Oversubscribed By Daniel Priestley Summary

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I’ve started reading Oversubscribed by Daniel Priestly which I’m enjoying. I typically put all of my book notes and summaries into Evernote so that I can find it later easily but thought that I might start sharing these publicly instead.

My Notes

You only need to have some fanatical fans to make it work. You can do this by:

  1. Consistent and Repetitive Message — it takes 7-15 times before people get it
  2. Create all forms of Content — books, blogs, articles, videos, podcasts etc.
  3. Backend/Funnel – your entry product, medium priced and consulting/coaching
  4. Profile – people want to see your timeline of what you’ve done up until now and then follow you on social media to stay up to date with what you’re up to
  5. Affiliate – once you get a fan base, you’ll be promoting other people’s offers

Main Market Drivers:

  1. Innovation – e.g. iPhone
  2. Relationship – e.g. accountant or your phone provider by virtue of the contract
    • Become more influential with your ideas and projects
    • Become better known through publicity
    • Create agreements
  3. Convenience – e.g. Amazon
    • Better distribution
    • Better market information
    • Automation
  4. Price
    • Invest in barriers of entry e.g. owning premises
    • Refine
    • Systemize

Create Buying Environment

1. Campaign Driven Enterprises

It’s difficult to make one sale at a time. People will delay until the very end. I definitely agree that this is true. A lot of my sales are typically made within 24 hours of the deadline. Instead, Daniel talks about getting people to go in all at once which creates urgency and social proof – two very powerful motivators – to get customers to act rather than delay.

2. Invest in Existing Customers, not in New Customers

Existing customers are worth more and will rave about you if you exceed their expectations

3. Make the Customer the Celebrity

Daniel talks about how he puts his clients on stage in events, film them telling their story, put those videos on on YouTube and create printed materials that talks about their businesses, not Daniel’s. The Foundation (course for starting your own SaaS) takes this approach where they do the same with their star students.

4. People buy on Emotion, then Rationalize

Appealing to people’s emotion will always work far better than appealing to their reason

Be Different

  • Be polarising, don’t try please everyone
  • Clarify what you stand for, and your beliefs
  • When you’re too busy, don’t hide it. Tell the world
  • Say no to people
  • Make people wait for suspense and to build hunger

The Funnel

  • Giveaway your best ideas, only charge for the implementation
  • The funnel (your business should offer several products and cover all of these)
    • Information or ideas e.g. fitness plan
    • Components e.g. workout weights
    • Supervision e.g. gym
    • Done with you e.g. personal fitness trainer
    • Done for you e.g. liposuction
  • Make the first step easy and small for customers
  • Innovate but stay within your core strength

Campaign Driver Enterprise Method

1. Planning

  • Know your capacity
  • High value products and services – if you can link your product to all of 4 below, you will have greater insight about why people buy from you
    • Save or make money
    • Save time or eliminate wastage
    • Bring increased emotional benefits
    • Ease pain, suffering or negative emotions
  • Your market is someone that:
    • Values you
    • Can pay you
    • You want to serve
  • Have an entry level product (typically something that’s priced low) so you can convert some of the customers into long term clients
  • Focus on delighting your customer – that’s your capacity
  • Create your campaign theme
    • Talk about something bigger than what you do
    • Steve Jobs “Think Different” commercial
    • Avoid messages about products, promotions, prices, special events

2. Build up to being Oversubscribed

  • Signalling
    • The Glastonbury Music Festival sells out 120,000 tickets every year within minutes of release
    • As an attendee, you must signal your interest first by pre-registering. Then you’ll get an email with an overview of rules and guidelines to buying the tickets as well as the date tickets will go on sale
    • A week before, they’ll name the exact time and date it’ll become available and that they’ll only issue 120,000
    • They remind you that tickets are usually sold in under 30 minutes
    • I personally have experienced this with WDS (World Domination Summit). The organizer there employs the same process and tickets (3,000 at one stage) would go out within hours or at most within the day. I know some people in Australia set their alarms to 3 am to be able to get tickets. However, the quality of WDS has deteriorated somewhat and I’ve noticed an impact on the last round of ticket sales. The organizer picked up on this too and have reduced the numbers from 3,000 to 1,000 people and pre-sold 500 at last years WDS so that at least 50% of attendees will be returning ones.
  • Name your terms
    • Need to state who you want to work with, how many people you can serve and on what terms you’ll work with them
    • In some of the fancy restaurants I went to in San Francisco, they’ll typically charge the set menu price on your card in order to hold your reservation (and keep the money if you don’t show up)
    • Ask people to signal their interest (expression of interest, email request) instead of purchasing your product
  • Transparency
    • Show people how many have been signalled and how many signalled back
    • E.g. posting on FB Group, it’s very transparent
  • Think Smartphone
    • Communicate in frequent bite-sized chunks that add value to people
    • Quality content, images, recordings etc
    • Use location relevant content
    • Use context to your advantage
  • Educate or Entertain – once you have your audience, you’ll need to build relationship
  • 7 Hour Rule – that’s how long it takes to convert from “maybe” to “I’d love to”. Don’t sell earlier.
  • Tripwire or Lead magnet – something that’s relevant, helps you achieve the 7 hours or 11 touches, and ideally gets you more information about your customer/prospect
    • Podcast, software, sample, workshop, report, part, tickets, apparel, white paper etc.

3. Release When Oversubscribed

  • 5x Capacity for Strong Interests
  • 10x Capacity for educated/entertained customers e.g. attending workshop
  • 100x Capacity for soft interest e.g. watch video online, download PDF
  • Managing Energy

4. Remarkable Delivery

  • Ensure each touch point of your business – website, brochure, ads, uniform, packaging – is remarkable.

5. Celebrate and Innovate

  • Publicly share the success of the campaign, reward people that made it possible and look for ways to make it better
  • Debrief:
    • How would you score team performance?
    • What did we do well?
    • What could we have done better?
    • What was a magic moment you noticed?
    • Anything else?
  • Time to Party and Rest
    • After big campaigns, make sure to leave time to party and rest. I know people that go snowboarding for a month straight after their product launches.

Your Team

  • Key Person of Influence (Pitching, Publishing, Productizing, Profile, Partnerships)
  • Head of sales and marketing
    • Script
    • Brochure story of the product, philosophy behind creation, key attributes, benefits of product
  • Head of operations and product – keep Net Promoter Score about 7/10
    • Build a better product
    • Build a better system of delivery
    • Change the target market
    • Change the expectations
  • Head of finance, logistics and reporting

Your Business

  • Product- iPhone
  • Company – Apple
  • Personality – Steve Jobs

 

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