time and interaction that you expect.Then you get people to preregister for access to that beta group.

Now, ideally 5 to 1 ratio, so if you can get 150 people to pre register on the wait-list or register their interest for being part of the beta group, then you can truthfully say you’ve got 150 registered but only got 30 spots available in the beta group and we're gonna take the first 30. Then you've created the demand and supply, the electricity gets created, the excitement gets created and you're confident of being able to select the right 30 potential people into the beta group.

So really what I'm talking about here is playing a few little marketing games to create demand and supply tension before making something available.

Here’s a little summary of the chapters as I see them so you can get a clear idea what the book is about.

Creating Exclusivity
Daniel kicks off by emphasising the importance of recognising your unique value proposition. Drawing parallels between iconic brands like Ferrari and successful entrepreneurs like Gary Vaynerchuk, he showcases how exclusivity can amplify the allure of your offerings. By focusing on a select audience that truly appreciates your value, you can cultivate a devoted following.

Nurturing Genuine Connections
Daniel delves deeper into the power of building a loyal market. He urges businesses to break away from the crowd and carve out their own niche, citing examples from big brands. Practical tips abound, emphasising the importance of investing time and effort in forming meaningful connections with your audience.

Crafting Your Market
Daniel gently nudges readers to rethink traditional product launch strategies. Instead of flooding the market, he encourages businesses to nurture their own dedicated audience. By fostering genuine connections and paying attention to interest levels, businesses can tailor their offerings to meet the needs of their loyal followers.

Understanding Consumer Behaviour
In this insightful chapter, Daniel delves into the intricacies of consumer behaviour. He emphasises the importance of aligning product availability with consumer desires, igniting interest and driving sales. Celebrating client success stories further enhances the appeal of your offerings.

Dare to Be Different
Daniel champions the idea of standing out from the crowd and setting your own rules. By embracing your unique philosophy and values, you can attract a loyal fan base. Saying no to opportunities that don't align with your values and making people wait to showcase your worth are essential strategies for maintaining integrity.

Building Remarkable Ecosystems
Welcome to the era of ecosystems, where successful businesses create value in a myriad of ways. Daniel advocates for offering a spectrum of value— freely sharing information and charging for implementation. Innovation should enhance your core idea, not overshadow it, ensuring a balanced approach to growth.

Connecting on a Personal Level
Understanding your audience's needs is paramount to winning their hearts. By addressing their concerns and catering to their values, you can become a brand they adore. Mastering the art of speaking their language and aligning your offerings with their aspirations leads to lasting connections.

Striving for Excellence
Being remarkable isn't about flashy gimmicks—it's about offering genuine value and an unparalleled experience. Daniel explains that the importance of investing in existing customers and delivering positively remarkable experiences at every touchpoint is paramount to success. Continuous innovation and storytelling drive success in the journey toward oversubscription.

In Conclusion
"Oversubscribed" isn't just a book—it's a roadmap to success in today's competitive business landscape. You'll learn to harness the power of scarcity, nurture genuine connections, and create a brand that stands out from the crowd. Whether you're a seasoned entrepreneur or just starting out, this book is a must-read for anyone looking to unlock the secrets of being oversubscribed. I highly recommend adding it to your book list. Come armed with a highlighter and a notebook…you’re gonna need it! 

I genuinely hope you enjoy the book as much as I did. Thank you Daniel, for sharing such incredible processes that have inspired huge change in my mindset and in my business processes too!