250 - Have People Lining Up To Do Business With You — with Daniel Priestley

The Futur with Chris Do

The Futur

Arts, Education, Marketing, Design, Business, Self-improvement

4.9 • 998 Ratings

🗓️ 19 July 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s common sense to think “I have a business. I should sell as much of my product to as many people as I can”. So why do companies, like Rolex or Ferrari, make so much money by limiting the amount of product that they sell? Why would anyone throw up road blocks in front of their own potential customers? And why is creating tension in the supply and demand equation a way to get people to want to buy from you? Daniel Priestley returns to talk with Chris about his concept of being “Oversubscribed”. Daniel asserts that many marketers have forgotten the number one rule of marketing - An imbalance in supply and demand sets both the price and the profit of a product. An “oversubscribed” business, then, is simply one that has limited or constrained supply, and there are more people that want that supply than is available. Daniel argues that you can create this tension between supply and demand by creating an official capacity, make sure people know what it is, and understand that it’s in hot demand. But that’s just simple supply and demand, right? Well, yes, but Daniel is going to take you through some of his methods for artificially creating the tension between supply and demand, so that you can get your business to the point of being oversubscribed. He’ll discuss the three ingredients you need to get people to buy, why “signal collecting” is so important, and the five phases of a bullet proof campaign. Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	People buy when the conditions are right. You need three ingredients that normally don't go together.
0:04.8	And the three ingredients is logic, emotion, and urgency. So the logic of buying a Rolex
0:09.7	is that it holds its resale value or it even goes up in value. The emotion is it's a premium
0:14.8	luxury watch that makes me look like an important person and then the urgency is
0:18.9	that I've been on a waiting list for 18 months. I've only got a short window of
0:22.1	time to buy this. They've found a logic trigger, an emotion trigger, and an urgency trigger, and then the conditions are right and people buy. I'm going to do. Welcome back to the future podcast and my guess is no stranger to this channel
0:58.0	you've seen him on YouTube you've listened to his podcast we've been very
1:01.0	fortunate to bring him back it's Daniel Priestley and here's the weird thing since the last time we've had this episode. Daniel and I have been globetroading and running into each other in lots of different places. Now that's going to make sense in a little bit.
1:14.2	But as I'm reading his book, Oversubribe,
1:16.2	which is what we're going to be talking about today,
1:18.6	it clicks.
1:19.5	It totally clicks, and I'm going to,
1:20.8	I'm just going to testify right now.
1:23.0	One of the ideas that Daniel talks about and oversubscribed is this idea of 7-Eleven and I believe four.
1:28.0	Yeah, 7-Eleven4, yeah.
1:29.5	It takes about seven hours of being around someone
1:33.3	where you start to move away from strangers into friends
1:35.7	according to a study that Daniel cites.
1:37.6	And then according to a different study by Google,
1:40.0	he says it takes about 11 points of interaction or touch points for someone to
1:45.2	potentially buy from you. That's pretty significant in itself and he shared this
1:49.2	last time when we were discussing key person of influence, but then in oversubscribed he adds another variable the four,
	...

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